|
| |
FAQ's
- Why are credit scores important to financial lenders?
A: Credit scores are important to determine risk factors on the loan. The
higher the risk the higher the interest rate.
- How can I improve my credit score?
A: By having
good discipline and spending habits. The key is to keep inquiries at a
minimum, and ratios in balance with revolving debt.
- How do I
know if my credit score is acceptable to mortgage lenders?
A: Most lenders accept scores at 620 for most loan programs.
- How can I check my credit score?
A: Online sites
for credit scores are
www.experian.com
www.equifax.com
www.transunion.com or
www.freecreditreport.com
- Can I dispute an item on my credit report?
A: Yes, a normal
dispute takes approximately 30-60 days to complete through online
investigation of the particular item.
- What if I
have no credit, can I still be approved for a loan?
A: Yes, it depends on job history and the loan program of the particular
lender.
- Will a previous bankruptcy affect my credit score?
A: Yes.
- How long does it take to repair credit scores?
A: It depends on the nature of the damage to the credit file. Ex. (
Judgements, Tax Liens, Collections, and chargeoffs.
- How does my spouses’ credit score affect purchasing a home jointly?
A: Normally depends on the income of the spouse and the established credit
history of both parties. The higher income is normally what weighs out the
most on the credit application.
- What is the minimum credit score allowed for a refinance or purchase loan?
A: Typically the minimum is at least 500 FICO score depending on the loan
program and size. Most banks want a 660 FICO score or higher.
- Loan Modifications -
Click here for FAQs
|
