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Archive for the 'Credit Score' Category

4 ways to improve your credit

Credit repair companies will tell you they can quickly fix your credit, but unfortunately you may find it will take some time to rebuild your credit if you have debt problems or bad credit. In 2012, according to Ellie Mae, the average credit score for an approved mortgage was 748. The average credit score for a denied mortgage was 704, although there are likely to be multiple possible reasons for a mortgage loan denial.

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Why your credit score matters more than ever

If you're fixing your credit problems, paying off debt and saving money to become a homeowner, you should understand which actions increase your credit scores, and which ones hurts them.

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Credit cards: How many should you have?

If you're about to apply for a home loan and have bad credit, you're probably trying to find ways to raise your credit score before you do. Is there an ideal number of credit cards to maximize your credit score? And is there such a thing as too many credit cards?

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Should you close a credit account to boost your score?

To qualify for an FHA loan, you need to have a credit score (commonly known as a FICO score) above 580. If your FICO score is below 580, you're below the Mendoza line.

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Sue your lender in small claims court?

Do you feel that your mortgage lender has taken advantage of you? Wrongly denied a mortgage modification? Caused you credit problems? A low-budget lawsuit could get your lender's attention without breaking your own bank. Here's what you need to know.

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What can you do about bad credit caused by medical bills?

Insiders say that medical collections are causing people with otherwise good credit to be declined for home loans. How can you clear your credit report of this?

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Don't pay off collection accounts before applying for a mortgage!

When you want good home loans, bad credit is not okay. So you want to improve your score by paying off some collections, but your score gets worse! Really?!

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About Mortgage Credit Problems

Specializing in Bad Credit Mortgages… Because Life Doesn’t Always Turn Out Like You Planned. A sick child, a few late bills, or an unexpected expense can easily get you off track and your credit may suffer, but we don't think you should miss out on the opportunities available to everyone else.

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