The Kind Of Loans That Hurt
The kind of loans that hurt your credit score most is the no payment for two years type of loans for the following reasons. (1) New loans hurt your credit score when first opened. (2) Your balance is usually 100% of the available credit. (3) There is not going to be any payment history for [...]
This Is A List Of Things
This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process. 1. Don’t buy or lease an auto! Lenders look carefully at your debt-to-income ratio. A large [...]
Many People Are Fed Up
Many people are fed up with renting and feel that their credit situation is keeping them from a home loan. If you feel this way, you are definitely not alone. Thousands of individuals and families across the us think that they are stuck in a rental due to bad credit. The good news is that, [...]
You Should Also Have A Mix
You should also have a mix of different trade lines. Limiting yourself to 3-5 revolving cards and installment loans such as an auto or home loan will result in a higher score than multiple revolving accounts alone. It is also important not to open and close credit accounts frequently. Transferring balances to new intro-rate cards [...]
If You Were Turned Down
If you were turned down for a home loan because it was property related, there are still things you can do to get you into that home. First determine who has more to gain from the transaction going through. If it is the seller, then they may be willing to make the necessary repairs, in [...]
If You Always Pay Cash
If you always pay cash and have no credit accounts you may have no credit scores. This does not automatically disqualify you for a home loan but it does make obtaining home financing a little more difficult. There are ways to quickly establish credit and have scores show on your credit report. Tags: coun, credit [...]
