When you begin the process of getting approved for a home green trust cash guaranteed installment loans online your credit is one of the factors that lenders will look closely at. Each account on your Equifax, Transunion and Experian file will be of importance to them and you want to be one step ahead of them.
Collection and charge-off accounts will be of significance importance to lenders and I want to go over how they look at these accounts after my experience of working in the industry as a Real Estate Professional for the last 5years.
First and foremost they want to know how recent your collection and charge-off accounts are, this gives them a good idea of your recent management of your finances and capabilities. The one thing they are concerned about when it comes to giving you a home green trust cash tribal loans online bad credit would be your ability to pay.
The older the number of collections and charge-offs on your account the better. Lenders also want to see at least two accounts with good credit limits on your files. For example a couple credit card with a credit limit of at least $1000 that you have had for the last 12 months will look good to them.
It paints a picture of financial responsibility when it comes to using credit and it will carry over to your home if approved. Even if you don't have these accounts just yet it is a good idea to work on having the number of collection and charge-offs that report on your credit reports reduced.
You can do this by writing challenge letters to the bureaus that list the account on your file. Thousands of others have successfully accomplished this and so can you! So the answer is NO, Charge-offs and collection accounts don't have to stop you from being approved for a home green trust cash no credit check installment loans direct lenders only as long as you take ACTION...