Bad credit repair counseling
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Is getting bad credit repair counseling really worth it? I’m looking into purchasing a home, but my credit is not good. I could certainly use some help solving my credit problems. Anyone ever tried it and can advice? Does it show up on my credit? Thank you
Try the non-profit bad credit repair counseling
Non profit credit counseling can certainly help with overwhelming credit card bills that have not yet defaulted. From what I hear they do a pretty good job. They cannot help, however, with any credit cards debts that have already defaulted.
While you’re in this program, your credit reports will get updated to “in debt management program” which might disqualify you for a mortgage. However, your Fico score will not be effected by this (See Factors Excluded from the Fico Score). When you complete the program, you would be eligible.
The best advice I can give you is to find someone affiliated with the National Foundation for Credit Counseling at http://nfcc.org.
Getting a home is worth getting educated on, if you don’t want to find yourself facing foreclosure like so many others. There are many books on the subject. Try your public library for a free one.
As a rule of thumb – you can afford a home that is about 3 times your pre-tax annual income.
Good luck.
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