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Whenever you do something that requires pulling your credit report, such as applying for a loan, your credit report gets hit with an inquiry. Different credit inquiries can stay on your credit report for different lengths of time. What is a hard inquiry? A hard inquiry happens when a financial institution, like a lender or creditor, checks your credit report. Hard inquiries on your credit report can potentially lower your credit score by a few points, but a hard inquiry can't happen without your express permission. What is a soft inquiry? A soft inquiry has less impact on your credit...
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Have you recently reviewed your credit report and discovered errors? Is the wrong name or address listed in your report? Is there a credit card recorded that is not yours? Does it list an account as unpaid that you know you have paid off? If you answered yes to any of these questions, don't fret! It is very common to find errors such as these in your credit report. When you are faced with an error on your credit report, it may be best to file a dispute. What is a credit dispute? A credit dispute allows you to report and fix...
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Is it possible to refinance a mortgage with a low credit score? Answer: Yes. The downside, however, is that you will receive high interest rates and otherwise undesirable terms for the mortgage. Before thinking about refinancing or purchasing a mortgage, you should find out what your credit score is and research typical refinancing rates for a credit score like yours. In January of 2017, 72.13% of people who refinanced their mortgages had a credit score of 700 or higher and another 17.69% had credit scores above 650. Here is a basic overview of how your credit will affect mortgage eligibility:...
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How to Obtain a Mortgage with Low Income and Good Credit Purchasing a home is a considerable investment. While purchasing a home may seem out of reach, there are a variety of programs working with low-to-moderate income buyers to turn homeownership into a reality. Saving Money When looking to buy a home, start by saving at least 5% for the down payment. Save money for your new home by establishing a monthly budget. Additional ways to save may include working a second job or lowing you monthly rent by living with a roommate. Sticking to a budget is the best...
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Define: credit utilization Definition: Credit utilization is the comparison between the amount of credit available and the amount currently used.
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In a dramatic shift away from traditional monetary practices, FICO and the top credit rating agencies - Experian, Equifax, and TransUnion - have moved to drop tax liens and civil judgments from some credit reports. This follows the adoption of new "minimum" standards for what factors into your credit score. The major credit rating agencies will now require all documents related to your credit history to include your full name, street address, and either date of birth or social security number. This requirement will filter out any inaccurate information from your credit report. So, how does this help you? The...
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Interested in buying a house, taking out a car loan, or starting a business? Then you should be mindful of your credit score. Your credit history is crucial to many financial decisions. There are several pieces of information that are used in calculating your credit score, such as payment history, including bankruptcy and foreclosure status, credit history, and debt to income ratio. Very few people realize how much weight a credit score has. Research shows that households with higher credit scores are able to purchase better homes in better school districts. These ideal homeowners maintain high credit scores by paying...
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The Importance of Maintaining a Good Credit Score This is the foremost question a lender or realtor asks when you are interested in buying a house or other real estate. As a consumer, you have no doubt heard advice like "It is important to have a good credit score." or "Be sure to pay your debt on time", but the importance of a good credit score cannot be understated. Having a good credit score gives you greater control over your financial situation, allowing you to strategically set your financial goals, enjoy better mortgage rates, and pay lower down payments. If...
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Debt is usually generalized as being all bad, but in reality, debt can be either good or bad. This categorization largely depends on what the debt is from and the amount of interest accumulating on it. Here are a few examples of each, and some tips to manage your debt: What is good debt? Good debt generally refers to debt that is not too difficult to pay off. This includes student loan debt, a mortgage, and costs incurred when starting a business. Each of these represents debt associated with a valuable asset or investment with a high chance of seeing...
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Definition: creditworthiness Creditworthiness is the valuations of borrowers by lenders that determines the possibility a borrower may default on their debt obligations.
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