credit

A credit score refers to a numerical based on a specific level of an individual credit file. To represent a person's creditworthiness, a credit score is specifically based on both credit reports and information typically sourced from any of the credit bureaus. When information in the credit score is updated on credit lender, you’re likely to experience a credit score changes where can either rise or fall depending on the new information. Due to the rising and failing of this credit score, you need to improve it to normal.

Mistakes happen, even on your credit report. If you don’t review your report periodically though, you’ll never know when those mistakes occur. Worse yet, you won’t have them fixed, which can be detrimental to your financial future. Compare Offers from Several Mortgage Lenders. So how do you know when there are errors and what can you do about them? Read this helpful guide to see the steps you must take to...

If you have a VA loan now, you may have a way to refinance it even if you have bad credit. Compare Offers from Several Mortgage Lenders. Typically, lenders require you to have a minimum credit score in order to qualify for a refinance. It makes sense since the lender needs to decrease their risk of default. But with the VA streamline refinance, the VA doesn’t require lenders to verify your credit score, home ...

Your credit score could fall anywhere between 350 and 800. It’s safe to say, though, if you fall on the lower end, you’ll have a hard time finding a mortgage from any lender. That doesn’t mean you won’t find a loan, but finding a conventional loan would be next to impossible. According to Ellie Mae, the average borrower has a 752 credit score when buying a home with Fannie Mae financing. The average bo...

You paid off your house a while ago and have enjoyed being mortgage free. However, in recent years you hit bad luck and ruined your credit. Now you want to tap into your paid off house and get some of that equity back in cash to help make ends meet. Is it possible with your bad credit? REFINANCING A PAID OFF HOUSE You must know that the bad credit you accumulated may hurt you. Certain lenders will not even cons...

You received your mortgage approval, you figure everything is good to go and you are free to do with your finances as you wish, right? Unfortunately, this can hurt you in the end. Lenders have gotten smarter with their ways, especially after the housing crisis. Now, not only do they recommend that you don’t open a new credit card, buy a new car, or rack up your current credit card balances before you close, t...

Unpaid medical bills are a funny thing when it comes to your credit. Not every unpaid bill will negatively impact your credit, but if you let them go long enough, your score could suffer. Knowing exactly how and when you should get your medical bills paid can help you prevent your credit score from suffering too much. WHAT DOES UNPAID MEDICAL BILLS MEAN? The first thing to understand is what unpaid medical bill...

The FICO credit score model allows consumers to have a credit score as high as 850. Do people actually have this score? While it’s achievable, it’s not all that common. That’s why lenders often consider any credit score over 720 as ‘excellent,’ giving them the most favorable terms on their desired loan. HOW TO GET THE BEST POSSIBLE CREDIT SCORE So how do you go about achieving a credit score as high a...

One of the best mortgage programs you can use as an alternative to a conventional home loan is an FHA loan. The FHA loan makes homeownership available to potential borrowers who: a) have no money to pay for the conventional 20 percent down payment or at the least the required minimum down payment amount (possibly 5 to 10 percent of the property’s purchase price)b) want to refinance to a new mortgage with lowe...

As a new homeowner, you may be eligible to buy a Mortgage Credit Certificate. This certificate enables you to a tax benefit when you file your federal income taxes. You buy the certificate at your closing, but you don’t use it until it’s time to file your taxes. Get Matched with a Lender, Click Here. Typically, in order to be eligible, you must either be a first-time homebuyer or you have not owned a home w...