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2/11/2015

Raise Your FICO Score



Lead a horse to water, take a drink for them?

I am working on a number of refinances. Some are streamline
FHA refinances into lower rate, lower MI premium. Often
Borrowers choose a FHA loan product not just because of
the low down payment, but because their FICO score is
low or they have credit challenges.

For some reason credit habits are like any other habit-
drinking five glasses of water or closing your eyes to bills
when money is tight. Many of the customers who I fixed 
their credit now are back again in the same low score situation.
All credit can be repaired. It takes letter writing, juggling some
balances, making sure everything going forward is current and
some tips and tricks. I am again sharing with you tips on how to
get your FICO up:

Opt out - do a consumer credit opt out and stop all the
junk mail and soft credit pulls, also helps prevent fraud

Balances below 69% of available line

Ask me about a letter writing campaign for free

Get everyone current and pay on time.

DON'T close accounts

Do not ever give your social to CarMAx

Don't let people pull your credit file





Open a Bank Account
Open a bank account and use it responsibly. This is the first step to establish a financial history.







Secured Credit Card

Apply for a credit card. Shop around & only apply for a card if you can meet the lender�s requirements. Responsible use will help build a good credit history.
Get a Co-Signer
A good way to establish credit is to piggy-back onto someone who already has a good credit history established and is willing to co-sign, but be aware that any default of credit on your part affects the credit of the co-signer.

C. G. Barbeau
(949) 784- 9699
NMLS # 324982



Store & Gas Credit Cards
Since some gasoline credit cards are not revolving they are sometimes easier to obtain than regular credit cards. Similarly department stores offer revolving credit for a specific purchase and this is sometimes easier to obtain. It is also a great way to establish credit.

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