bad credit refinancing fact & help


How To Refinance With Bad Credit / Refinancing With Poor Credit

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So Your Credit Is Not Perfect?  That is no problem for Peak Home Loans, we can help.  Do not let your past interfere with your future.  There may be credit problems or uncontrolled debt from your past, but that should not keep your from getting your dream home.  Please note that Peak Home Loans are experts at getting our clients the hassle-free, low cost, easy approval on the bad credit mortgage refinance loan they desire.  Another thing to remember, most people have better credit than they think, at least Far Credit, keep this in mind while filling out our online form.  When contacted by us, kindly ask our loan professional which loan type makes more sense to you.  They will be more than happy to assist you in finding the best loan for your particular circumstance.  Remember, all loans don't fit all people; if you need a mortgage loan and have bad credit, we'll find the right one for you.

Even if you have been turned down time and time again from the money and mortgage people because of them, Peak Home Loans has way to assist anyone, despite past concerns, find own a house they can call theirs and get the loan for it.   If you just want to refinance your current loan, we can do that too, and help you get the lowest rates possible.  Things happen.  We get it.  Do not let it stand in the way of your future.

Peak Home Loans can help you to obtain a mortgage or to refinance your home with poor credit, average credit, or below-average credit.  We can also show you how to perk up your credit score to get better rates and terms for your loan.   And remember, most people's credit's much better than they think.

There are Several Ways To Improve Your Credit Score.  Below, We Offer 5 Great Starts, Plus Ways To Get A Free Copy Of Your Credit Report

Five Steps To Improving Your Credit Rating

1.)  Fix the obvious errors.   Your credit report shows your credit score.  You can get different credit reports from the three different credit bureaus.  It is a good idea to review each of them once a year for accuracy.  Do it again more than a few months before trying to get a loan, especially if it was a little low last time you checked.  Believe or not, mistakes are common on credit reports and fixing a mistake can take anywhere from a few days (if you are lucky) to a few months.  Examples of mistakes are things like a payment that put in as late when it actually arrived on time.  If you need to keep making changes, you cannot do it the day before you apply for the loan or starting looking at homes.   Being proactive is a must.

2.)  Timely payments.   Do not be late.  This is something you should be doing anyway, but it's especially important near the point you want to try to get a loan.  How you pay your bills in the few months before you ask for a loan is weighted more significantly than if you had a bad patch a few years ago.  The recent mistakes can really lower your score.

3.)  Get the balance on your credit cards down.  There is a ratio that banks and mortgage company use when approving load applications that compares your credit limit to how much you have on the credit cards.   The optimal conversion is that you owe no more than 25% of your total combined credit limit.  It looks good to the score keepers and the money people.

4.)  Pay it rather than move it. We have established that the ratio of balance to limit's critical.  To close an account and transfer the balance does not look like you paid a card off.  All you did was increase that ratio.  That means your score goes down.  Say you have a $4000 limit on four different credit cards. So the total credit limit's $16,000.  In that scenario, if you owe $4000 or more, you are above the optimal percentage.  Now if you move all $4000 to two of the cards, and close two cards, that total credit limit's now $8000.   You have taken it from 25% to 50%, which will not get you the loan.   Do the smart thing and make the numbers work for you.

bad credit refinancing

5.)  Do not open new accounts close to loan application time.  All this does is give you an undersized history of your credit, and can reduce your overall score. You will not have enough of a payment history to establish your track record.  The age of your accounts is also a FICO factor.   New accounts lower your average age, and lower is not good in that aspect.   Bet you did not know that one, did you?

Where To Get Your Score?

There are three national bureaus that monitor your credit and you can order your score report from all three.  You will get your score, plus a credit report.  The credit report will give you some idea of the national rank of your score.  It will also give you some tips on ways to make your standing better.

There are a couple of good reasons to get your score and report from all three bureaus:  First, each bureau may have information that varies about you.  Companies don't always report the exact same thing the exact same way to every bureau.  They don't have to report (it's not mandatory) but most do anyway.   Additionally, the people in charge of lending money will evaluate each of the three bureaus' FICO scores for you and take the one in the middle.   No, it will not be the average, but the middle score when deciding if you are financially worthy of a loan.  So find that middle score, and do what you can to make it look as good as possible.  Another good source is to visit Zillow's Blog.

 bad credit refinancing

There are several online resources you can use to get your credit score and accompanying report.  Click to get your FREE FICO Score From TransUnion, Equifax And Experian (Tri-Bureau) You get your credit score for free and the ability to dispute any item on your report that is wrong.   Another option would to use our FREE Credit Repair Services, eliminate your current debt, and start over with a fresh new good credit score.  Do you need a Personal Loan For $35,000 With No Credit Check?  These are excellent ways to get immediate cash, and improve your credit score and get lower interest rates within 30 days.  This is also a great place to begin to forge your way ahead in your pursuit of bad credit refinancing, according to

If you tried for a loan and were denied, you should get a copy of the report from the bureau that the bank used to deny you.  Do some research too, because some states have laws entitling you to one free report per year.