credit: Can You Get a Loan if You Have No Credit? - 03/07/16 02:12 AM
No credit, no loan. FALSE!
I had a client who was referred by their Realtor, whom I have never met and works in the valley. The client told me that they had been turned down because they have no credit score.
The banks claimed that because there was no credit score, they could not sell the loan because it did not meet the new QM rules. QM is qualified mortgage which is a new rule (January 2014) that says banks must now know that the borrower for sure can make the payment. Debt ratios and credit enter into this calculation.
The fact is that … (1 comments)

credit: The Difference Between a Hard Pull Versus a Soft Pull on Credit - 07/21/14 07:36 AM
What is a Pull and How Does it Affect You Credit Score? A “pull” is when a potential creditor pulls your credit report, also called an inquiry.
People are told that inquiries can bring down your credit. This is true, but only by a few points. Other credit profile items, such as a new account or a late payment, can take off many more points.
The next layer is to determine if this is a soft pull, which doesn’t affect the credit score points, or a hard pull, which does.
A creditor does not need your permission for a soft pull, … (0 comments)