Rough Credit Alert
Rough credit is normally a wake up call to people who had no idea how bad their credit was and assumed it was O. K. but needed to pull it.
Many people think becasue they just bought a car or that a new credit card was issued to them that their credit must be very good or at least adequate.
This is not always true. It gives many a false sense of satisfaction. Often when the Credit is pulled there are surprises and anger points displayed. Most of the time it is a collection from a late night T V solicitation or a mail order bill that was ordered once and payment was not given. Or you moved and had an apartment complex ding you for cleaning fees or damages.
This can be fixed but it does take co-operation from creditors.
This Type of Credit is the most frustrating kind because it usually comes as a surprise.
Underwriter's can see that you pay all your creditors on time but you have these tiny blips of collections and sometimes judgements that you were never made aware of. With a little work and time we can help you get qualified and into a home.
The most incredible way to smooth out the rough is to have the will to dig in and the time to work out the mis-understandings.
You can get a loan with this credit crunch, but you have to look for what we call "ugly money". It means a higher interest rate, more down payment and ususally adjustible terms with a pre-payment penalty for three to five years. This is not always a bad thing because it helps you learn in a practical way that credit needs to be watched and monitored from time to time. And you get to move in now as opposed to down the road.
Rough credit can also affect your insurance premiums and in some cases your employment.
Credit scores of 585 to 620 are considered rough range. If your scores are between 620 and 660 it is considered a moderately rough and can usually be adjusted with not too much headache, comparatively.
One positive about having rough credit... If your identity gets stolen it will not do the theif much good unless he or she chooses to repair the rough spots. Not likely to happen.
Rough Credit Back