It is imperative that anyone considering a Rent to Own or Lease Purchase Home begin credit restoration immediately. The sooner the better!
If you aren’t interested in restoring your credit, then a Lease Purchase probably isn’t for you. Why?
There is no point in throwing away the option fee if you aren’t going to do what it takes to eventually own the home. Unless you are serious about doing what it takes to restore credit, you are better off renting. If you don’t do what it takes now, you will never qualify for a mortgage!
Credit repair takes time. It isn’t going to happen overnight. So, you should begin working on your credit as soon as you make the decision that owning a home is important to you!
The Three Categories of Rent to Own Buyers
Almost every person that visits our website falls into one of three categories, in regards to their credit and what they need:
- Derogatory items and incorrectly reported items that require credit improvement
- Lack of open trade lines that require establishing new trade lines with secured cards
- All of the above
Often times, when an old delinquent account is sold to another company, the dates are reported incorrectly, or information about the account is incorrect.
Many times the same account will show up multiple times due to the account being sold to other companies.
If somebody goes through a bankruptcy, it’s almost inevitable that there are items that aren’t reported correctly on the credit report. Getting items straightened up on the report is where credit improvement comes in.
The credit improvement program we recommend was specifically designed to help people in our program prepare for financing. Not only do they prepare in depth credit analysis for each of their clients, but they will work for you to resolve incorrectly reported items, and even assist with budgeting!
To get started working with them now, visit Cake Credit Repair now!
Secured Credit Cards
It has become more and more important to establish active trade lines utilizing secured cards. Lenders are now requiring in most cases 3 active trade lines for the applicant. That is VERY important to be aware of!
Obtaining secured cards and using them properly is a great way to raise your scores, particularly when used in conjunction with credit improvement. But with the lenders now requiring 3 active trade lines, secured cards have become a necessity for most people coming to us!
If you are having trouble qualifying for at least three active trade lines, look in to a secured card like the one below:
The Bottom Line to Financing
The bottom line to getting financed in most cases can be summed up as this:
- Enroll in credit improvement – trust the professionals to help you do it faster.
- Obtain at least 3 secured cards or 3 active trade lines.
- Report your rent to the 3 major credit bureaus.
- NEVER, NEVER be late on any payments while in the house (this includes rent payments and any payments on credit accounts, or your car).
- Don’t buy a car until you have bought your house!
By following these 5 main rules above, you will be well on your way to home ownership!