I’m delighted to be joined today by my friend Travis Genta to give you some expert advice on credit. Take a moment to enjoy my best impression from the Truman show/our most recent total solar eclipse! No protective eye wear needed.
A lot of people had their credit damaged during the recession. Whether they missed payments, had to short sale, or got foreclosed on, we all felt it. Whatever the case may be, how can you pick yourself up again to improve that credit? Travis has some tips.
As we all know, credit is the key factor that helps lenders determine whether they want to give a loan out or not. If you have bad credit, you won’t have many options as far as interest rates go. Even if you have 20% down, your score probably won’t be good enough to qualify you for a lot of loans.
“There are things you can start doing right now to improve your credit.”
If you know you have bad credit, there are things you can start doing right now to make it better. First, give someone like Travis a call. They can pull your credit report, analyze it, and give you tips and pointers to get it up where it needs to be. They can also refer you to a credit repair specialist.
It’s not as easy of a process as it seems. It takes time, effort, and discipline to bring that credit score back up. It’s well worth the effort when homeownership is the final result.
If you’ve had a distressed sale in the past, there is a waiting period before you can purchase another home. For foreclosures, it’s four years. For short sales, it’s two years. You have to wait for two years after declaring bankruptcy to get another home as well.
If you have any questions for Travis or if you’ve got bad credit that you’d like to improve, give him a call at (801) 420-5600. If you have any other questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.