There are plenty of reasons why you’d want to raise your credit score (or “FICO score”). Credit repair can help prospective borrowers qualify for lower interest rates on home loans and other important credit decisions. The money saved from these lower monthly payments will mean more money long-term for you and your family. At The Federal Savings Bank, we are here to help our prospective borrowers find the tools they need to make their credit work for them– read on to learn how The Federal Savings Bank can help you make improvements to your credit score.
Carefully Review Your Credit History
A loan officer at a lender like The Federal Savings Bank will pull your credit and help you determine what kind of loan you might qualify for. You may also choose to retrieve your free annual credit report*. See the FTC guide here. Take the time to be sure the information on your credit report is accurate because a higher credit score will determine your eligibility for federal homebuying programs like low-down-payment FHA and VA loans.
Having a TFSB loan specialist on your side is an invaluable resource. As your teammate, your loan officer is able not only to help you determine the best pathway to credit repair but will help you determine how best to leverage your credit and existing assets in order to achieve your financial goals.
Consider Consolidating Debt with a Personal Loan
How would you like to improve your credit score and put a little more money in your pocket each month? If you are carrying around high-interest debt, like credit card debt or an auto loan, consider the amount of money you might be able to save each month by consolidating your debt into a personal loan at a more optimal interest rate.
Lowering your monthly debt obligation is good advice regardless of your credit history– one of the most important factors in your credit score calculation is how much you owe each month. Regular payments at the lower interest rate will be positive factors on your credit report– the kind of steps you’ll need to take for real credit repair. Soon you might begin to think about starting your homebuying process.
The Federal Savings Bank is dedicated to educating consumers who are interested in repairing their credit. Check out our free online Learning Center or get in touch with our team today to begin your credit score improvement journey!
Subject to credit approval. Terms and conditions may apply. Subject to VA eligibility requirements. Property insurance is required on all loans secured by property. *Free annual credit report can only be retrieved every 12 months.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
