Credit Help Center:    Denied Loan? Get Answers Here!

  1. linkedin endorsement
    via linkedin: Olivia Simms
    Ivan has been there with me through it all! It’s been almost a year and I must say Ivan has been there still. He made sure that I have been updated with whats going on being a new home owner. Even when I thought I had it together he had good tips that has helped me in every area of my new journey ! Ivan thank you so much I couldn’t imagine the journey without you, You Are Simply The GREATEST!!!
  2. via Yelp - Thao Nguyen
    via Yelp - Thao Nguyen
    I had a great experience purchasing my first home with Ivan’s help. He works with your best interest in mind, to find you the best option of your situation. For me, he went above and beyond to help me with getting documents straighten out that wasn’t really part of his job. Thanks Ivan! A trusted consultant for 10 years in the Mortgage business, I take pride in finding solutions to my clients needs. I love being the “go to” guy for my clients. There’s a good feeling when a past client sends a text message or email asking inquiring about a new mortgage. I know the hard work invested will pay off as time passes on. A little Bit More – let’s connect! lets-connect What People Say About Me – Testimonials Ivan is great at what he does. He helped me finance my first, and was extremely patient. Being that it was my first time, I had no idea what documents I needed, and I didn’t understand real estate lingo. However, Ivan was very patient and explained everything to me probably a couple of times. He also has great customer service. He responds extremely quickly and is on top of everything. He made my first transaction really smooth and easy. We got caught at some bumps in the road but he found a way to help us resolve it. He is a genuinely nice person. He occasionally shoots me an email to see how things are or whether I have any questions regarding anything. He is there to help and I can just tell that he loves his job. Thank you for helping us through our first transaction Ivan! Le Tran I had a great experience purchasing my first home with Ivan’s help. He works with your best interest in mind, to find you the best option of your situation. For me, he went above and beyond to help me with getting documents straighten out that wasn’t really part of his job. Thanks Ivan!
  3. via Yelp! - Le Tran
    via Yelp! - Le Tran
    Ivan is great at what he does. He helped me finance my first, and was extremely patient. Being that it was my first time, I had no idea what documents I needed, and I didn’t understand real estate lingo. However, Ivan was very patient and explained everything to me probably a couple of times.
  4. C Boss
    C Boss
    This experience has been flawless and so easy! Ivan has been a great resource and is so patient with first time home buyers.
  5. Tom Brewer
    Tom Brewer
    I don't know how to thank you. I feel certain that I wouldn't once again be a homeowner without your help.

what our clients say

Credit Consultant


Over the last 15 yrs, I have looked at thousands of credit reports.

Occasionally, I have had to re-pull a new credit report for various reasons. Through that time, I have seen trends. Some surprising and some to be expected. Regardless, I have experienced enough to understand how credit works, myths and what it takes to improve someone's credit score.

In fact, it was quite common that we take steps or guide in stages of preparing someone to buy a home. If you feel you're not credit worthy or simply just need to understand what your credit looks like, I am the person for you.

Credit Tips - Bad Credit

Free Credit Report

Our credit reports are complimentary, easy to acquire and more accurate (for mortgage purposes) than traditional online reports found on sites like Credit Karma, Credit Check Total ,  or Annual Credit Report.com. 

Free Credit Report sites give you an idea of what credit tradelines exist on your credit history BUT the algorithm used to interpret your credit score varies and is not accurate for mortgage qualifying or for accurate mortgage rates.

Credit Do's and Don'ts

​​Let's face it, many of us have experienced challenges with credit at some point in life. Whether you are going through transitions in employment, marriage or school; maintaining perfect credit is tough. Even if you haven't been late on a payment.

Because of this, understanding credit can be very challenging. Similarly to Mortgage, there are many myths that surround credit history, how scores are calculated and what they mean. If you have questions regarding credit, save yourself some time and contact me.

I will pull a complimentary credit report, analyze the details with you and review your options based on your goals. Regardless of whether you buy a home or not, I would love to help!



DO: 

  • Know Your Credit: It's important to know what's being reported on your credit report. Review your credit annually to ensure accuracy. You can access directly through Experian, Equifax or Transunion in addition to 3rd party sources I mentioned above.  
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  • On Time Payments:  No brainer right? One mortgage late payment can affect your refinance up to a year so pay your bills on time. 

  • Keep Credit Tradelines (accounts) Open:  Closing credit tradelines will impact your "credit use vs credit limit" ratio which affects your overall credit score. A lower credit use vs credit ratio improves your  overall credit score. 

  • Old Credit Tradelines: Keep one of your oldest accounts active. It is said, the oldest credit tradelines have the highest positive impact.

  • Use Credit:  If you credit history is limited or if you have bad credit, using your credit tradelines in a positive way will outweigh negative history. If you don't, that derogatory credit will pull your credit score down.
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  • Powerful Credit Tip: Keep revolving credit (credit card) balances to 35% of their limits. Think of this as positive bonus points to your credit score.  As your balances get closer to their credit card limits, it starts to affect your score in a negative way.  How much is uncertain. What is certain is that even if you have never had a late payment but have high credit card limits, your score will reflect  similarly to a negative payment.  I have experienced this. 
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  • Open new revolving credit (credit cards) "if" current history is on open credit tradelines show negative information AND your score is decent. 
 
DON'TS:

  • Credit Myth: Don't fill out dispute forms contesting any inaccurate, negative information and contesting any negative information that's more than seven years old if you are applying for a mortgage. You will be required to remove the dispute.
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  • Credit Mistake: Hire credit repair companies to challenge OLD stale tradelines that are not currently reporting on your credit report. Let me explain, every tradeline on your credit report has a "LAST REPORTED" date. Current credit will report with the most recent date. As time passes, accounts that are no longer active will become "stale." This includes collections, charge-offs and other derogatory tradelines. As accounts become stale, your credit improves, with the help of positive tradelines helping you. If you go back and dispute these stale accounts, the creditor will report current past due dates. Huge mistake! Don't wake up a sleeping beast!

  • Credit Danger: Don't consolidate multiple credit card balances into one account and close others. This will affect your "credit use vs credit limit" ratio which impacts your overall score. If you consolidate, leave your cards open. 

  • Credit Suicide: Don't close out revolving credit with zero balances unless you have established credit history. 
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  • Credit Kamikaze: Don't close an account with a negative payment history especially with limited credit history. It won't improve your score. Additionally, keeping it open and positive going forward will improve your score through time. 

  • Credit Denial: If you are being denied credit, do not continue to inquire without consulting a mortgage credit expert. Non-mortgage credit inquiries will affect your credit. Additionally, if you are being denied, chances are other creditors will deny you as well. It's best to review your credit history and identify which credit bureaus are reporting negative information or insufficient information.

Credit Score Questions 

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Does applying for a mortgage affect your credit score?

No. Mortgage Applications are not like applying for credit cards or auto loans. These will affect your score. It is expected that you will shop for a mortgage and applying with a few mortgage lenders will not affect you. In fact, it is recommended if your current mortgage lender is not meeting your expectations. I do not recommend waiting to get a second opinion as it may affect your timeline.

Can I qualify for a mortgage with collections and charge-offs on my credit history? 

Yes you can. In fact, many clients that I have worked with have had a combination of derogatory credit in the past or most recent history. It is important to review your options with me even if you do not plan on purchasing a home.

Should I pay-off collections (any derogatory credit) before I apply for a mortgage?

You should contact your mortgage banker before you pay off any items on your credit. Here are a few reasons why: 1) It may not be necessary. 2) It may negatively impact your score . 3) You may need the cash to close. 4) We may request you pay off specific items.

If you plan on doing this, speak with me immediately.



If you don't see a question or find the advice you are looking for, contact me! Best way to reach me is to text message, email or call me directly at (415) 271-7740!