Stop Rewarding Bad Habits
January 9, 2020Persistence & Patience is Key
February 13, 2020Not all credit issues require long term fixes, sometimes we can fix something quick and get you approved for a mortgage. In the case of Chris, he had fallen behind on a few credit cards 5 years ago and they went to collection. When he made his way to me he was in the process of selling his home, which he was going to walk away with about $75K and wanted to buy a new home. At the time his credit score was about 560. The collections were about $25,000.
Believe it or not, if he paid the collections off he was going to see a rise in his score of 80 points immediately. But we weren’t going to pay $25,000 in old collections! I had him call each creditor and settle the debt for .25 cents on the dollar of every single one of them…some as low as .10 cents on the dollar. He did all of that in a matter of days, it took a few weeks to receive all the settlement letters, and less than three weeks later Chris owned a new home.
Start to finish Chris went from 560 credit score to over 640 and owned a new home. This is a great success no doubt but I assure you this is no miracle case…we are doing this day in and day out!