Given the proliferation of services that help home buyers and sellers complete their own transaction, you may have considered whether you should go it yourself instead of working with an agent.
How Long Does Something Remain On Your Credit
Life is full of trials and hardships. Sometimes those hardships affect credit scores negatively and drop scores more than others. But time will heal many of those mistakes quicker than you think. This infographic courtesy of Experian shows how long certain items remain on your report.
Generally speaking, most accounts remain on your credit for seven years, but not always. Bankruptcies and paid/closed accounts may stay on your report for up to ten years. If you're looking to purchase a home, many negative tradelines will actually stop hurting you before the negative tradeline falls off.
So you likely need help to jump-start your credit. Credit repair companies are more than willing to help. So are many lenders. Credit repair companies typically charge a small monthly fee to review your credit, create a game plan with you, and then begin removing those negative tradelines from your credit. Mortgage lenders sometimes have in-house people that will pull your credit, give you reliable counsel and assist you in repairing your credit. Personally, credit consolation companies are only good if you have a hard time keeping up with all your monthly bills.
Ignoring your credit will not do you any good. It best to talk about it. Mortgage lenders want to see you buy a home and the only way they benefit is from you buying a home. Everyone deserves to live in a lovely house. The best way to get started down that road is by talking to a professional who can help. It may take a little time, but there's nothing quite like owning your own home.
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