Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com VA Loans for Vets NMLS#184169 5050 North 40th Street, Ste 260 Phoenix, AZ 85018 (602) 908-5849

2. Having good credit is important
for many reasons.

3. Unlike in the past when credit
scores were only used to
determine approval for loans,
today they’re used for many
other things.

4. Some of these include potential
landlords, auto insurance rates,
homeowner’s insurance rates
and even potential employers.

5. Your credit scores play an
important part in determining if
you’re approved for a mortgage.

6. Unfortunately, raising credit
scores takes a lot longer than it
does to lower them. Get the facts
about credit scores here.

7. WHAT DETERMINES
CREDIT SCORES?

8. Your credit scores are
determined by 5 different
factors, each of which plays a
different role.

9. • PAYMENT HISTORY – 35%
This means how you are about
paying your bills on time both now
and in the past couple years.

10. • CREDIT UTILIZATION – 30%
This is the amount of your
available credit you have used up
in comparison to the total amount
available.

11. • LENGTH OF CREDIT HISTORY– 15%
This is how long you have had
credit accounts. The longer you
have accounts, the more it helps
your scores.

12. • CREDIT MIXTURE – 10%
This is the different types of credit
such as credit cards, installment
loans, mortgages, etc.

13. • NEW CREDIT – 10%
This is the amount of new credit
that has been opened recently.

14. HOW TO IMPROVE
CREDIT SCORES?

15. Since there are various things
that have gotten your credit
scores to where they are, there
are also various things that need
to be done to improve them.

16. One of the most important things
to do is make sure your monthly
bills are paid on time each
month.

17. If you have small debts, do your
best to pay them off as soon as
possible because that will
improve your credit utilization.

18. Do not open any new accounts if
you’re trying to improve your
scores.

19. Do not apply for several credit
cards because the hard inquiries
on your credit report can also
lower your credit scores.

20. HOW LONG DO CERTAIN
THINGS STAY ON MY
CREDIT REPORT?

21. Many people don’t realize that
negative things on a credit report
can stay on and affect credit
scores for years.

22. A few missed payments or an
account sent to collections may
be corrected quickly.

23. However, being corrected quickly
does not necessarily mean they
are removed immediately from
your credit report.

24. Below are some of the causes of
bad credit report scores and how
long these things stay on your
credit reports.

25. • ACCOUNTS IN COLLECTIONS
OR CHARGED OFF
Stay on 7 years from the
date the lender reports
the first missed
payment.
If you make payments
during the seven years,
it’s still going to be on
your report, but it won’t
have such an impact.

26. • LATE PAYMENTS
These may be on the
credit report for up to 7
years from the date of the
first missed payment…
even if you pay the past-
due amounts.
For example, if a payment was
missed in September 2013, it
would come offer your report in
September 2020.

27. • BANKRUPTCY
Depending on the type of
bankruptcy, it can remain
on your credit report
anywhere from seven to
ten years.

28. • REPOSSESSIONS,
FORECLOSURES OR SIMILAR
NEGATIVE ACCOUNTS
These also remain on your
credit report for up to
seven years from the first
late payment.

29. HOW LONG DOES IT
TAKE TO IMPROVE
CREDIT SCORES?

30. The time it takes to improve the
actual credit score depends on
why the score got to that point.

31. For instance, if your score was
low because of too much credit,
the score will go up in a couple of
months once you get some of the
balances paid down.

32. If the scores were low due to
bankruptcies and collections, it
can take years.

33. Even though your credit isn’t
perfect yet, your scores can go
up just by continuing to pay the
accounts down.

34. For instance a score of 680 from
late payments can go up to 780
in nine months even though it
stays on your account for three
to seven years.

35. A foreclosure may stay on your report for seven years, but your
score may go from 680 to 780 in three years.

36. The important thing is to always try to make regular payments
to work on the scores.

37. MortgageOriginator Jimmy
Vercellino, specializing inVA
loans, helps veterans use their
VAloan benefit to their greatest
advantage.

38. Be a proud homeowner today.
For more details call 480-351-5904 or visit the site
www.valoansforvets.com