Building Credit With Cosigners

cosigners
Building credit without the help of someone can be very difficult. You have to know the ins and outs of the business, and tackling a billion dollar industry on your own can be difficult. One method people use is the help of cosigners. It is important to remember the pros and cons of cosigning, whether someone has cosigned for your, or you have cosigned for someone else. Also, knowing how to cosign effectively for someone is important to build/rebuild your credit.

What are Cosigners?

Cosigning means that due to your lack of credit or poor credit, the bank would like someone with good credit to back you up if you default on the loan. This method is good when you are trying to build or set up credit. Talk with a family member or a friend to have them cosign for you since you don’t have credit. In addition, let them know that you are trying to build your credit.
After a year of on-time payments, your credit should be at a level where you no longer need the cosigner to stay on the loan. Call the lending company and ask them to remove the cosigner. This shows the cosigner that you met your part of the bargain and was responsible with their Now, if you stop paying on the loan, the bank will go after the cosigner for the balance of the loan. If this happens, the relationship will definitely sour, so be cautious about entering into a cosigning agreement with someone.
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If you go down this route, take steps to protect yourself and the cosigner as well. Start with a small loan at the bank and make your payments on time for a year, paying off the balance so that you can release your cosigner. The quicker you can release the cosigner, the faster your credit will increase, and the relationship will improve, as trust in you will increase.
Building credit takes time, but if done correctly, you can reap the benefits greatly. You don’t need to be rich to take your dream vacation or buy your dream home. Budgeting wisely and using credit correctly can help you do these things and more. If you need assistance in achieving these goals and more, feel free to contact me for more information.
Talk to you later….

SO YOU WANT TO BUY PROPERTY

buying propertyEveryone, at one point in their life, wants to purchase property. Whether it’s your first home or an investment property, the procedure is always daunting as the rules and requirements are constantly changing, especially after the economic crisis of 2008.

Before you start to prepare to buy property, you must decide what kind of property you want to buy. A house, condo, co-op, mobile home or even a boat. All have the basic common expenses like mortgage, insurance, property taxes and water charges, but some have additional fees necessary because of the kind of property it is. Examples of these charges are housing association fees, board fees, storage room fees, carport fees, amenities fees, parking fees, pier/docking fees and maintenance fees, to name a few. Also keep in mind that your insurance rates will also be based on the kind of property being purchased.

Once you have decided what kind of property you want to purchase, you must do a “credit freeze”. You don’t have to actually freeze your credit file, but you shouldn’t apply for any new credit, not even for a car, for at least twelve (12) months prior to you making the purchase. Opening new lines of credit can hurt your credit scores. Every time your credit is checked by a lender/creditor, a new inquiry gets added to your credit reports, regardless of approval. If the credit is granted, you are increasing your financial liability. Too many lines of credit makes you look vulnerable to lenders, always remember, you are judged by what’s in your credit reports.

You should work on your improving your credit file. Mortgage rates can fluctuate depending on the number of charge-offs, collection accounts, late payments and other negative information that can be found in your credit reports. Working with a credit consultant can help you achieve an optimal credit file by making plans and setting you up with financial goals. The credit consultant will assist you in clearing as much erroneous and incorrect information off your credit reports as possible, as well as teach you how to set up a budget and plan that works around your specific situation. With good credit and scores, you can receive low mortgage and insurance rates, the biggest monthly expenses a homeowner has. Why not ensure you receive the best rates possible by hiring a credit consultant to help you.

The credit consultant will also help you find ways to save additional money every month. Even if you are financing the purchase 100%, you must always be prepared for any incidental costs that may arise from the purchase. As a paralegal for over 15 years, I have seen real estate transactions fall apart at the closing table because the buyer could not pay for a certified land survey, they had open parking violations that had to be paid before the documents are signed, or there was a shortfall in the financing and the gap could not be covered. As a buyer, you are taking on a huge responsibility and as such you must be prepared for anything.

Buying property is a very rewarding experience and at that moment in the closing, when those keys are handed to you, a feeling of accomplishment and pride flows through you. It’s an incredible feeling, one that everyone should experience at least once in their lifetime. If you are a future home buyer and want to discuss your credit, please feel free to contact me.

Just Because its Bigger, Doesn’t Mean its Better

big not betterCredit repair companies are looked upon with a skeptical eye as many have been led to believe that credit repair is illegal and only time can repair your credit. This is not true and the Fair Credit Reporting Act gives you the right to challenge incorrect information in your credit reports. Why wouldn’t you challenge information in your credit reports that are reflecting negatively on your credit worthiness. There are many credit repair companies out there, but not all provide the same level of service.

Not too long ago, someone reached out to me with questions about credit repair. I was shocked to find out that he had signed up with a large, and very well-known repair company, over a month had passed yet he had not heard a thing from them. Our turnaround time is less than a week, and we get started immediately on your analysis and disputes. The credit repair process takes time when done legally; hence, the faster you begin the process, the quicker the results.

Also, credit repair is not only disputing negative items in your credit reports, establishing good credit at the same time is essential for the process to work. Knowing when and how to establish new and good credit history is something Martinez Consulting Services teaches, as well as other credit habits that should be implemented in order to achieve financial goals and independence. Learning how to use credit correctly will help raise your scores and credit worthiness in the eyes of creditors and lenders, placing you in a position where you can purchase your dream home, dream car, send your kids to the college of their choice or take that dream vacation without leaving you destitute. The possibilities are endless if you take control of your credit and finances today. To request information or to get started, please send your contact information with preferred method and time of contact to Lmartinez964@optimum.net.

Other Services we Offer:

Notary Services

  • Mobile Notary
  • Apostille Services
  • Signing Agent Services

Business Services

  • Business Formation
  • Licensing/Permit Application
  • Consulting Services
  • Credit Services

Individual Services

  • Document Preparation
  • Typing Services
  • Credit Repair/Analysis
  • Virtual Bankruptcy Assistant (For attorneys only)

The Time is Now – Repair Your Credit Today

FullSizeRenderWelcome to a new year. A time to start over and a time to fix our past errors. One of the biggest mistakes people often make is not taking care of their credit. Whether noticeable or not, credit affects our day to day lives, regardless of using the credit or not. Knowing how to use credit correctly can open many doors, like:

  • Better rates on mortgages and refinances
  • No or low interest rates on credit cards
  • Lower rates on car loans
  • Better insurance rates, whether life, auto, etc.
  • Positive results on job screenings that perform credit checks
  • Better housing options

Having good credit is important and you need to stay on top of it. Under the Fair Credit Reporting Act (FCRA), you have the right to dispute all inaccurate, erroneous and obsolete information. Information being reported that is wrong can be legally removed from your credit reports. This goes for anything and everything, including but not limited to:

  • Foreclosures
  • Student loans
  • Late payments
  • Bankruptcies
  • Repossessions
  • Child support
  • Charge offs
  • Public records
  • Collections
  • Judgements
  • Tax liens

Martinez Consulting Services will help repair your credit and teach you the necessary tools to help you achieve your credit goals, whether it’s to be debt free, buy a house, buy a car or take that dream vacation. The possibilities are endless if you take control of your credit and finances today. To request information or to get started, please send your contact information with preferred method and time of contact to Lmartinez964@optimum.net.


 

Other Services we Offer:

Notary Services

  • Mobile Notary
  • Apostille Services
  • Signing Agent Services

Business Services

  • Business Formation
  • Licensing/Permit Application
  • Consulting Services
  • Credit Services

Individual Services

  • Document Preparation
  • Typing Services
  • Credit Repair/Analysis
  • Translation Services (Spanish/English)
  • Fingerprinting

Lorraine Martinez
Mobile Notary, Business and Certified Credit Consultant
Martinez Consulting Services Corp.
P.O. Box 506
Bronx New York 10459
347-947-0084 Tel/Text
800-957-4405 Fax
Lmartinez964@optimum.net

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