indiana mortgage: How Do The Credit Bureaus Come Up With a Credit Score?
- 02/12/08 01:33 AM
Credit scores are calculated by all of the elements on your credit report. Some of the things that can effect your credit score in a negative way are: Late payments Delinquent payments Charge offs Collections Bankruptcy High balance to credit limits Multiple credit pulls Multiple names listed on your credit report Excessive amounts of credit Having loans with finance companies such as American General and Beneficial. Large number of open accounts.Most of these are common knowledge. So lets just hit on a few of the ones that are not so common knowledge. High Balance to Credit Limits: If you have a $1000 credit … (0 comments)
indiana mortgage: How Credit Scoring Can Affect Your Interest Rate
- 02/10/08 04:37 AM
In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a "man of his word," so to speak. Fair Isaac sought to take human error out of the equation with a reliable system that could determine whether or not consumers were truly worthy of credit, and thus FICO was born. This evolved to become the standard for lenders by the 1980s. Credit scoring has an enormous impact on a borrower's ability to purchase a home. … (1 comments)
indiana mortgage: The Five Factors of Credit Scoring
- 02/10/08 04:00 AM
There are five factors that comprise the credit score. These are listed below in order of importance. Consider these five factors when trying to improve your credit score. PAYMENT HISTORY - 35% IMPACT: Paying debt on time and in full has the greatest positive impact on your credit score. Late payments, judgments, collections and charge-offs all have a negative impact. missing a high payment will have a more severe impact than missing a low payment, and delinquencies that have occurred in the last two years carry more weight than older items. OUTSTANDING CREDIT BALANCES - 30% IMPACT: This factor marks the ratio … (1 comments)
indiana mortgage: Credit Tips to a Lower Interest Rate
- 02/10/08 03:12 AM
In a mortgage lender's eyes, a good credit score translates into lower interest rates for home-shopping borrowers. The higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rate loans. If this is you, don't panic. Here are a few guidelines on what you can do to adjust your score and receive a favorable review from the underwriter: Should I pay off all past due balances and charge-offs?This is usually a good idea, but you only need to worry … (0 comments)
indiana mortgage: Upcoming INAMB Events - Indiana Mortgage Community!
- 02/07/08 02:21 AM
Reverse Mortgage (6CE) - February 14th Quarterly Breakfast - February 20thSales Training Relevant to YOUR Current WorldSponsored by Harris Bank INAMB Golf Outting - May 9 thSaddlebrook Golf Club Day at the Track - May 10thEnjoy great food, drinks and music all day! A great opportunity to network while having a good time and NEW this year we'll have a small number of select venders present to keep you informed on the latest products and services. For more information on upcoming events visit www.inamb.com or contact the INAMB Office at 317-964-1225. Support our SupportersDo business with INAMB Members who are supporting the Indiana Mortgage Community. … (0 comments)
Current information on the Indiana Mortgage Market as well as our community - Lafayette, West Lafayette, Purdue University, Tippecanoe County and the surrounding Indiana communities.
Credit scores are calculated by all of the elements on your credit report. Some of the things that can effect your credit score in a negative way are:;)
;)
