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What are your biggest credit questions?

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guest post written by Credit Expert Jeremy Roberts

Has this happened to you?…

You have a great property and are ready to sell, but the interested buyers cannot get financing.

(Or, YOU were declined for financing because your credit somehow didn’t pass muster…)

As much as we hate to admit it, credit is a very important aspect of everyday life and business life. Helping your potential buyers improve their credit creates for you a pool of anxious buyers who are preapproved and ready to buy.

As you come across a buyer whose credit is holding them back, it is important that you take a few steps to help them out. By helping them improve their credit you are putting money into your own pocket.

Some unapproved clients simply need to take a few small steps to improve their credit profile. They may need to simply pay down debt or get a new line of credit. There are many factors that influence credit ratings and the mortgage industry is very specific in what it is looking for.

But some cases are more severe and require more action. It may take a few months to remove negative items and rebuild their credit, but eventually you are more likely to be able to sell them into another available property.

There are many factors that go into a good credit score and the credit reporting bureaus have done a good job of keeping these factors a mystery.

A few of the lesser known factors that affect your score is:

  • The age of your positive accounts
  • The balance on your credit cards
  • The amount of inquiries on each credit report
  • If you have made ANY late payments within the last few years
  • The number and type of accounts you have
  • Paying off a collection at the wrong time

You may be doing well in real estate or investments with a mediocre credit score. I know many who have. But imagine how a good credit score could help you. You would be able to take on more and better investments. You would look more attractive to other investors. You wold be able to buy the equipment and supplies you need to really make your business boom.

So what are your biggest questions about how to improve your credit and your buyers’ credit?

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