Whether you are looking to purchase a new car or apply for a mortgage for your dream home, your credit report plays a vital role in the process. While a credit report provides a clear picture of your credit history, it isn’t always accurate. Fraudulent activity or simple errors can often result in incorrect information …
When you make a payment to a credit account, the information on your credit report is unlikely to change for at least a few weeks. In general, creditors and lenders report account changes, such as payments, on a monthly basis. Unfortunately, when you are applying for a mortgage, and the approval and terms of your …
As a borrower, your credit score can make a huge difference when it comes to applying for larger loans, such as a home mortgage. Even the slightest increase in your score can save you thousands of dollars. While most people wait for regular credit score updates, the fact is you can update your credit score …
Whether you’re looking to make minor updates to your kitchen or need a complete bathroom remodeling, home renovation projects can be expensive. Unfortunately, many home improvement loans are reserved for borrowers with exceptional credit. If your credit leaves a lot to be desired, you may think your home renovation dreams are out of reach. Fortunately, …
If you are currently going through a divorce, you are not alone. Statistics show almost 50 percent of all marriages in the United States will end in divorce or separation. While this major life change can take an emotional toll, it can also greatly affect your financial stability and credit score. How does divorce hurt …
Key takeaways Hard credit inquiry for home loan can affect score by 2-5 points. Multiple lenders can check credit for same loan within 45 days without multiple hits. Check own credit before talking to lender to ensure accuracy and identify errors or fraud. Hero Home Programs™ lenders help improve credit score for best loan benefits. …
Mortgage Applications & Credit Inquiries: What You Need to Know Read More »
Is there even a difference between your credit score and your FICO score? Actually, yes! Check out this article to learn more. Your credit score tells lenders how likely you are to pay your bills on time. The better your credit score, the less risky you look as a borrower. But a “credit score” is …
You probably know that a higher credit score helps you get a better interest rate. But there’s more to it than that. Your credit score directly affects the interest rate on your mortgage. The difference between a “good” versus an “excellent” credit score can save you thousands of dollars on interest. Most people know that …
How Your Credit Score Affects the Cost of Your Mortgage Read More »
While some people do just fine with DIY budgeting, others need a little help managing their finances and maintaining healthy credit. Key takeaways A credit counselor helps create a personalized plan for getting back on track with your finances and maintaining healthy credit. They may recommend a debt management plan, but participation can negatively impact …
When it comes to credit scores, there’s a lot of conflicting information out there. Check out these little-known facts to keep you informed. Key takeaways Credit scores come in different types and versions. Disputing errors on your credit report can sometimes hurt your loan application. Paying off old collections may not improve your score. Lowering …
If you don’t have a lot of credit history, it may seem a little intimidating to get started. But starting from scratch isn’t as difficult as you might think. Key takeaways Understand factors that can hurt your credit score and pay bills on time to prevent late payments. Avoid little-known mistakes, like double payments or …
Starting From Scratch? Here’s How to Build Your Credit Read More »
How is your credit score calculated? Read below for the full breakdown. Credit can get pretty complicated because there are several different models and versions of your credit score. To keep things simple, we’ve broken down the main factors that impact your FICO score, which is the most widely used credit scoring model. Your FICO …
Sadly, there are thieves and scammers out there who may try to steal from your credit card. Here’s what you can do to stop them. Key takeaways Safeguard your card numbers and avoid giving out personal information Check credit reports, review billing statements, and report lost or stolen cards immediately. Use strong passwords and be …
Great job building up your credit score! After all that hard work, you’re probably wondering how you can maintain your credit. Read below to learn more! Key takeaways Maintaining good credit is easier than repairing a low score. Be strategic with credit usage to keep a high score. Consider seeking advice from a reputable credit …
A credit repair service can be the perfect solution for people who need help improving their credit. Unfortunately, there are a lot of scams out there. Here’s how to avoid them. Key takeaways Beware of credit repair scams, which may ask for payment upfront or suggest false information. Check for red flags when considering a …
Mortgage lenders check your credit at the beginning of the approval process, and they also pull your credit again right before closing. If the second credit check comes back the same as the first, the closing should stay on schedule. However, if the second credit check comes back lower than the first, or raises some …
What Happens if My Credit Changes Before Closing? Read More »
Having a low credit score can feel like a major burden. But a “bad” credit score is not a life sentence. Here are some steps you can take to improve your credit. Key takeaways Check your credit history for errors. Pay your bills on time and keep credit card spending low. Keep your credit utilization …
VA loans (backed by the Department of Veterans Affairs) are a type of loan offered to current and past service members. The VA itself does not loan the money but instead ensures a portion of it while VA-approved traditional lenders finance the loan. VA loans provide specialized programs and assistance for veterans and often have …
Can You Get a VA Home Loan With a 500 Credit Score? Read More »
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