can a mortgage broker fix my credit for a higher score on my credit report?
I recently applied for a home loan, but the broker told i need it a higher score for a better mortgage rate. The broker offer to fix my credit and get me the preaproval. I am still not convince that the broker can do this for me.
Under federal law, your credit score can only be changed to correct mistakes or if your credit has been used fraudulently (ie someone stole your identity).
If the mortgage broker is offering to bump your credit score up in order for you to get a better loan, that woud be wholly illegal. If they did it with your knowledge, that would make you culpable.
Sounds like you need a new mortgage broker. If your current broker is willing to cheat a bank in order to get a bigger loan, think about how willing they probably are to cheat you.
Good luck.
December, 9th 2009 at 3:23 am
some can. But keep a close eye on him/her.
We do it all the time. Tell broker to give you the game plan. and learn as much as you can about your credit. Its you best defense
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December, 9th 2009 at 3:37 am
Just by opting out of credit card offers will get your score higher by about 10 points in just a few days. 1-888-567-8688. The only other way is to dispute every negative item in the report. That will then take 30 days or longer to reflect on the score. The other way to get your score up is to ask for higher limits on your credit cards from that lender.Once that is done a line item update can be done. DO NOT PAY THEM TO DO WHAT YOU CAN AN SHOULD DO YOURSELF!
I am a mortgage banker in TN & KY
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December, 9th 2009 at 3:51 am
the only way a broker can fix it is if there is false info on your report..they can request a rescore to be done..they can have you become a authorized user on someone elses card..then re-pull your creidt..or they will have you pay down a balance on a card then they can get it re-scored for you….so to answer your question they can in some cases help you get your score raised depending on your credit.
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i am a mortgage broker .
December, 9th 2009 at 3:57 am
Under federal law, your credit score can only be changed to correct mistakes or if your credit has been used fraudulently (ie someone stole your identity).
If the mortgage broker is offering to bump your credit score up in order for you to get a better loan, that woud be wholly illegal. If they did it with your knowledge, that would make you culpable.
Sounds like you need a new mortgage broker. If your current broker is willing to cheat a bank in order to get a bigger loan, think about how willing they probably are to cheat you.
Good luck.
References :
December, 9th 2009 at 4:02 am
All answers above are useful and valid.
You fix your credit by paying your bills on time, keeping a steady job and NOT applying for new credit cards.
If you do that for a year, your credit score will improve, you will qualify for a loan and actually get a better interest rate.
The higher your credit score, the lower risk you bring to the lender.
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