Category Archives: Credit Repair

Why Did My Credit Score Drop?

Why Did My Credit Score Drop?


As a mortgage professional I’m looking at credit scores everyday. When I speak to people they will often tell me what they think their score is, and it is always interesting to see how close they are.  When we actually pull up the credit report it can appear that the credit score dropped, and this can be a shocking discovery. Also, that score is tied to how much interest you will pay on debt. Not only is it frustrating, but it can also be very costly. Let’s explore some of the reasons you may see a credit score drop.

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My Partner has Bad Credit; Can We Buy a House?

My Partner has Bad Credit; Can We Buy a House?

You’ve scrimped, saved, and made sure every bill is paid just to be in the perfect position to purchase a property. You’ve got great credit, but how about your partner? Eh, not so much. This is a very common issue that I run into on a weekly basis. Sometimes when a couple, married or not, is looking to purchase a home they run into the issue of one of them having bad credit. So, let’s take a look at your options if this is the case and some other possible solutions.

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Is Your Bank Account Leaking Money?

Is your bank account leaking money?

Is Your Bank Account Leaking Money?

When was the last time you really looked at your bank account?  It is easy to miss small amounts of money  every month until you get declined or a check bounces.  When this happens it creates awareness around your money situation.

Here are a few ways that you can plug the leaking:

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Tips For A Smooth Loan Approval

check-markGetting a pre-approval is one step of the mortgage approval process. Having a smooth loan process depends partially on you.  As a potential homeowner you must remain responsible throughout the process. In the end only you can determine your future. Here are some tips to help you stay connected to your end goals.

  • DO continue making your mortgage or rent payments
  • DO stay current on all existing accounts
  • DO keep working at your current employer
  • DO keep your same insurance company
  • DO continue living at your current residence
  • DO call us if you have any questions
  • DON’T make a major purchase (car, boat, fur, jewelry, etc.)
  • DON’T apply for new credit (even if you seem pre-approved)
  • DON’T open a new credit card
  • DON’T transfer any balances from one account to another
  • DON’T deposit money into the bank that you can’t explain
  • DON’T pay off charge offs without a discussion with us first
  • DON’T pay off collections without a discussions with us first
  • DON’T buy any furniture
  • DON’T close any credit card accounts
  • DON’T change bank accounts
  • DON’T max out or over charge on you credit card accounts
  • DON’T consolidate your debt onto 1 or 2 credit cards
  • DON’T take out a new loan
  • DON’T start any home improvement projects
  • DON’T finance any elective medical procedure
  • DON’T open a new cellular phone account
  • DON’T join a new fitness club
  • DON’T pay off any loans or credit cards without discussing it with us

If you encounter a special situation, it is best to mention it to us right

away so we can help you determine the best way to achieve your goals.

Improving Your Financial Freedom

personal-financeImproving Your Personal  Financial Freedom

Improving your personal finances may seem impossible and being in debt can be a stressful experience. No matter what your circumstance is, if you signed for a loan, you are obligated to pay it back.  If you have a life altering experience like losing a job, getting into an accident, or even if you have increased expenses due to having a child you are still expected to pay.

Sometimes debt can just be an unintended consequence of too much holiday spending.  It can also just be overspending any time of year and just not tracking your purchases.  Many people try to get out of debt, but life slaps them in the face hard enough that they give up. But that doesn’t have to be the case. There are so many people who are getting out of debt every single day in a short period of time.

So if you’re ready to get on a path to financial freedom, it’s important to have a plan for how you’re going to tackle that debt!

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Tips To Make Your Finances Less Frustrating

man-frustratedHave you had a similarly frustrating experience when paying your bills or managing your finances? As part of National Moment of Frustration Day on Oct. 12, we’re sharing five things you can do to make managing your finances easier.

1. Automate your finances to minimize late payments.

Through auto-pay, you can rest easy knowing that your payments will be automatically charged to your credit card and you can avoid late payments.

2. Put due dates in your calendar.

If you’re like me, if something isn’t in your calendar, it doesn’t exist. I’ve found that putting reminders in my calendar helps me stay on top of my payment due dates, especially for bills that I can’t automate, and paydays.

Consider putting recurring reminders in your calendar (digital or physical) for the following:

  • Your rent is due.
  • Credit card payments are due.
  • When you get paid from your employer.
  • Netflix, internet, gas and electricity bills are due.
  • How about when health insurance, renters insurance and other insurance bills are due.

3. Sign up for text or email reminders.

If you don’t want to manually put reminders into your calendar, you can check with your credit card company, mortgage servicer, auto loan servicer and/or student loan servicer about getting alerts for your due dates.

4. Enroll in credit monitoring.

Your credit score and credit report are important parts of your financial life. But keeping tabs on them may seem inconvenient or time-consuming. One way to make the process less frustrating is to enroll in credit monitoring.

Credit monitoring services can notify you if things on your credit report look suspicious, which could be signs of identity theft. 

Additionally, these services can help you stay on top of your credit scores and reports and have a better understanding of the underlying influences that ultimately affect your credit.

5. Download a savings app to take the legwork out of saving.

If you find it difficult to save, you can download a savings app such as Digit to help you save effortlessly.

Digit looks over your accounts and, through its software, analyzes what you can put in a savings account. It then automatically transfers money from your checking account into a Digit savings account.

Some users love how easy it is to save, while others aren’t impressed by the fact that the savings account doesn’t earn interest.

If you want to earn interest and make saving easier, one option is SmartyPig, an online piggy bank that currently earns 0.75 percent annual percentage yield (APY).

If you’re interested in small-scale investing, you can use an app such as Acorns. Acorns rounds your purchases to the nearest dollar and invests your spare change.

Bottom line

Being an adult, paying bills and managing your money can be frustrating; there’s always one more thing to keep track of or one more bill to pay.

While managing your finances can be a frustrating process, these five tips can make things a bit easier.

Top Strategies to Decrease Debt

Creating A Debt Free Zone
Creating A Debt Free Zone

Doug’s Top Strategies To Decrease Debt

The ideal scenario for people is to start with a fresh slate, decrease debt and still meet your monthly obligations. Defining your needs and wants is a great place to start.  Unfortunately, this isn’t the case for most people.  I know this story too well.

Doug’s Story:  I grew up in a trailer and thought that success was going to be when I had a million dollar house and nice cars.  Through buying real estate and owning a mortgage company I was able to achieve my dream of success.  I bought a million dollar home in St. Charles County that was 8000 square feet.  I had a Lexus and an Escalade.  I bought that dream home at the end of 2005, and the value never went higher, and my income only went down.

Here are some of the top strategies I learned to decrease my debt to regain credit worthiness:

Audio 1: Decrease Debt

Audio 2: Decrease Debt

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Testimonial To Doug Haldeman & Cornerstone Mortgage, Inc

Listen In To The Testimonail First Time Home Buyer Mike today!









Testimonial From First Time Home Buyer

A testimonial from clients are the greatest reward given to any loan officer.  Client Mike offers a viewpoint that many other first time home buyers may be faced with and how much Doug Haldeman was able to help him through his first home purchase!

Mike says, ” I am really grateful for all the effort Doug, Bridget and his team put into helping him purchase his first home!”

Take advantage of the opportunity to refinance or buy your next home with someone that will be in your corner!  Call Doug today 314-472-3684.

Testimonial Audio: First Time Home Buyer

Testimonial Audio: Millennial Home Buyer

Testimonial Audio: Recap of lessons learned

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Credit Score Basics

credit score

Credit Score Basics

A credit score is based on the information drawn from your credit report and there are many different individual factors that are used to determine your score.

Doug and Tammie go over some of these factors to help breakdown what your score is telling creditors.

What makes up your credit score?

  • Payment History: Makes up 35% 
  • Outstanding Debt: 30%
  • Credit History: 15%
  • Pursuit of New Credit: 10%
  • Types of Credit In Use: 10%

Audio: Credit Score Basics

If you would like the Credit Score Basic Chart fill out contact form below and be sure to add in the comments, “Credit Score Chart”.  We will email it to you directly.  *Note: Your email is kept private we will not sell your email address.

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Doug Answers Listener’s Credit Report Questions

credit-reporthealthOn today’s show Doug addresses credit report questions sent in by listeners and gives great credit advice. If you’re looking for a mortgage and need professional financial advice reach out to Doug call/text (314) 472-DOUG (3684)

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