If You Have A Minimum
If you have a minimum of 20% to 25% equity in your property, in certain cases we can approve you for a loan with no credit scoring based solely on your good mortgage payment history and liquid financial reserves. Tags: credit scoring, mortgage, mortgage payment <BR/>
How Are Credit Scores Determined?
How are credit scores determined? What is the highest credit score possible? What credit score do I need for a mortgage? Why do I have three different credit scores? What do my credit scores mean? These questions are all very common questions regarding credit scoring. Read through this web-page and you will discover the answers [...]
Do Credit Inquiries Affect
Do credit inquiries affect my credit score? This is one of the most confused and commonly asked questions by consumers shopping for a mortgage. The answer to this question is yes and know. How can the answer be both you may ask? Applying for a lot of credit cards and such will result in a [...]
Designers Of Credit Scoring
Designers of credit scoring models review a set of consumers – often over a million. The credit profiles of the consumers are examined to identify common variables they exhibited. The designers then build statistical models that assign weights to each variable, and these variables are combined to create a credit score. Models for specific types [...]
There Is Much Misinformation
There is much misinformation regarding inquiries and how they effect your credit score. Many mortgage loan officers tell applicants not to have their credit pulled again as their score will immediately drop x number of points if they do. This is a technique, of course, for the loan officer to keep the applicant from shopping [...]
Credit Scoring Is A
Credit scoring is a scientific method that uses statistical models to assess an individual’s credit worthiness based on their credit history and current credit accounts. Credit scoring was first developed in the 1950s, but has come into increasing use in the last two decades. Tags: credit history, credit scoring <BR/>
Credit Scoring Has Been Utilized
Credit scoring has been utilized by lenders for over 30 years. Credit scoring is a technology used by credit grantors to qualify the risk associated with extending credit to a given borrower. Risk is quantified by means of a score card which calculates a numeric value, or score, for a credit applicant a lender wants [...]
Different Credit Scoring Models Are
Different credit scoring models are simply different ways of calculating a credit score based on the same information contained in your credit report. Tags: credit scoring <BR/>
A Common Misconception About Credit
A common misconception about credit scoring is that multiple mortgage inquiries will negatively impact your credit score. Inquiries within the same industry such as the mortgage industry within a 30 day period are counted as one credit inquiry. Factors such as recent delinquencies, credit card balances close to their limit’s, or a limited credit history [...]
Credit Scoring Was Originally Used
credit scoring was originally used for credit card risk assessment. Mortgage lenders have been using credit scoring since the early 1990′s to determine the default risk of a particular borrower. Some loan programs, such as FHA loans and some portfolio lenders, will assess the total credit history rather than solely using credit scores. Tags: credit [...]
