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Our Credit Story: What to Do if Your FICO Score is in the 500'sMy wife (Casey) and I were married in 2005 and we soon grew tired of living in small, cramped apartments. (It didn’t help that she brought three cats with her….they even peed on the floor of the last apartment!!!) We were very anxious to get out of the apartment and into a house. We felt like we couldn’t truly “settle down” until we had something we could call HOME. It was stressful for me since I knew we would not get approved for a house with my credit score, which was in the high 500s/low 600’s. I had late payment errors, a few collection items from being sloppy such as an old Verizon phone bill, unpaid blockbuster bill. I also had a charge off from a credit card that got out of control in college and some errors such as a car payment late payment that was lost in the mail and never paid.
You can't hide from your past mistakes:Going to the bank to get pre-approved for a mortgage was an intimidating experience for me. I knew that my credit wasn’t good enough but was afraid to tell my wife just how bad it was. In other words, I kept it a secret. I remember how nervous I was when they ran my credit. I knew I couldn’t hide my past mistakes anymore. I’d definitely recommend being open and honest with your partner. Buying a house is a big commitment and it’s something you are doing together. If you have a low credit score, then feel better knowing there is hope. But you have to do something about it because it doesn’t go way on its own.
My Most Humiliating Experience: What the Banker Said After Checking my Credit ReportsOur first trip to the bank to get preapproval was a very humiliating experience. The banker, Pam, was very judgmental when she discovered our financial situation. I still remember her looking at me like I was a deadbeat. I couldn’t stop my face from turning bright red as both Pam and Casey glared at me as it to say, “What’s wrong with YOU?” Pam made us feel like we were wasting her time. She also implied (subtly) that we were the type of people who are irresponsible with their money. It was the worst form of rejection since I felt like we were going to be stuck in a small apartment and it was MY FAULT. Going to open houses was no longer exciting or fun. (Before our experience at the bank, going to open houses was a fun Saturday morning activity for us). Now, it was more of a demoralizing experience. It was embarrassing when a realtor asked to see a pre-approval letter. He felt like we were wasting his time. To add more guilt and pressure to the situation, our other friends were moving into new houses. We could sense that our friends and family thought it was weird for us to still live in an apartment.
Why Do-It-Yourself Credit Repair Doesn't Work AnymoreWe knew our credit needed a LOT of work so we tried some ‘do-it-yourself’ credit repair techniques with very little success. The credit bureaus ignored our disputes and sent harassing letters. Plus, the collection agencies refused to work out any deal when we tried calling them on the phone.
Our attorney at Lexington used Debt Validation, Escalated Info Requests, and Goodwill Interventions to bypass the bureau stall tactics. How We Took One Simple Step to Fix Our Credit - And Saw a 56 Point Score Increase After 1 Month!We heard about Lexington Law from a trusted friend so we signed up to receive a free credit consultation. They were so helpful and listened as we each explained our credit issues and what we wanted to accomplish with our credit. After about six months we were in good shape to get approved for a mortgage. We were so relieved to see the instant results. Casey‘s score improved 56 points in the first month! We both got frequent updates from Lexington Law and saw continuous progress. Do What We Did and Call 1-888-585-3902 for Your Credit Consultation - It's Free Help. You Won't Regret It!
We started enjoying going to open houses again. Lexington removed ALL the negative items from my wife’s credit. It was also reassuring going to look at prospective houses knowing we had our pre-approval letter in pocket.
My credit also drastically improved although my score was not quite as high as Casey’s. However, it was over 700 on average between the three bureaus.
Going back to the bank to apply for a mortgage was a no stress experience. In fact, we felt proud and eager for the banker to run our credit. It was very rewarding to hear, “Wow! You guys have excellent credit! It’s nice to work with such a responsible couple!” One highlight was receiving a letter from the CREDITOR collection agency indicating they contacted the bureaus and had the negative information removed.
We got approved for a conventional mortgage at the fixed rate of 6.25% with 5% down payment. In fact, several banks approved us and we had the luxury of choosing the best deal amongst the list of approvals.
We avoided paying “points” or additional cash out of pocket at closing because our score collectively exceeded 700. Lexington Law also forced a collection agency to provide a letter apologizing for placing bad credit on my report. (The closing would have been delayed or canceled altogether without this letter.) Our good credit scores allowed use to be more selective when choosing our new home. In fact, we were able to move quickly (in a matter of hours) and get our offer accepted on an unlisted and undervalued home because we have good credit. Receiving the keys to our new home was one of the most memorable experiences for us - something we’ll never forget. We’ve moved in and things couldn’t be better. After a few trips to Home Depot and some fresh paint, our home is worth much more than what we paid for it. We think of this equity like a savings account, giving us peace of mind should we ever need emergency money.
We Want to See You Improve Your Credit Too!Discover how Lexington Law has helped thousands of people in your exact situation improve their credit. They did it for us and they can do it for you too! Follow These Simple Steps and Raise Your Credit Score! Call 1-888-585-3902 or fill out the form below to take advantage of their free credit consultation. This is your chance to tell the credit experts your story. We’re living proof that it works. 
Email us if you have questions. We want you in your dream home too! Ben_Casey@creditforcouples.com |
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