Client Credit Repair Success Stories
Home Mortgage: Recent Bankruptcy is Tied to Spouse; Impacts Credit Score
“Hello, I recently went through a divorce.”
This is how we were introduced to Mary back in June 2012. Since her divorce, she had been rewarded several raises at her employer and was financially stable.
Recently divorced, she had begun to date and later in the Spring they were searching for a new home. Each was under the assumption they had better than average credit.
Once the loan application process had begun, she was surprised to learn that derogatory items were being reported to her credit report. There were several charge-off accounts and even a bankruptcy appearing on her report. These accounts were directly related to her ex-husband; however, she was faced with a credit refusal attributed to the damage this had caused to the credit score.
She immediately contacted Build My Scores for help on restoring her credit.
Within 3 months, all derogatory items impacting her from the first marriage had been deleted from her record. Each item deleted, raised her credit score incrementally.
At the conclusion of the credit restoration process, Mary improved her credit score by 119 points and was approved for her home loan. Both Mary and her new husband are living happily and are expecting their first child!
Credit Restoration- Auto Loan
We met William back in January 2011 based on refusal for an auto loan.
William had negotiated with the dealership to reduce the price of a vehicle with an MSRP of $21,085.00; he was anxious to purchase his vehicle and could already feel himself speeding off the lot with his “hot new ride”.
Within an instant; he was pulled back to the halting red light we call reality; a bad credit auto loan.
“I’m sorry to report; we are unable to approve your application without a co-signer”.
Ben was frustrated and confused, but remained adamant on purchasing his dream vehicle. Ben turned to Build My Scores for help. After a thorough analysis of his credit was complete; 5 areas of his report were identified as areas that could be improved.
There was erroneous information, such as, unrecognized late payments on credit cards, and an unknown collection dated back to 1999 which had lowered his score to 578.
Build My Scores proactively disputed this erroneous information and our client was able to see deletions as early as 63 days after his string of bad luck at the dealership. Ben was now empowered; his score had increased and he now had more purchasing power.
As the seasons were changing; the breeze of the cool wind was calling, he walked into the dealership and immediately was approved for financing with his 667 credit score! He was ecstatic and drove off in his sporty new ride. This is the way a car loan should be!
Credit Restoration- Credit Cards
Ben came to us in October 2009 with substantial credit problems.
Credit card debt was consuming Ben; a reduction in wages, a child in college, and just “life in general” had skyrocketed his credit card balances to over $35,000 distributed over four creditors.
Concerned over the amount of balances on his credit cards; he still felt confident in the interest rates he was receiving. The rates were somewhat reasonable; examples included a 0% introductory APR for 9 months. Was this the perfect situation; No, at the time it was the best solution for Ben.
Then the inevitable happened; the mail arrived. Ben opened his bills and GASPED!!!!!!!!
The introductory APR or teaser rate had increased to 19% and greater. Ben immediately used his math skills to reveal that he was spending in the excess of $6,650 annually in interest alone on his credit cards.
He was irate, very understandably, that the interest rates had skyrocketed this substantially.
After thorough analysis, Ben discovered that a few months back, there were 3 inaccurate late payments reported on his credit reports. Once the credit companies pulled Ben’s credit his damaged credit score triggered one of those “fine print” clauses. The creditors immediately increased his APR to the maximum allowed; 29%!
Ben contacted Build My Scores and let us get on the case. In just 60 days, the inaccurate late payments were removed from his credit report. In addition, we were able to delete other erroneous information on older accounts. Ben’s credit score increased by 51 points.
With this new found information, Ben contacted his creditors and demanded a rate reduction. The creditors were forced to reduce his rates as his credit spoke for themselves, how could they deny such a clean credit history. He was rewarded with a well-deserved rate reduction.
Within the first year, Ben saved $4,375 in interest payments alone!
Credit Restoration – Home Refinance
Alexis became a Build My Scores client in May 2010 attributed to difficulties she had obtained approval for a refinance of her home.
Alexis and her husband were bombarded with two mortgages and the 9% interest rates they were paying were making it difficult to manage their budget effectively. Refinancing seemed the best course of action, with 40-year lows on interest rates.
Alexis knew the amount she could save by consolidation with a refinance which would provide a single, lower interest rate. Alexis was prompted to call Build My Scores when she was informed by her loan officer her FICO score needed to be improved.
The damage was obvious when we first looked at her credit report. She had a tax lien, in addition to six other derogatory items, including a bankruptcy. Wendy was surprised when we revealed that she had a tax lien and a bankruptcy on her credit report when she had never filed bankruptcy nor had she ever had a tax lien.
Although it is common that credit reports contain erroneous information, Alexis’s case was definitely one of the more extreme cases. Build My Scores, within 6 months, was able to remove this inaccurate and erroneous information for good based on thoroughly disputing all erroneous information. The bankruptcy was also removed!
With the refinance rates at an all time low; Alexis was able to secure a 5.75% fixed interest rate and consolidate all of her debts; combining her first and second mortgage.
With this newly improved credit rating, Alexis’s payments reduced by $137 monthly which translated into $50,000 in savings over her 30-year mortgage term.
Disclaimer: Although these testimonials, results, and case studies are good, they don’t necessarily represent our average client. Results are based on a person’s ability to pay their bills on time, not get any additional derogatory line items, and managing their money wisely. Representatives from Build My Scores will never promise a certain score or deletion ratio. BEWARE!!! ANY CREDIT REPAIR FIRMS MAKING PROMISES ON SCORES OR TIMELINES ARE BREAKING THE LAW AND ARE USING SMOKE AND MIRRORS TO GET YOU TO SIGN WITH THEM.