Thursday, April 26, 2007


NEWS FLASH! I was pleasantly surprised to discover recently that JPMorgan Chase Home Finance does not have a min credit score requirement for co-borrowers. Yes, that's right! If you (the borrower) has a score of at least 500 and your co-borrower has a 400 credit score, JPMorgan Chase has a loan program available for you.

Please give me a call today to find out more. Karen Francis/JPMorgan Chase NonPrime Unit - 678-924-4020 or 770-262-2218.

Friday, April 20, 2007

4 Steps to Establish or Rebuild Your Credit

The first step in establishing or rebuilding your credit is knowing your current status. Once you've requested your credit report from all three credit bureau's, then you will know what your credit status as well as your credit score is.

Most people think if they pay off all of their outstanding debts and close their accounts that this will improve their credit. Unfortunately, we live in a world where everything is credit or credit score driven, therefore you must establish credit and not simply pay all your debts off and close the accounts.

I had a client 4 years ago that wanted to open an equity line of credit on her house. While reviewing her credit report I realized that the last credit account she had opened was 20 years ago. Although she had a home with a tremendous amount of equity there was nothing I could do to help her obtain a home equity line of credit. The client did not have any open/current credit accounts established.

Once you know your status, the next step you want to take is to acquire a secured or unsecured credit card in the amount of $250.00 to $500.00. Use the card and pay it off every 30 days and over a 3-6 month period you will see a positive increase in your credit score.

Once you have at least established some credit the next step is to try for a big ticket purchase such as a new or used car. Regardless of your income make sure that your first car is an affordable car. Always take into account the cost of the maintenance on the vehicle as well as the cost of the monthly insurance premium.

Your next big purchase will be a home, so be sure to manage your credit well and pay down your credit cards debts significantly before you take steps in becoming a home owner.

Remember the steps...
1. know your status 2. establish 3. build and 4. maintain.

Thursday, April 19, 2007

Credit Scores

Credit Scores can be your enemy or they can be your friend. The key to improving your quality of life, is improving your credit score. Therefore I have put together some steps that will assist you in improving your current credit score.

1. Find out where you stand by ordering all three credit reports and scores
2. Pay close attention to all of the items listed on your credit report and make sure that you document which debts are accurate and which ones aren't.
3. The next step is to dispute all inaccurate information to ALL three credit agencies (Equifax, Experian and Transunion).
4. Give yourself a 30 day window in which to have these items validated by the agencies. The agencies should send you the status of their investigation within 45-60 days of your initial contact with them
5. While you are waiting to hear back from the credit reporting agencies, clear up any valid collections by paying them off or setting up a realistic payment plan. Remember if you do set up a payment plan, you have to follow it through to the end or you may damage your credit score even further.
6. Once you receive your updated credit reports from the agencies in approximately 30-45 days after, you will see a change for the better in your credit scores.

Next steps are to simply maintain your good credit. Remember banks don't judge you by how nice of a person you are, they want to see and know that you honor your financial commitments.

Saturday, April 14, 2007

Attention ALL Union Members

JPMorgan Chase has special financing programs available for Union Members and family of Union Members that would pay your monthly mortgage payments up to 6 months should you have a temporary lay off or other financial emergency.

This is a great program for seasonal workers as well as regular Union Members. Remember this program is also available to the family members of Union Workers as well and is a tremendous benefit.

Financing for credit scores from 580 and up

JPMorgan Chase Home Finance has programs and products available for first time home buyers with credit scores as low as 580 and 540 for Government Programs. Our programs include FHA, VA, 30 year fixed rate mortgages and 2,3, 5 year ARM's (Adjustable Rate Mortgages).

Please Call Karen Francis at 678-924-4020 or 770-262-2218 for more information today.

Investor Financing

We have many aggressive investor finance options for 1-4 unit properties available in more than 35 states with a minimum credit score of 680. Our rates are extremely competitive as JPMorgan Chase Home Finance is one of the top Mortgage Companies in the Nation. Contact Karen Francis, Mortgage Consultant for JPMorganChase NonPrime Division. 678-924-4020 or 770-262-2218/