Tyler Housing Market

Tyler Texas still remains a strong growing financially stable community. Our housing market remains stable and strong and if you are waiting to buy a house until prices go even lower you may find yourself waiting a bit too long as houses in Tyler continue to appreciate and there is not a rising rate of foreclosures in Tyler as there are in other parts of the country. Home interest rates are low right now and considering you will be paying mostly interest payments on your house for several years before even touching the principal you may consider that by purchasing a fairly priced house now you can lock in at some historically low home loan interest rates.

Needing A Higher Credit Rating To Buy A House?

If you need to get a slightly higher credit rating before buying a house you can do a few things to improve your rating. I would concentrate on getting the balances on your credit cards paid down so that you are only using about 20 percent of the credit card limit. Put all your credit card payments and student loans on an auto pay system so that you never pay late. You can also hire a credit repair company to ping your old credit issues on the 3 credit bureau reports until they remove them. They will ping them all however if you have some credit issues on those reports that can be removed by you making a couple of phone calls to clear up a misunderstanding then by all means do that as well. For instance, I once moved and had a Bank Of America checking account that only had $25 left in it. A monthly charge hit the account each month during the year until it went into negative. I then started racking up overdraft charges. I didn’t forward my address and had forgotten about the account until I went to go put some money into it from my Southside account. They had charged off the account and it no longer existed. I told them my situation and they opened a new account and I paid off the negative balance. Years later this ding still appeared on my credit report. I called the bank manager and got a letter explaining that it was their fault and got the ding removed off the report. Removing these types of things will really help your credit score as well. The funny thing is I have had a Regions bank account with $1 in it for 7 years and never had to deal with the fiasco at Bank Of America. Had I had forwarded my address properly the Bank of America issue would have never happened because I would have been notofied but the accumulated penalties on such a small account seems a bit fraudulent from such a big bank with one of the most robust back office bank systems in the world. You would think they would have just left it at $1 until I came back to them.

Need More Cash To Buy Your Tyler Dream Home?

If you are done repairing your credit and need to increase your buying power there are a few other things you can do. By doing a few of these more advanced techniques you can have millionaire buying power although you don’t want to borrow more then you can pay back. This will increase your buying power and credit rating.

Pyramid Loan Strategy

Go to the bank you usually use and ask for a $500 - $1,000 30-day signature loan. They will want to know why you need the money. You will need a short term reason for needing the money. You will not need to lie, most people have many short term reasons why they could use a short term loan. Think of one of the many binds and fixes you find yourself in during a given month and use that. Be ready to explain how you plan on paying back the money in the 30 day time period.

Now take this money and put it somewhere where you won’t get to it. You might consider putting it in a savings account in another bank. Are you lying? No you got the loan for a bind but you ended up not getting into a bind that month so you are good. Just because you borrow some money with a particular purpose in mind doesn’t mean you can’t change your mind later. 28 days later you want to go back to the bank who loaned you the money and pay them back. You will have established yourself as someone who can borrow and pay back without issue and as promised.


Wait a few weeks and then go back to the same bank. This time ask for $2,000 30-day loan. Do the very same thing by paying it all back in the scheduled amount of time of 30 days or less. As time goes by ask to borrow larger and larger amounts of money with longer times to repay. After 1 year you will have established such a credit rating that the bank will lend you just about as much as you want.

Say it is year two into this borrowing strategy. Say you just finished borrowing $7,000 for a few months. Take that to another bank and open a passbook savings account with it. A few weeks later, return to the second bank and ask them for a $6,000 loan with your passbook as security. They will likely not refuse this because they have $7,000 of your money as a guarantee for $6,000 of their money. Now take that $6,000 to a third bank and open another passbook savings account. A few weeks later ask the bank for a $3,000 loan with the passbook as security. Take that $3,000 to a fourth bank and open yet another passbook savings account. This is all legal and fine as there is nothing wrong with having multiple bank accounts.

At this point you will have 3 savings accounts with $16,000 in them. You will also have loans totalling $16,000 but those loans are fully covered by the savings accounts.

After doing all this it is now time to get out of the loans slowly. You will borrow $3,000 from bank 4. Pay $750 to each of the banks to start paying back all the loans. At this point you have good standing and credit references at four banks which you can use in establishing other businesses and business opportunities. Now pay off the balance at each bank but leave $50 in each bank account. By doing this you keep the account open and have good bank references. Keep in mind that the last bank you pay off will be $150 short plus a little interest because of the $50 balance in the other bank accounts.

You now have a millionaire credit rating which you did in a few months and with very little help. This should help you in obtaining a home loan at a good interest rate and for the amount of money you need.