Obtaining a mortgage is a dream of many. It is a glowing sign of financial success. As we all know, owning property is one of the best ways to expand your wealth.
Or is it?
At one point in time, purchasing real estate was one of the best things you could have done with your money. This was because the value of homes was at a seemingly steady increase for many years.
It wasn’t until 2008 that the housing market crash changed this idea of real estate = wealth. The asset bubble finally popped, and though banks were bailed out and the housing market recovered, a fair amount of wealth was lost.
The good thing is, mortgages are still a great thing to buy. People need to own homes, right?
Of course, you need good credit to do so. There are many ways to boost your credit, though if you’re looking for a way that has been proven time and time again, we recommend tradelines.
Credit Scores and Mortgages
It is important to note that mortgage companies use FICO to check your scores. Experian, for example, uses FICO as the credit scoring model. Of course, even if you have an Experian account, Credit Karma account, or Equifax account, you won’t know the full truth about your credit score until a lender has your report in hand.
The last thing you want is to have prepared tirelessly for your mortgage to go into action, only to find out that your credit score doesn’t cut it.
Can Tradelines Help Secure a Mortgage?
This is a question that we get fairly often.
You have to think of a credit report a bit like a resume. A lender wants to know that you have credit experience before providing you with a big loan.
Seasoned tradelines for sale with low utilization can help a client prepare for the credit check before they start the pre-qualification process.
While tradelines can help to get your score up, they can’t help to remove negative items that are already attached to your score. It is more important to manage your existing revolving utilization and pay your debt down below 30% before considering tradelines.
If you are looking to make the most out of tradelines, then you have come to the right place. Our goal here at Boost Credit 101 is to work with clients to make sure they understand the tradeline process through and through.
While we can’t provide any promises or guarantees as to what tradelines might do for your score, as it is different for every person, we can provide you with assurance in getting you the best possible tradelines for the lowest prices and for your particular situation.
If you are ready to take your first steps toward better credit, make sure to get in touch with us at Boost Credit 101! We look forward to working with you.