Did you know that every time you submit an application for credit, it goes on your credit report? It’s called a hard inquiry and it lets other lenders know that you applied for new credit. This is the case even if you aren’t awarded the new credit. Looking for Current Mortgage Interest Rates? Click Here. Too many inquiries can have a negative effect on your credit score. One inquiry is only worth five points, but if you have a lot of them, it can bring your credit score down significantly. So … [Read more...]
Can you Use Non-Traditional Trade Lines to Get a Mortgage?
You need good credit to get a mortgage, but what happens if you don’t have any credit? It’s not a bad thing to not be in debt, but lenders also don’t have anything to use for their decision. How do they know how you handle your finances without a history of your payment habits?Get Matched with a Lender, Click Here.Some lenders allow the use of non-traditional credit or non-traditional trade lines. Everyone pays some type of bills in their life. That’s exactly what non-traditional trade … [Read more...]
What’s the Minimum Required Credit Score for a Home Equity Loan?
You have equity in your home if your home is worth more than your mortgage’s outstanding balance. If you have equity, you may tap into it with a home equity loan. In order to do so, you must meet the lender’s requirements for a home equity loan including the minimum credit score requirements.Get Matched with a Lender, Click Here. What Credit Score do You Need? Lenders put a lot of emphasis on the credit score. It tells a lender your level of financial responsibility. It’s not the only … [Read more...]
How Much of Your Credit History do Lenders Review?
Most borrowers focus on the credit score when applying for a mortgage. They figure they need the highest score possible to get a good interest rate and/or loan approval. While it’s true that having a great credit score increases your chances of loan approval, don’t discount the importance of your credit history.Looking for Current Mortgage Interest Rates? Click Here.Your credit history tells the lender a story of your financial responsibility. Even if you have a great credit score today, … [Read more...]
The Top Five Mistakes to Avoid When Settling Debts
If you have debts, you might be frantically looking for a way out of it. One way is to settle the debts with your creditors. While the idea sounds simple, it’s more complicated than you might think. There are some grave mistakes you can make that can put you in harm’s way rather than getting you out of debt. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the top five mistakes to avoid when settling debts. Trying to Settle too Soon You might know that you are in … [Read more...]
How to Avoid Medical Collections on Your Credit Report
You probably don’t worry about medical bills ruining your credit. After all, medical providers don’t report to the credit bureaus. Looking for Current Mortgage Interest Rates? Click Here. While that’s true, there is a risk of your medical collections ending up on your credit report. If you leave your bills unpaid, the medical provider may send your bill to a collection agency. Many collection agencies then report the debt to the credit bureaus. Just one medical collection of decent size can … [Read more...]
The Equifax Hack – What You Need to Know
More than 140 million people were affected by the Equifax hack. You have better chances of being a part of it than not being involved. That’s not a good thing. Your personal identifying information as well as financial identity may have been compromised, if not stolen. If you think there’s a chance you were a part of this, read on. We’ll help you know what you should do to protect yourself moving forward.What Information Did the Hackers Steal? The hackers in the Equifax hack certainly … [Read more...]
Does Mortgage Forbearance Affect your Credit?
You hit upon hard times and cannot make your mortgage payment. You are not alone. You are probably not in too much trouble, either, as long as you act fast. Your lender has options for you, but you have to contact them. They will not contact you. If they do, it will be a collection call and the conversation will not be as easy as it would be if you called them. One of the options the lender may offer is mortgage forbearance. Understanding what it is and how it affects your credit can help you … [Read more...]