How Your Credit Works and how to repair credit

How Your Credit Works?


When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they’d take by loaning money to you.

FICO scores are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax.

Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time.

With that, your interest rate is the cost you pay for having that loan. Like with all financial decisions, you should consider the cost versus benefit of obtaining a Taking steps to improve your FICO score can help you qualify for better rates from lenders and ultimately reduced the amount of money you pay to borrow those funds.

Federal Trade Commission Guidelines The FTC reports that self help credit repair may be the best alternative. You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services.
They all make the same claims: "Credit problems? No problem!" "We can erase your bad credit — 100% guaranteed." "Create a new credit identity — legally." "We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!"

Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report. The Scam Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, most of them can’t deliver. After you pay them hundreds or thousands of dollars in fees, these companies do nothing to improve your credit report; most simply vanish with your money.

The Warning Signs If you decide to respond to a credit repair offer, look for these tell-tale signs of a credit repair scam:
- Companies that want you to pay for credit repair services before they provide any services.
- Companies that do not tell you your legal rights and what you can do for yourself for free.
- Companies that recommend that you not contact a credit reporting company directly.
- Companies that suggest that you try to invent a "new" credit identity — and then, a new credit report — by applying for an Employer Identification Number to use instead of your Social Security number.
- Companies that advise you to dispute all information in your credit report or take any action that seems illegal, like creating a new credit identity.

If you follow illegal advice and commit fraud, you may be subject to prosecution. You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It’s a federal crime to lie on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.

Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised. The Truth No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost.

According to the Fair Credit Reporting Act (FCRA): You’re entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company.

You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft. Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report, at your request, once every 12 months. The three companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report. To order, click on annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print the form from ftc.gov/credit.

Do not contact the three nationwide consumer reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

You may order your reports from each of the three nationwide consumer reporting companies at the same time, or you can order your report from each of the companies one at a time. For more information, see Your Access to Free Credit Reports at ftc.gov/credit. Otherwise, a consumer reporting company may charge you up to $9.50 for another copy of your report within a 12-month period.

You can dispute mistakes or outdated items for free. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the consumer reporting company and the information provider.

If you have any questions or still fill like you need help with credit repair, call our office at 904-588-5888 and we will reffert you to a local agency who can help.

Rental Relocation Assistance Program Jacksonville, FL

Rental Relocation Assistance Program Jacksonville, FL

    We Love to help our clients to relocate to Jacksonville, FL from other states or to move from other local home to our rental home.

   You can see our homes for rent and rent to own at our website All our homes are under Ikon Realty Listings

    Our approval process designed to help people to apply remotely so you can do it from the comfort of your home. To start approval process you can fill out our free Online Tenant Application
You can fax us your ID and pay stubs or other income documentation and we will qualify you.

    Every person who is 18 and older should fill out an application. You can get approved without being in Jacksonville and without the need to come to our office although we love to see our clients in our office in person.

    Our application process is income based, which mean we do not check credit; we only check background to make sure you didn’t have any evictions or felonies in the last 7 years.
    Even in the situation if you have some blemishes on your background we still may be able to work with you if you can make one and a half deposit or in some cases double deposit.
    If you have a good background and no evictions you will need to provide only one month’s deposit. 

    When you will be approved you can visit Jacksonville and visit homes you like.
You can see homes even before you approved. Fill out our application so we can have your contact information on file and we will give you lockbox code to see houses you like.

   We try to make your search experience as easy and as convenient as possible so as soon as we receive your application we will provide you a lock box codes to the homes you like and you can see these homes at any convenient for you time.

    When you know what house you like and your application is approved you can bring $500 cashier’s check or Money order to our office and we will remove house you have chosen from the market so no one else can apply for it. After that we give you up to 30 days to move to Jacksonville and bring rest of the deposit and first month rent to move in to the house. Again there is no application fee and no credit check.
    If you are planning to move in a month or longer please register at our website and we will be sending you weekly updates about our new properties, specials and discounts.

Rent to Own homes in Jacksonville FL questions and answers

Rent to Own homes in Jacksonville FL questions and answers

How does rent to own work?

Here's how it works:

A home is made available via a standard lease with one important addition. Included is an option to purchase that home at a specified price over a specified time period (usually one or two years). In order to acquire that option, the renter/buyer must pay a one time, NON REFUNDABLE, fee called the option consideration.

What is an option/down payment, how much am I expected to pay?

Option money is an upfront non refundable payment. Option is right to buy home at a future date with fixed price.
Our Rent to Own program minimum option payment is $1,500. Option payment may vary based on home value, quality and area of town.

How does Rent credit work?

Rent credit is amount of money which will be credited toward home ownership every month.
In order to receive a rent credit you MUST pay your rent on or BEFORE the due date of your lease (typically the 26th or 1st of the month).
Our Typical rent credit is $100. Rent Credit may be as high as 20% of rent payment per month.

What are advantages of Rent to Own Program?

• Build equity toward home ownership.
• No bank or finance company involvement.
• Poor credit history may not be an issue.

How do you qualify for a Rent to Own?

• Total household Income has to be 3x's the amount of the rent
• No evictions or rental judgments in the last 7 years
• Employment Verification Required
• Credit Check Required
• minimum $1,500 deposit due with the application
(total deposit will be determined after credit is reviewed)
• Application Fee $25 for each person over 18 years old

Can You Do a Rent to Own Being Self Employed or a Business Owner in Jacksonville or other state?

It іѕ absolutely trυе fact that being self-employed іѕ doubtlessly one οf thе greatest achievements whісh ѕοmе individual саn hаνе іn thіѕ life.
Bυt іt іѕ worth mention thаt unfortunately self-employed people аrе typically getting thе brunt οf thе grеаt pressure іѕ іn regards tο opting fοr home loans.
Our Rent - to - Own program will allow self-employed people to enjoy lifestyle they want.
In order to qualify you will need to produce 2 year Tax Return and 2 year Profit and Loss Statement.

Can I do a rent to own after foreclosure or bankruptcy?

Yes you can do rent to own after 2 years after foreclosure or bankruptcy

Who is in charge of maintenance and repairs?

Tenant shall, at its own cost and expense, keep, repair and maintain all equipment and other personal property located at the Premises,

Landlord shall repair and maintain at its expense Structural part of the building as roof , walls and fundament of the Premises.

Maintenance is the responsibility of the Tenant Buyer. You are now renting to own and homeownership requires maintenance. This includes things like broken windows from stones or baseballs, clogged drains, peeling paint, broken appliances, burnt out bulbs, lawn work/snow removal, etc. If any major repairs are required to ensure habitability, the Landlord remains responsible.

Rent to Own and Credit Repair

If you are reading this you are probably already aware that bad credit affects more than just your ability to get a loan? Having bad credit means you are usually going to get the worst terms and pay the highest interest rates on any type of loan. Bad credit affects other aspects of your life also, like; your ability to rent an apartment or house, getting affordable insurance and even employment. If you are in this situation, you need to do something to get your credit (and your life) back on track.
Komelot Homes affiliated with best credit repair agencies in town to assure that our clients credit will be rebuilt promptly and accurately.
Credit repair strategy is not only removing negative items from your reports through filing disputes but also paying your bills promptly, keeping all of your accounts current, opening new credit lines and much more.
If you have any questions about Rent-to-Own Program give us a call : 904-588-5888

To see available Rent-To-Own homes visit : www.IkonRealtyLLC.com
To get notification about new Rent-to-Own homes coming to the market sign up for our buyers list at : Rent to Own Buyer List

Rent To Own Program in Jacksonville, FL




How can I buy a home in Jacksonville, when I have bad credit?

You can’t through conventional lenders, but you can with our help. We can setup a Rent-to-Own agreement to help improve your credit over time. We also work with mortgage brokers who may be able to arrange a loan for you.

We are not extremely interested in your past credit status. Your ability to make reasonable monthly payments and your desire to be a homeowner now is what is really important to us.

How does your Rent-to-Own Jacksonville, Program Work?


A Rent-To-Own (RTO) transaction is where you would rent a home just like any other lease agreement, but the biggest difference is that you have the option to buy the home at any time during the lease period for a fixed price.

RTO designed to help you to get a home right now that you plan on buying in the future.

The agreement is set for a fixed period of 12-36 months. The purchase price is fixed, and will not change for the duration of the lease. Real Estate market right now at about a bottom and you will not only get home for a great price but also any future appreciation will be yours to keep.

A portion of your rent payment will be credited toward the purchase of the home which would allow you to build equity while you rent.

An option payment (aka down payment) is required to move into a RTO home. The amount is flexible depending on each individual situation, and this payment is 100% applied towards the purchase price of the home when you buy.

The end goal is for you to get a regular mortgage to buy the home, and during the lease period you have time to work on any credit or financial issues that are keeping you from getting a loan right away. If needed we will refer all our clients to local credit repair company to make sure you will get best help with you credit repair.


How much down payment do I need?

We are very flexible with your down payment. We can offer you many options and we always do our best to work with whatever funds you have available. However, to give you the best chance of getting into your selected home, you should have a down payment equal to at least 3% of the purchase price.

What other methods of down payment are accepted?

Unlike most lending institutions, we accept borrowed funds for closing. If you have a close friend or relative willing to lend you money for your down payment, you can use that with our programs. You may also be eligible to withdraw or borrow from your 401K to purchase a home without penalties. ***We also accept major credit cards.

The home I wanted has been sold… can you find me another one?

Yes we can. Our homes go fast, so the best thing you can do is join our onlineVIP Buyers List.
Tell us what you are looking for, how soon you are looking to move and we will do our best to find you your next home. As soon as a home becomes available, we will call or email you about the home. Join our VIP Buyers List now!