Credit Concern Center

Become more than just a score.

How Credit Ratings Work
Credit Correction
Less-Than-Perfect Credit

How credit ratings work

Why do credit scores matter? Because they have a direct impact on your chances of qualifying for a financial loan: mortgage, auto, or credit card.

Your credit score is a numerical indication of the risk of you not repaying a loan. The lower your score, the higher that you risk has been determined to be. Credit scores are derived from reports kept by major credit agencies, including Experian, Equifax and TransUnion. These agencies track the amount of debt consumers have taken on and whether they pay their bills on time.

Credit scores range from 350 – 850. Consumers with scores below 600 may be charged higher loan rates, while those with scores above 700 are generally charged low rates. Those with scores above 760 generally get the best rates.

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Credit Correction

How to improve your credit score and qualify for a better interest rate

Maybe your credit score is lower than you’d like it to be. Don’t worry – credit scores can be improved and here is what you can do:

• Pay your bills on time. It’s the best way to keep your rating high
• Get up to date on missed payments. And once you’re current – stay that way.
• If you are having trouble, contact your creditors or see a credit counselor. The sooner you get your credit under control, the sooner your score will improve.
• Keep credit card balances low. Large balances will have a negative impact on your score.
• Eliminate debt, don’t re-arrange it. Pay down revolving credit such as credit cards. Consolidating into fewer open accounts can help too.
• Don’t close unused credit cards to raise your score. Fewer accounts are better, but frequent closing and opening of accounts is often a sign of a problem.
• Don’t open more credit accounts than you need. You may think you’re making more credit available, but you could be hurting your score. 
• Don’t open too many new accounts too quickly. Especially if you’re relatively new to credit. This will create to many inquiries, which hurts your score.
  
• If you have had credit problems, act quickly to re-establish good credit. The sooner your begin acting responsibly, the sooner your credit score will improve. 
  
• It’s OK to check your own credit. Be sure to order your credit report directly from the credit-reporting agency or through an organization authorized to provide credit reports to consumers.

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Less-Than-Perfect Credit

Nobody’s Perfect. American Home Equity won’t rule somebody out because their credit history has a few blemishes.

If you are looking to refinance or get a home equity loan the way we see it, your are a home-owner already – and that’s an accomplishment! We have a specific division whose expertise is in finding ways to approve you.  You are more than a credit score and we will look for a way to offer you a loan with terms and rates that work for you, even if you’ve had a bankruptcy or foreclosure.

We’ll help you qualify. Even if other lenders turned you down

You are not just a number, another phone call or a credit report – you are an individual and a homeowner. Being a homeowner shows you have what it takes to succeed and our personal loan consultants will help you overcome the obstacles to credit approval.

• Hard to prove income. We have loans that don’t require traditional income documentation.
• Too much existing debt. Our flexible lending standards let us look at you as an individual, without the rigid formulas.
• Less-than-perfect credit. Nobody’s perfect. Your credit score is just part of a bigger story and we are hear to listen.
• Bankruptcy or foreclosure. Even if you’ve had a bankruptcy or foreclosure in the past, we’ll work hard to help you get the cash you need.

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