Detroit Home Buying Credit Repair

After the uprisings in 1967, the population in the Motor City dropped dramatically.  Anyone and everyone who was able left for the burbs.  Business and homeowners got out with whatever they could.  Pete’s parents joined thousands in their quest for safety, peace of mind and economic progress.  He was raised in Southfield, Michigan.  As one of the first African American families to reside in that community, he was socially isolated and developed an identity crisis.  Moving to Chicago as an adult and subsequently traveling the world helped to shift his paradigm.  Bolstered by his legacy, he decided to return to Detroit and buy back the home his parents hastily left behind.

    Dispute & Remove

    Endeavors to open a boutique hotel in downtown Chicago ultimately forced Pete to file chapter 7 bankruptcy.  He learned many lessons and lost his shirt.  Despite graduating from a prestigious university, Pete found himself underemployed as a graveyard shift receptionist for a national motel chain.  If he was to buy back his parent’s home, the debts he accumulated had to be wiped clean.  Detroit Credit Repair Today disputed and removed derogatory items from his credit report.  We were systematic and deliberate in our approach.  Student loans, medical bills, wage garnishments, and bankruptcies will no longer weigh you down when you have us as your secret weapon. 

    The Interest Rate is Key

    When Pete first contacted us, all he could qualify for was a sub-prime loan.  Like most Detroit residents, his FICO score ranged between 350 and 550.  Predatory lenders were eager to approve him for loans they knew he couldn’t afford to repay.  Thus continuing the systemic redlining and exclusionary tactics that preceded the generations before him.  Our goal was to raise his score to the 750 to 850 range.  A credit score of 620 is necessary to obtain a conventional loan.  Pete was assigned to a personal home buying credit repair coach.  She worked with him to raise his FICO score that enabled him to qualify for the lowest interest rates.

    Above Average Success Rate

    Detroit Credit Repair Today boasts an above average success rate.  When compared to the national average, our results are impeccable.  We were able to delete 8 out of 10 derogatory items on Pete’s credit report.  This translates to a 78% success rate.  Repeating this action with Equifax, Experian and Transunion resulted in a 75 point increase with each agency.  Pete was able to purchase his families home with our assistance.  The boost in his FICO score allowed him to restore it back to its original glory.  He was even able to purchase new appliances and furniture that helped him begin life anew.   

    New Lines of Credit

    Pete thought it was too good to be true.  We assured him that adding new lines of credit was legal and customary.  Thirty-five percent of your FICO score is influenced by your payment history.  Thirty percent is determined by the amount of money owed.  The length of your credit history is fifteen percent of the total score.  New credit lines are weighted at ten percent.  Credit diversification is another ten percent of the total pie.  Once we added new lines of credit to Pete’s report, his total score increased twenty percent.  He was ecstatic to see that his score jumped several points in less than 48 hours.