Your credit score is a crucial factor when applying for a mortgage. A low score can lead to loan denial, while a high score opens doors to better interest rates and loan terms. Unfortunately, data shows that due to poor credit, 15% of mortgage applications for new...
Having little to no credit history is a major roadblock to getting approved for a loan. Lenders want to see a proven track record of responsible debt management before financing a major purchase like a car or home. If you're a recent graduate, early in your career...
Your credit score is determined by several factors, including payment history, the amount of credit you are using, length of your credit history, new credit accounts, and the types of credit you have open. Understanding the factors that affect your credit score...
With the holiday season quickly approaching, the excitement of gift shopping for our loved ones begins. However, along with the excitement comes the financial pressure of keeping our credit in good financial standing. Fortunately, it is possible to enjoy holiday...
There is so much to consider when buying your first home. Advice often pours in from well-meaning parents and friends, which can contradict what you’ve read in your online research and received from your mortgage lender and real estate agent. What we do know is...
A credit score is designed to help lenders gauge how likely you are repay the money you want to borrow. A good score may mean you have easier access to more credit, possibly even at lower rates. But the real key to improving your score is to focus on managing...
Whether you are considering buying a home, financing a car, or opening a credit card account, your credit score will be a factor in the interest rate that you are quoted. Every day we see advertising and offers about how to obtain a credit report and monitor our...
Borrowers with credit scores as low as 620 can qualify for a mortgage, even amid the current economic downturn. However, a higher credit score will increase your chance of securing a lower interest rate. “Preparing your finances is a must,” says Barrett Burns,...