12 months to a 720 Credit Score

First- Happy New Year.

Are you ready for another year of priceless information in your newsletter??

I hope so because you are in for a treat. Not only are you going to get even more practical information you can use to improve your credit but we will be launching a virtual program for those that want even more but are not able to get into one of our homes just yet.

In the papers and the news and online the focus is debt management. Obviously a well deserved subject for this month's news letter. Not only is our Federal Government having to reevaluate priorities and where the money is going but the Banks, Schools, City, and you all have to take a good hard look at what we have been doing and make some changes.

Each month you will learn a ton of information by reading and attending your monthly classes. In addition you are seeing your financial specialist at least every 60 days to keep up on credit issues.

Then as the months go by you will see your habits change, your credit scores improve and your financial future brighten.

You can always go online to our website. I have articles for you to access all the information from EZQualDreamhomes.com and click on articles and forms

There you can access previous newsletters and articles and tools that will help you improve your credit.

This month’s topic!

Preparing Your Debt Management Plan

If you have been trying to live by your budget and still can't make ends meet you might want to consider contacting your creditors and have them agree to a modified payment plan that you can afford.

Why would a creditor do this? Well, if it is the difference between getting some of the money ; all the money over a longer period of time OR none of the money , they may be willing to work with you.

Your goal is to pay amounts that you can afford by negotiating with your creditors to get lower interest rates, waive late fees or even forgive some debt.

Here is what you need to do to prepare yourself to be successful.

Prior to calling your creditor you should do the following:

1. Create a detailed list of all your debts

Prioritize your debts the most important are mortgage and car (secured) then the unsecured in this order- Child support, Federal Income tax, State Income Tax, Property taxes and HOA dues, Federal student Loan, health insurance, medical bills and then credit cards

2. Amount you owe for each debt each month

3. Interest Rate of Each debt

4. Your Oustanding Balance for each debt

5. Credit Cards- you want to put the highest interest rate closest to the top for the unsecured debts.

6. Leave space to record your new payments or interest rate or terms that you negotiate.

The goal is to negotiate as many of the following terms:

a. Negotiate lower monthly payments for a period of time or until debt paid in full

b. Negotiate lower interest rate

c. Negotiate interest only payments for a period of time

d. Negotiate to waive or lower any additional fees

Then You want to decide which debts you want to negotiate first. Maybe start with the secured and high priority debts and then higher interest rates . Then start calling and negogiating.

As the future home buyer you are responsible for caring for your home, making your monthly payments on time, improving your finances and credit and in time becoming the owner of your own home.

Rates are great right now.

If you are able to get financed, now is still a great time to buy a home with solid long term financing. If you are not able to get financing it is a great time to get into a home, work on building your credit and get financed down the road.

Also, don’t forget to enroll in the First Time HomeBuyers Classes – call 325-5825 to reserve your seats.

Coming Next Month… Virtual Classes Starting In February for our current tenants. We will be offering these classes as a homestudy course to those folks that are interested in purchasing it. We are dedicated to you improving your financial situation and want to give you every opportunity to improve your financial future.

Dedicated to improving your credit and making you a home owner,

Lori

Swiftcurrent Investment Group, LLC

EZQualDreamHomes.comas

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