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I Want to Buy But My Credit is Bad

11/12/2020

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When tenants are asked why they don't just buy a home, the answers often include, "my credit is bad." Improving your credit is not as hard as most people believe but it does take some action. Credit is established by a payment history. It is important to know what kind of payments are used to create a credit score. Some payments are not reported to the credit bureaus, but can be used as "non-traditional" forms of credit. These payments include cell phone, utilities and rent payments. If you have no credit score, these "non-traditional" payments can be used to prove your credit worthiness and are acceptable for certain home loan products. Keeping good records of these payments are important and can be the proof you need to qualify for financing.

In the case of having poor credit due to slow payments on past loans such as a car payment or bills that were turned in for collection or repossession, that can still be overcome. The first step comes from learning what shows up on your credit report by having a bank pull a report and is willing to show you the results. If there are outstanding balances or collections, they must be addressed. It is possible that the creditors are willing to negotiate a payoff that is less than the actual amount you owe. Using a tax refund, for example, to pay off old debt would be a smart way to use those "extra dollars." A phone call to the creditor requesting a discount, in most cases, will result in a payoff that may be affordable and will be a step in improving your credit score. In any case, clearing any bad history is critical before any "good credit" can be obtained.

If credit report shows only limited use of credit and the score is low, there is another way to correct this problem. Of course, the answer is to obtain recent payment history to show you now have the ability and willingness to make timely payments. One way to make this happen is to go to a bank or credit union and tell them what you are trying to do. Request a small loan of $1,000 or whatever the lender's minimum loan is. Use the loan proceeds to open a savings account or Certificate of Deposit to be held by the bank as security for the loan. The bank is 100% guaranteed that the loan will be repaid since they are holding the money to apply to the loan if you don't make the payments. Once the loan is in place, be sure to make timely payments until the loan is paid in full. The bank will then release the hold on the funds in your savings account. You will have accomplished two things: you improved your credit score, and you have money in the bank! Plus, the bank is now more willing to consider you as a risk for future loans. Building credit, or repairing credit is not an overnight thing, but is vital to making the leap from paying off someone else's mortgage to paying off your own.
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Northwest reno home

11/21/2018

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2055 Ives
Reno, NV 89503


Status: Available
Rental Rate: $1475
Property Type: House
Bedrooms: 3
Bathrooms: 2.5

Living Area: 1610 Sq. ft
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townhome next to the river

11/21/2018

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225 Mark Jeffrey
Reno, NV 89503


Status: Available
Rental Rate: $1750
Property Type: Townhouse
Bedrooms: 2
Bathrooms: 2.

Living Area: 1700 Sq. ft
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townhouse in north reno

11/14/2018

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4697 Kathleen Denise
Reno, NV 89503


Status: Available
Rental Rate: $1500
Property Type: Townhouse
Bedrooms: 2
Bathrooms: 2.5

Living Area: 1200 Sq. ft
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brand new home!!

11/14/2018

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6617 Peppergrass
Sparks, NV 89436


Status: Available
Rental Rate: $1875
Property Type: House
Bedrooms: 3
Bathrooms: 2.5

Living Area: 1802 Sq. ft
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newly remodeled unit in old southwest reno

10/24/2018

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3400 Sigg #10
Reno, NV 89509


Status: Available
Rental Rate: $700
Property Type: Studio
Bedrooms: 0
Bathrooms: 1

Living Area: 525 Sq. ft
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Brand new construction

10/12/2018

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2035 S Virginia
Reno, NV 89502


Status: Available
Rental Rate: $1750
Property Type: Townhouse
Bedrooms: 3
Bathrooms: 2.5

Living Area:1858 Sq. ft
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Mid town, close to renown

9/21/2018

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810 Mill #13
Reno, NV 89502


Status: Available
Rental Rate: $1150
Property Type: Apartment
Bedrooms: 2
Bathrooms: 1

Living Area:1200 Sq. ft
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Beautiful vacation home in Tahoe!

8/1/2018

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929 Southwood Dr #23
Incline Village, NV 89451

Status: For Rent
Rental Rate: Varies
Property Type: Vacation home
Bedrooms: 4 Bathrooms: 4
​Living Area: 1468 Sq. ft

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Great Studio close to the Truckee River!!

7/29/2018

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1140 Jones #207
Reno, NV 89503


Status: Rented
Rental Rate: $925
Property Type: Apartment
Bedrooms: 1
Bathrooms: 1

Living Area: 714 Sq. ft
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Midtown/Downtown unit!!

5/27/2018

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503 Mill #11 
Reno, NV 89502


Status: Rented
Rental Rate: $650
Property Type: Apt
Bedrooms: 1
Bathrooms: 1

Living Area: 500 Sq. ft
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Old south west reno

5/27/2018

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1100 Berrum #8
Reno, NV 89509


Status: Rented
Rental Rate: $725
Property Type: Apartment
Bedrooms: 1
Bathrooms: 1

Living Area: 550 Sq. ft
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August 07th, 2018

4/29/2018

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815 N Sierra #B
Reno, NV 89503


Status: Rented
Rental Rate: $730
Property Type: Studio
Bedrooms: 0
Bathrooms: 1

Living Area: 400 Sq. ft
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1 bedroom with a washer and dryer

4/29/2018

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1945 Wedekind
Reno, NV 89512


Status: Rented
Rental Rate: $700
Property Type: Apartment
Bedrooms: 1
Bathrooms: 1

Living Area: 450 Sq. ft
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townhouse with a small patio yard

4/29/2018

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3545 Gypsum Rd #D
Reno, NV 89503


Status: Rented
Rental Rate: $950
Property Type: Townhouse
Bedrooms: 2
Bathrooms: 1.5

Living Area: 1000 Sq. ft
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sparks duplex with a garage

4/29/2018

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855 I St
Sparks, NV 89431


Status: Rented
Rental Rate: $900
Property Type: Duplex
Bedrooms: 2
Bathrooms: 1

Living Area: 800 Sq. ft
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August 07th, 2018

3/25/2018

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1385 W 6th #1
Reno, NV 89503


Status: Available
Rental Rate: $800
Property Type: Apartment
Bedrooms: 1
Bathrooms: 1

Living Area: 650 Sq. ft
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in the heart of downtown!

1/1/2018

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244 Hill #7
Reno, NV 89501


Status: RENTED
Rental Rate: $850
Property Type: Studio
Bedrooms: 0
Bathrooms: 1

Living Area: 400 Sq. ft
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close to idlewild park & downtown

12/31/2017

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155 Gardner #5
Reno, NV 89503


Status: Available
Rental Rate: $750
Property Type: Apartment
Bedrooms: 1
Bathrooms: 1

Living Area: 550 Sq. ft
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Old SW Reno with Hardwood Floors!!

11/26/2017

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3400 Sigg #17
Reno, NV 89509


Status: Rented
Rental Rate: $700
Property Type: Apartment
Bedrooms: 1
Bathrooms: 1

Living Area: 575 Sq. ft
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Midtown reno!!

11/26/2017

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810 Mill #3
Reno, NV 89502


Status: Rented
Rental Rate: $750
Property Type: Apartment
Bedrooms: 1
Bathrooms: 1

Living Area: 400 Sq. ft
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    Property Management in Reno/Sparks

    Clark Real Estate
    305 W. Moana Ste C
    Reno, NV 89509
    (775) 828-3355
    We have Storage Units!

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Clark Real Estate
305 W. Moana Ste C
Reno, NV 89509
(775) 828-3355
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