If you’re experiencing mortgage credit problems, have missed home loan payments, and are perhaps delinquent on other credit accounts as well, it may be tempting to give up. The stress can be debilitating, the balances pile up, and you think you will be in bad-credit Hell forever. A recent study by VantageScore shows that’s not necessarily the case. Continue reading ‘Fix Your Credit in Nine Short Months. Really.’
(No Ratings Yet)
Loading ...If you’re just getting to the point where you feel you understand your credit score, well, prepare to start over. FICO 08 is on its way and is already in use by some lenders. How will this new credit scoring system affect you when you apply for a home loan? Continue reading ‘What Is FICO 08 Credit Scoring and How Will it Affect You?’
(6 votes, average: 4.83 out of 5) Loading ...In the last decade, mortgage lenders increasingly relied on credit scoring by the three biggest reporting agencies–Experian, Equifax, and Trans Union–to determine who they would loan to. This policy made underwriting cheaper and faster. And software like Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector pulled these scores from the bureaus, combined them with information about applicants’ income and assets, and spat out approvals or declinations in minutes. Underwriting no longer involved extensive research, such as verifying your check-writing history with your bank and your job performance with your boss.
Well, the recent rash of foreclosures has demonstrated to lenders that credit scoring isn’t the wonderful, money-saving, predictive process they thought it was. Continue reading ‘Lenders Looking at More than Just Your Credit Score’
(2 votes, average: 5 out of 5) Loading ...
Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.
(5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5) (5 out of 5)
