Debt Consolidation

As experts in clean credit, we at Vitesse field thousands of questions about debt consolidation each month from customers who are trying to repair their credit score. Debt consolidation can be a good idea, but it totally depends on your situation and what conditions you are offered. Remember that when you consolidate your debt, you are simply rolling all your debts in to one loan. After consolidation, you may find that your monthly payments are lower, but that is for one of two reasons: A.) The loan term is longer or B.) The interest rate is lower. Obviously, a lower interest rate is your goal. If that’s the case, hypothetically, consolidation would enable you to absolve your debt faster, provided you pay your monthly payment on time. The longer term option is an ominous one and should be avoided. For more guidance on credit report repair consider contacting Vitesse Financial.

Your Credit Score and Automobile loans

Today car dealerships make big claims, like they can secure you a loan on your dream car even if you have poor credit. While this may be true, let’s take a look at how your credit score impacts your auto loan.

Take a $40,000 new car with a 5 year loan. You are looking at saving almost
$200.00 monthly if your credit score is above 700! That is a savings of over
$2000 annually or $10,000 over the course of your 5 year loan. Add that savings
you could save annually with a clean credit and your auto insurance,
which is around $500.00 and you are looking at $2500 a year in your pocket…12,500
over the 5 year loan period. This example illustrates how credit
report repair is money in the bank for you in the long run. Vitesse
Financial works with thousands of clients yearly to repair their credit
score. Visit their website for more information at www.vitessefinancial.com

Single Moms and Home Loans

The benefits of owning your own home are plentiful, especially for a single mom. Furthermore, a good credit score is essential for qualifying for a loan, but maintaining a clean credit history can be tough on a single income. If your goal is to qualify for a loan and your credit score is lower than it should be, credit report repair should be a priority.

The first order of business to repair your credit score is to ordering a free copy of your annual credit report. Contact www.annualcreditreport.com, their phone 1-877-322-8228. Review your credit report and if you notice inaccurate information and take measures to dispute it. Every individual is protected under the Fair Credit Reporting Act, which means (among other things,) that the consumer credit reporting agency must remove inaccurate information from your credit report, and once they do, you will see a credit score increase.

Opportunities for single mothers who can’t qualify for a conventional loan include:

The Housing and Urban Development program provides opportunities for families who may not be able to qualify for a conventional loan. The loan is backed by the government, who will guarantee part of the loan if you are unable.

Single mom’s can also qualify for the Housing Choice Vouchers Program if they fall in a lower income bracket. The vouchers are used to assist mortgage payment and the program is managed on a state-by-state basis. Also, there are various state-specific programs which may offer aid for down-payments on homes for first-time homebuyers.

Finally, some credit unions or banks may have special programs for first-time homebuyers.