"C" Credit:

If you fit a 'C' credit profile, you have a substantial opportunity to improve your credit. You've made late payments on all your debts. You might even have some adverse accounts. Or, it's only been a year since you resolved your bankruptcy or foreclosure. If you're in this category, we will try to help find you a home loan—and work to improve your credit rating. To make this credit grade, the following statements should generally describe you:

Housing expenses — Up to twelve 30-day, six 60-day and one 90-day late payments on your mortgage in the last year

Installment debt — Up to twelve 30-day, four 60-day and two 90-day late payments on your car or student loan accounts in the last year

Revolving debt — Up to twelve 30-day, four 60-day and two 90-day late payments on your credit card or department store accounts in the last year

Adverse accounts — If you had 120-day late payments, collection items, charge-offs, tax liens, judgments or delinquent properties in the last 2 years, no more than $5,000 is still owed on these adverse accounts

Bankruptcies — At least 1 year has passed since your chapter 7 or 13 bankruptcy was settled or discharged

Foreclosure actions — At least 1 year has passed on your foreclosure settlement or discharge

Outstanding debts — You are currently making payments on at least 1 credit account for either revolving credit, installment debt or mortgage loans. At the most, your debts represent 55% of your net income; lenders refer to this number as your debt-to-income ratio.

A 'C' is not an excellent grade, but it's a good place to start to improve your credit. Although a 'C' credit profile is 'less than perfect credit', it's far from an insurmountable wall. We see it as a hurdle that needs to be cleared—and can be. What you need is a helping hand, your firm commitment to improve financial habits, and a little faith.

Chances are that you may already be working on how to rebuild your credit record. Starting down the road to better credit can seem long and hard, but it's a journey well worth the effort. And it helps to work with a lender who has already helped other borrowers achieve the same goal. While you're working toward an improved credit rating, Countrywide is committed to trying to help you find a debt consolidation or home loan refinance to get on top of your credit situation – as quickly and easily as possible.

How can you improve your credit rating?

Be sure to check out our section on rebuilding credit for tips on how to improve your credit rating. If you get stuck, why not give us a call now at 1-800-909-8217? Countrywide's Home Loan Consultants are there to give you tips and helpful information on improving your credit score.