Credit Information

Answers to common questions about credit

Below are commonly asked questions regarding getting loans with All Home Credit. Learn about information useful to everyday understanding about your credit. What you can do to help your credit for any reason.

What if my credit score is under 500
Does checking my credit hurt me
What is the lowest credit you work with
Can I use a co signer
How can I raise my credit score
I have paid off some debt, how long till they report on my credit
When do the credit agencies update
I don't have any credit scores, what can be done
How can I repair my credit
I have only medical collections for bad credit
Just filled Bankruptcy can you help me
Just discharged a Bankruptcy can you help me
Am currently in foreclosure, can you help me
I don't want to pay off any debts through my refinance
Have no money to put towards loan. Is this possible

What if my credit score is under 500
Most of our loan require your credit score to be above 500. However, in the teeder todder of the loan process, if your credit score is below the minimum level, then other factors must be stronger. In a refinance transaction, the amount you owe plus the amount you need to borrow, must be relatively low compared to home much your home is worth. In a purchase, the amount you would like to borrow must be relatively low compared to how much the home is worth. Additionally, there are simple, inexpensive things that can be done to increase your credit score within just a few days. In either case your best option is to not judge your situation, contact us for help and if it can be done today we will tell you. If not, we will help you every step of the way so that you can accomplish your goal tomorrow.
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Does checking my credit hurt me
Yes, in several ways. Credit score amounts to "Risk to bankruptcy". The higher your credit score the lower the risk. When you have you credit checked you are seeking to acquire new debt which ultimately adds a layer to your risk to bankruptcy. It has been our experience that the first time you check your credit for a particular industry(mortgage) your credit score is impacted. There seems to be a threshold where after so many inquiries(5+) over an extended time period of time, adds a layer of bankruptcy risk because you are actively seeking additional debt over a time period. If you check you credit for mortgage one day, a credit card the next day, and a car loan the day after that. Your credit is severely impacted, because there is no certainty how much debt you have acquired and the lower credit score is meant to help the next investor deny your request for fear of over extending credit to you. Further more, the more inquiry's you have the less serious the people reviewing your request believe you are. Or they estimate that there must be a problem if all these people who checked your credit did not grant you a loan.
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What is the lowest credit you work with
As a general practice, your credit score must be above 500, however we will entertain lower scores, if other qualifications are met. Higher loan amounts, good payment history on mortgage, or low loan to value(amount owed or borrowed compared to value of home). While we may not be able to help immediatly, we will work with you to restore your credit to a level neccessary to obtain favorable terms on any refinancing or purchase loan.
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Can I use a co signer
Yes, we have loan programs that allow co-applicant(co-signer). Some programs will allow the co-applicant to be used to qualify, however does not need to live in property.
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How can I raise my credit score
The best way(s) that we have found to raise credit score in a quick affordable fashion are.

   - Pay down any credit cards that are over the limit
   - Bring current any open credit account that are currently delinquent
   - Pay off any recent charge offs (within last 90 days - 12 months)
   - Pay off any recent collections
   - If mortgage is 60 days late, bring to 30 days late

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I have paid off some debt, how long till they report on my credit
This depends on two things. The company(s) you paid off can take any period of time to update to credit reporting agencies. Normally around the 7th of each month. You may also utilize what is call rapid rescore, whereby we contact the credit report company and have them "Force an update" to your credit report. Proof of payment, an small fee apply. Talk to your representative to find out if this is possible in your situation.
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When do the credit agencies update
Each company reports in different manners. In a broad scope, they report somewhere between the 7th and the 10th of the following month.
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I don't have any credit scores, what can be done
We have loan programs which don't require a credit score. These can be used to get the transaction done, at that point within a few months. You will have credit score.
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How can I repair my credit
We don't recommend repairing credit in the sense of paying someone to erase bad credit. This process faulters more times than not. What we do say is, pay off anything in the last 24 - 36 months. Add new credit to your report, then work hard to make payment on time. If there are items on your report which have been mis-reported on your credit. Then work to remove these items by contacting the 3 major reporting companies and dispute these items. Each of the bureau's have websites which will aid in this process.

- Trans Union

- Experian

- Equifax

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I have only medical collections for bad credit
For most of our loan programs that we specialize in. Medical collections are disregarded.
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Just filled Bankruptcy can you help me
In most cases we can help even if you just filled bankruptcy. Contact us to discuss what option are available for chapter 7, 13, or 11 bankruptcy situations.
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Just discharged a Bankruptcy can you help me
Yes, we can provide up to 100% loan to value lending programs even 1 day after bankruptcy. Contact us to discuss what option exist for all chapters of bankruptcy.
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Am currently in foreclosure, can you help me
Yes, we can buy out of foreclosures or provide traditional or private financing loan programs to get you out of foreclosure. Even if you had a past foreclosure we can still loan up to 100% of the value of your home.
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I don't want to pay off any debts through my refinance
Ok. In most cases we can complete a cash out refinancing loan without requiring you to pay off any debt that appears on your credit report.
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Have no money to put towards loan. Is this possible
Yes this is possible. If you have absolutely no money to put towards the transaction, we can still make this work. The only exception to this is you will need a minimum of $350 to cover the appraisal, however we don't care where that money comes from.
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