It ranks with nanotechnology, nuclear physics and bioengineering as one of the world’s most complex sciences. Yep, it’s credit.
Credit determines much of a consumer’s financial possibilities, but can be difficult to keep in check. That’s where an experienced (and reputable) credit consultant can be a godsend.
Of particular interest to our military-friendly real estate agents is the credit consulting provided by Veterans United Home Loans. Military buyers in any stage of credit confusion are eligible for free credit services through Veterans United and its Lighthouse Program. Lighthouse home loan consultants help keep service members on the track to homeownership.
Wondering if your military buyer needs a credit tune-up? Watch for these four signs your buyer might need personalized credit help.
Buyer #1: The Buyer Who Needs Info
Credit is a complex topic. And credit reporting agencies don’t exactly make it easy for buyers to get a grip on their credit. Clouded by misconceptions, credit score formulas affect nearly all consumers, yet are understood by very few.
For those buyers who simply need information about their credit, a reputable credit service can be a real game-changer. An experienced consultant can break through the credit code and provide clear direction to a FICO-frazzled consumer.
Buyer #2: The Buyer Who Needs Personalized Recommendations
“I have the information, but I’m not sure which direction to take.”
Information isn’t everything. Every pamphlet, guide and blog in the world couldn’t replace good ol’ fashioned personalized guidance.
Each consumer has a unique credit situation influenced by a litany of factors. The best way to approach a credit situation is with a careful look at EACH of those factors. Would closing a credit account help you save on fees, or do unnecessary damage to your overall credit limit?
It’s sometimes a tough question to answer. But with a sweeping look at the credit file, an experienced home loan consultant can steer consumers down the right road toward a brighter credit future.
Buyer #3: The Buyer Who Needs Motivation
“Eh, I’ll get around to it later.”
Let’s face it: Attempting to improve your credit score isn’t exactly the most thrilling project to undertake. Tracking spending? Tackling old debts? “There must be something more exciting I could do today…”
You can pick your favorite idiom, but consumers occasionally need:
- A kick in the pants
- A spur in the side
- A carrot on a stick
…to continue on the challenging road of improving your credit. By partnering with a credit “coach,” consumers are held accountable and constantly encouraged.
And while improving credit scores might not be the most exhilarating journey, it may be the most rewarding. From lower interest rates to greater credit opportunities to emotional and psychological freedom, the benefits of good credit reverberate for the remainder of a consumer’s life.
Buyer #4: The Buyer with the Troubled Credit History
“I’ve had a rough past, but I’m ready to make changes.”
We’ve all had our share of credit slip-ups. Potential home buyers who are plagued with any of the following could certainly benefit from credit guidance:
Any of these “negative compensating factors” can weigh heavily on a consumer’s mind (and wallet). It’s often the stress associated with one of these factors that spurs a consumer onto a different path. The best guide along that path is often an experienced credit consultant.
Caution: Choose the RIGHT Credit Advocate!
A reputable credit consultant can be an excellent partner for potential home buyers. Emphasis on the reputable.
It’s fairly easy to locate a slimy, morally decrepit credit repair agency. The worst of the bunch promise a quick fix at a high cost. Run for the hills if your credit repair company recommends any of the following:
- “Pay us a bunch of money.” You don’t need to pay to improve your credit. There are plenty of free, high-quality services available.
- “We’ll get you a new credit identity.” Some agencies suggest applying for an “Employer Identification Number” to use instead of a Social Security Number (in effect, creating a new credit identity). This is illegal.
- “Don’t worry about the details.” Credit reporting agencies are required by law to explain your legal rights, any guarantees, services to be provided and how long it will take to get results.
How can consumers connect with a reputable homeownership preparedness program? Veterans and active-duty service members can contact Lighthouse at 888-392-7421 or via Lighthouse’s website. Consumers can also contact local universities, military bases or consumer protection agencies for referrals.
Keep in mind: In the world of credit scores, results don’t typically show up overnight. Healing old credit wounds takes time and a commitment to change. But leaving the battlefield of debts, delinquencies and liens is a noble journey, and one consumers never regret.