Military servicemembers already have enough to worry about without worrying whether their mortgage and credit card bills have been paid on time. Unfortunately, their financial troubles often remain after they leave active duty, with veterans suffering from credit issues often brought about by lack of education and high unemployment rates. There are ways veterans can work toward improving their credit, from disputing inaccurate reports to teaching basic financial skills – the VA even offers programs specifically targeted to helping veterans build wealth while developing good financial habits.
Before hiring a company to handle their credit repair for them, veterans should understand a few basics. Credit repair firms charge fees to clean up reports but cannot do anything you could do on your own for free. Credit agencies may offer suggestions on improving scores; however, before agreeing to any changes it’s wise to thoroughly review your report first.
When working to enhance your credit, it’s essential that you focus on two categories of your score: payment history and credit utilization. Together these components account for 65 percent of your score and should be the easiest components to address. Make sure your bills are being paid on time and balances are well below credit limit – also consider paying down existing debt rather than taking on more, in order to decrease total credit utilization ratio.
An adverse credit history may prevent you from qualifying for loans even when your income and employment qualify you. Although minimum credit score requirements for VA loans differ depending on which lender is being utilized, most require at least 580 to be met; lower score loans are still available but usually come with higher interest rates.
With all the advantages associated with VA loans, one way to ensure that you qualify is to work on improving your credit score before applying. In addition, the VA also provides numerous financial education and resources specifically for veterans; such as financial counseling services and fiduciary programs to assist those unable to manage their own finances independently.
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