Credit Information


Check Your Credit Before Shopping For That Home Loan


Review Your Credit Score.

Nearly every bank, credit union, and mortgage lender relies on a three digit score provided by one of the three major credit bureaus to help them make lending decisions. A credit score can range from the perfect 850 all the way down to the abysmal 300. Scores under 720 may not qualify for the best interest rates, so you should check your credit scores with all three bureaus before shopping for a loan. You may discover you have some cleaning up to do before you can take advantage of a great loan deal.

Scan Your Report for Mistakes.

Though some consumers struggle with debt, many more would-be borrowers suffer needlessly because of mistakes they made in the past or mistakes that credit bureau systems made when compiling their reports. To avoid embarrassment and wasted time during the loan origination process, you should review your report carefully before you start shopping for loans. Dispute any inaccuracies both with the credit bureau and with the creditor using certified mail. If you find any long-lost bills you left unpaid, pay them. A bill as insignificant as $100 can actually stall or derail the closing process, costing you the chance to buy your dream home.

Avoid Credit Applications.

In the weeks leading up to your home purchase, you may consider switching banks or responding to attractive credit card offers. Resist the urge to earn those frequent flyer miles, because a flurry of applications can show up on your credit report simultaneously. Therefore, lenders may grow concerned about potential identity theft. Even worse, lenders might assume you've lost control of your spending, making you an unsuitable candidate for a home loan.

Do All Your Shopping on the Same Day.

For the same reasons, you should choose one day to make inquiries from your favorite mortgage lenders. A few weeks after your inquiries, your applications will show up on your report and drag down your score by a few points. Because the bureau assumes that every application may result in an approval, the amount of your potential debt load increases significantly. In addition, the market changes so frequently that quotes made on different days cannot be compared directly. Be prepared to make your phone calls, run the numbers, and accept a locked pre-approval all on the same day.

Kevin Adelsberg is a writer for FDLoans.com. For additional articles and an extensive resource for everything about loans, please visit us at http://www.FDLoans.com


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


How to get a credit card when you've never had one
Fairfield Daily Republic
But the odd thing, as with many high-reward credit cards, is that getting approved for one of these Barclays Uber cards isn't a slam dunk for some Generation Y consumers. Many millennials might have the college degree and the new job, but they're held ...

and more »


The Drive

Future Tesla Buyers May Soon Lose $7500 Tax Credit as Automaker Passes Threshold
The Drive
It seems that Teslas have been selling well; in fact, one could argue that they've sold too well. In a surprise find by publication Green Car Reports, Tesla has become the first manufacturer to surpass the threshold for the federal tax credit in the ...
Tesla Hits 200000 Sales: Countdown Starts for Lower Tax Credits, Then NoneExtremeTech
Tesla sold 200000 cars in the US, so the $7500 tax credit is going awayArs Technica
Tesla Federal Tax Credit of $7500 Coming to an End in 2019NBC Bay Area
Investorplace.com -Motor Authority
all 109 news articles »


South Bend Tribune

Michelle Singletary: Perfect credit score unnecessary for borrowers
Press Herald
FICO also creates industry-specific scores that allow a deep dive into the numbers to determine a borrower's credit risk, and these scores can range from 250 to 900, according to Ethan Dornhelm, vice president of scores and predictive analytics at FICO.
Five big ways your credit can affect your lifeMinneapolis Star Tribune

all 5 news articles »


cleveland.com

Applying for an equity line? Unfreeze your credit files first: Money Matters
cleveland.com
Q: We applied for a line of credit with KeyBank. I got a call from them later in the day that my credit file is frozen. I froze with Equifax on Feb. 15, 2015, for 90 days. I think we are past that point. Equifax's letter at the time said they would ...



CNBC

The best easy and no-fee travel credit card - CNBC.com
CNBC
A simple, flat-rate travel card that doesn't cost you a thing.

and more »


Moneyish

Almost half of millennials say that their credit scores are holding them back
Moneyish
The survey looked into the credit knowledge and experience of 2,000 Americans ages 18 to 34, and found that many young adults are suffering the consequences of bad credit. In fact, 24% of those surveyed said they never learned how to build good credit ...



New York Magazine

Kavanaugh Ran Up Huge Credit-Card Debt From Baseball Tickets, White House Says
New York Magazine
On Wednesday the White House revealed that Kavanaugh is actually so painfully “all American” that he racked up a large amount of credit-card debt due to his love of baseball. The Post reported that over the past decade, Kavanaugh incurred tens of ...
Supreme Court nominee Brett Kavanaugh racked up some serious credit card debt. Don't be like BrettCNBC
Brett Kavanaugh's Explanation For His Crippling Credit-Card Debt Is Pure MAGAVanity Fair
Kavanaugh ran up credit card debt buying Washington Nationals season ticketsNBCNews.com
Washington Post -GQ Magazine -Business Insider
all 7,973 news articles »


CNBC

Credit card super-users take a $330 million bite out of JP Morgan's ...
CNBC
Credit-card issuers scrambling to sign coveted high-spenders have sparked a rewards war in recent years.

and more »


TechRadar

How to get £15 of Amazon credit for free today when you top up your account
TechRadar
We can tell one thing though and that's how to take advantage of a couple of Amazon promotions right now that give you bonus credit on top-ups. And as much as we hate recommending such a thing, you're going to have to put your shoes on for one of them.



telegraphherald.com

Your money: How to get a credit card when you've never had one
telegraphherald.com
But the odd thing, as with many high-reward credit cards, is that getting approved for one of these Barclays Uber cards isn't a slam dunk for some Generation Y consumers. Many millennials might have the college degree and the new job, but they're held ...


Google News

home | site map
© 2007