Articles Tagged With: Credit Reports

October 26, 2021

What You Need To Know About FHA Loans And Your FICO Score

FHA home loan approval depends on a number of things–your payment history on your financial obligations, your employment, and your FICO scores. Credit scores are a big worry for some home loan applicants. Do you have thin credit? Have you had poor credit habits in the past that you are trying to fix? Remember, more consumers than you realize have had similar issues in the past–there is no shame in trying to correct your past mistakes and get back on track with your credit. Too many people feel a sense of shame about their past credit issues–and that shame can prevent people from taking constructive steps to help themselves. Did you know that you can begin repairing your own credit by making consistent on-time payments and lowering your balances on | more...

September 30, 2021

Before You Apply For An FHA Mortgage

By Joe Wallace

One of the biggest worries about buying a home? Having good enough credit to qualify. Do you know what it takes to raise your credit scores? Do you know what it takes to do so without paying a third party to do things on your behalf? Improving your credit scores ahead of an FHA mortgage loan application requires time, which is why financial advisors say it’s best to start early when planning and saving for your loan. Raising your credit scores means changing some basic habits associated with your payments, and getting into new habits can be an adjustment. But that is not the reason why it takes time to repair your credit. There are three basic issues you should be concerned with if you want to raise your score. | more...

August 11, 2021

Questions To Ask About Your Credit Report

By Joe Wallace

Do you dread the idea of looking at your credit report? Some people delay looking at theirs because they are afraid of what they might see, or afraid they won’t be able to understand what they are reading in their own report. Fortunately, there are some questions you should ask about your credit report that can give you a good start in the right direction–these questions will help you better understand what’s in your report and what a lender looks for when they review yours. When you get your copy of your credit report from Experian, TransUnion, or Equifax, be sure to review the report once “cold”, and then review it again with the following questions: Credit Report Accuracy: Open Accounts? Are the accounts listed in your credit report open? | more...

June 17, 2021

FHA Loan Minimum Credit Scores: Tips That Can Help You

By Joe Wallace

Are you concerned that your FICO score isn’t high enough to meet the minimum credit scores for the lowest down payment possible on an FHA home loan? On paper, FHA loan minimums for credit scores begin at 580 or better to qualify for the lowest down payment. Your participating lender may require a higher score but in general FICO score requirements for FHA home loans may be more competitive than some conventional equivalents. There is some good credit score advice should you take ahead of your home loan–it starts with pulling your credit reports to see what’s lurking in there, then checking your credit often and monitoring it. Being told to check your credit report is obvious advice. You will find that in just about any credit repair article. But | more...

May 24, 2021

Credit Building For First-Time Home Buyers

By Joe Wallace

Are you interested in buying your first home but aren’t sure how to improve or build up your credit to give yourself a better shot at home loan approval? FHA mortgages have more lenient credit approval requirements than conventional mortgages but even those applying for FHA mortgages need to ensure their credit scores are in an acceptable range for the most affordable home loan possible. In some cases it is a good idea to consider applying for smaller credit first. This may be in the form of store credit cards or similr lines of credit. But what should a new borrower know about doing so? Building credit takes time and patience–it is unrealistic to expect results in a few weeks or even a few months. If you have never applied | more...

May 13, 2021

Get Your Credit Ready For A Mortgage

By Joe Wallace

Do you want to buy or build a home? Before you apply for a mortgage loan there are some steps to take in the planning stages to get you closer to loan approval. Checklists can be important tools when making the preparations you need before you apply for a home loan; purchasing a home is one of the most important investments you can make; you’ll have an easier time in the process if you are organized. You will want to start preparing this checklist long before you are ready to fill out paperwork to apply for the mortgage or to get pre-approved. This is a process that should begin, at a minimum, 12 months ahead of your application. What should you put on a credit checklist when prepping for the | more...

March 15, 2021

Getting Credit Approved For A Home Loan

By Joe Wallace

A lot of people don’t know how to approach a home loan–what does the average borrower need to know about your lender’s credit approval for a home loan? The things you should know that will help you understand the home loan process better have a lot to do with what the lender is required to do in order to declare you a good credit risk. For some future home owners, getting to “yes” for a home loan seems like a mystery; take some of the guesswork out of the home loan process by learning a few things about what the lender is required to do with your financial information. The first thing to know about getting a home loan approved? Perfect credit is NOT to be considered for an FHA | more...

October 16, 2020

Planning A Home Loan? Beware Holiday Credit Card Use

By Joe Wallace

A borrower’s debt-to-income ratio is an important part of the financial qualifications your lender will look at when trying to decide to approve or deny your mortgage loan application. Some future borrowers don’t help themselves out in this regard during holiday time and as we approach November and December, those in the planning stages of their mortgage loan journey should beware of opening new credit or increasing credit card use on existing accounts. Why? Credit Card Use Spikes At Holiday Time Traditionally, American consumers tend to increase credit use during the holiday season and it never pays to ignore this factor–take your potential holiday spending into account when planning for a new mortgage loan. In some cases the amount of the credit card debt isn’t the problematic factor–timely payments is | more...

September 24, 2020

Is Your Credit Report Hurting Your Chances At Loan Approval?

By Joe Wallace

American consumers are entitled by law to a free credit report from each of the three credit reporting agencies. This is a valuable resource all potential home loan applicants should take advantage of as early as possible in the home loan planning stages. However, this is only a first step into a larger world. Credit monitoring is, in the age of hackers and rampant identity theft, a necessity for borrowers who want to make certain their credit will be enough to justify home loan approval. And credit monitoring is not the sort of thing you want to start late in the game–you’ll want to give yourself plenty of time to review your credit and work on it during the planning stages. How long should that planning be? Your home loan | more...

August 20, 2020

Househunters, Do You Need Credit Advice?

By Bruce Reichstein

Are you a house hunter worried about your credit ahead of your loan application? It doesn’t matter if you want to buy a mobile home, a condo, or even build a house on your own lot with a construction loan, you’ll need to examine your credit closely long before you apply for your mortgage. Many borrowers are afraid to look at their credit report, or they don’t know how to access one. Fortunately, you can get help accessing and reviewing your credit with professional credit monitoring, and there are some things you can do on your own to improve your credit ahead of your loan application. Start As Early As You Can Working on your credit, no matter what state it may be in, takes time. If you find issues | more...