I spend a lot of time working with first time home buyers. Many of these home buyers have impaired or damaged credit and need credit restoration, credit repair, or even to establish credit, prior to qualifying for low down payment loans such as FHA Loans, VA Loans, or even the no down payment USDA Loan options. I was reflecting on some of their journeys, and thinking about how it relates to a personal journey that I have been taking over the past month.
A bit over a month ago, I broke my right foot. For the first week, I walked… no, I limped around as if I were not injured. I did not see a doctor, just continued on my normal everyday life, as if nothing was wrong. I went to networking events, a couple weddings, a couple charity events, even worked on my feet all day at a home show. I continued like this until I woke up that next Monday morning and my foot was slightly larger than a regulation size NFL football.
That Monday I bit the bullet, and went to see the Doctor. A few Xrays later. Yup, I broke my foot. What’s more, I did a great job. I needed to see a specialist. I went to a couple podiatrists, and listened to what they had to say. They both agreed that I needed surgery or would have to be in a cast/boot for one to two years. The surgery seemed more convenient.
The first doctor made everything sound like it would be a minor inconvenience. The recovery would be simple, everything was going to be really convenient for me, no cast, I would be able to drive the next day, etc.
The second doctor laid out a slightly more difficult recovery. No driving for at least a month, I would have to wear a cast and I would have to wear a boot for weeks after the surgery. This is the doctor that I chose.
After the surgery, the doctor that I chose said that there was a lot more soft tissue damage than expected. It was probably because I walked around on it for a week. (Oh, and for those of you wondering, I will make a full recovery).
What the heck does any of this have to do with credit repair?
First: If your credit is injured, don’t limp around on it. Eventually, you will need to get it fixed. The longer you wait, the more difficult the repair may be–you may create even more damage without being aware. Also, see a credit “Doctor.” Don’t try to self-diagnose. Sometimes, the things that seem like logical steps to repair your credit can actually damage it.
Second: It seems like loan officers and Real Estate Agents attract credit repair companies like light bulbs attract moths. Many of these companies promise guaranteed results, quick recovery, painless processes, etc. Like the first surgeon, it seems easy, no work, no inconvenience. Just sit back and it would get done. I just have to attend the surgery as the guest of honor, then it would be business as usual. When you read the fine print, the guarantee would be as full of holes as one of my great grandmother’s doilies, and the services would not be as promised.
If your credit is damaged, it took conscious action (or inaction) to get it to that state. It will take a partnership between you and your credit restoration expert to get your credit restored. There is no miracle drug. You will need to communicate with your credit restoration expert, do your rehab (that would be sending them the information that they need regularly), and create the good habits to maintain healthy credit.
To wrap it up, simply, if you credit is injured, get it professional help as soon as you can– and don’t believe the promises of the snake oil salesmen.. it will take time and it will be work. If you know of someone who need to establish credit, or someone who needs credit restoration, please have them contact me at 281.841.1723.