credit scores: Do Consumers Really Understand Credit Scores And Their Impact? - 01/07/17 10:24 AM
Two to three years ago VantageScore Solutions and the Consumer Federation of America (CFA) conducted a survey on Do Consumers Really Understand Credit Scores And Their Impact?   The survey  revealed some results I would not have expected, especially among the Millennial Generation.
One thing which seemed to be very clear from the survey was, young adults ages 18-34 do not have as much understanding about credit scores as do older adults.  I would have expected the results to have been the other way around, since credit scores have been playing a much bigger role in recent years than they did in the past.
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credit scores: Where Do Credit Scores Come From, What Are They, And Why We Have Them - 06/17/14 07:21 AM
I have read a number of Posts on Credit and Credit Scores, as well as written Posts on this same topic.  All of the Post I have read or written provided good information on how to improve your Credit, or on what effects your Credit Scores.  But I have not seen much written about Where Do Credit Scores Come From, What Are They, And Why We Have Them.  So I will attempt in this Post to do that.
Before Credit Scores were established, a person was given credit solely based on another person's judgment and opinion.  Each lender based their decision … (9 comments)

credit scores: How Well Do Consumers Understand Credit Scores And Their Impact? - 05/19/14 10:10 PM
VantageScore Solutions and the Consumer Federation of America (CFA) have released the results of a survey they conducted together through ORC International on How Well Do Consumers Understand Credit Scores And Their Impact?  The survey revealed some interesting results I would not have expected, especially among the Millennial Generation.
One thing which seemed to be clear from the survey is young adults ages 18-34 do not have as much understanding about credit scores as do older adults.  I would have expected the results to be the other way around, since credit scores have been playing a much bigger role in recent years than they did in … (19 comments)

credit scores: Why Are Credit Scores Different Between The Three Credit Bureaus? - 06/09/13 09:04 PM
Why Are Credit Scores Different Between The Three Credit Bureaus?  In my opinion the three most important things in obtaining a mortgage are Income, Debt, and Credit Scores.  The first two are self explanatory, but the third, "credit Scores" are not as easy to explain.  So it is important for us in the Mortgage and Real Estate Industries to be well informed on how Credit Scores work, so that we can better assist our Borrowers and Buyers in obtaining the house of their dreams.
Yesterday I wrote a post Why We Have Credit Scores, How They Were Created, & How They … (31 comments)

credit scores: Why We Have Credit Scores, How They Were Created, & How They Are Used? - 06/08/13 07:20 PM
We all have heard of Credit Scores but how many know Why We Have Credit Scores, How They Were Created, & How They Are Used?  I would say that most people have a basic idea of why we have them, but most likely very few know how they were created, and how they are used.  This blog is not meant to give an in depth explanation of Why We Have Credit Scores, How They Were Created, & How They Are Used?  This blog only meant to just provide a quick, basic, and simple explanation of Why We Have Credit Scores, How … (23 comments)

credit scores: How Can I Fix My Credit Quickly? - 03/09/13 04:49 PM
Right now Buyers are out looking for house more so than I have seen in recent years.  This is a good sign for the Housing Market, but unfortunately many of those Buyers are not in a position to purchase, because their credit.  When I break this news to them, they always ask, How Can I Improve My Credit?  Answering that question is easy, what is not so easy is what immediately follows that initial question, How Can I Fix My Credit Quickly?
Almost all these Borrowers have a sense of urgency, because in many cases they have been out looking at … (30 comments)

credit scores: Credit Scores Are Playing An Even Larger Roll In The Mortgage Process - 11/30/12 06:18 PM
Ever since the creation of Credit Scores they have played an important roll in obtaining a mortgage.  However, since 2009 Credit Scores Are Playing An Even Larger Roll In The Mortgage Process, especially with Conventional Mortgages, because the emphasis that Fannie Mae and Freddie Mac have placed on them.
Conventional Lending Guidelines have gone through major changes since 2009.  One of the more significant changes that has taken place during that time is the impact that Credit Scores now have not only on qualifying for a Conventional Mortgage, but also on the cost of obtaining it.
These days Credit Scores are … (38 comments)

credit scores: I Don't Want My Credit Pulled Because It Will Lower My Credit Scores! - 05/28/12 11:49 PM
I hear "I Don't Want My Credit Pulled Because It Will Lower My Credit Scores!" on a fairly regular bases, when I tell a Borrower who is looking to be Pre-Approved for a mortgage that I need to run their credit in order to Pre-Approve them.  The reason why a Borrower will give me this response is usually because of one of two reasons.
The first is because they have already talked to another Loan Originator who has told them to not let anyone else pull their credit, because it will lower their credit score.  Generally the reason why a Loan … (80 comments)

credit scores: FAQ #4 ....... How Can I improve My Credit Scores? - 05/19/12 07:11 AM
This is my fourth FAQ blog in the ActiveRain contest that Anna 'Banana' Kruchten established in which we are to respond to the 10 most frequently asked questions that we are asked, and we are to do this in 10 different blogs.  My last blog was titled "FAQ #3 .......... Homeowners Insurance" in which I answered the question "Why Do I have To Pay For A Full Year Of Homeowners Insurance Up Font When I Am Paying For It Every Month In My Mortgage Payment?"  Today I will cover a question that I am asked almost seven days a week "
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credit scores: MReport.com ......... "Half of Americans Believe Lenders Control Credit Scores" - 03/27/12 12:26 PM
MReport.com posted an article yesterday which stated that "Half of Americans Believe Lenders Control Credit Scores".  This is amazing that the lack of personal responsibility has reached to this extent.
So I guess that now Lender are responsible for people maxing out their credit cards, and not paying their bills.  These poor people, how dare creditors expect them to pay their debts and use their credit cards responsibly? 
At what point did the American public sink to this level of thinking and total lack of personal responsibility? The fact is that people are in complete control of their credit.  Yes … (41 comments)

credit scores: Credit Reporting Companies May Begin Incorporating Additional Debts In Their Credit Score Models - 01/12/12 03:17 PM
Credit Reporting Companies may begin incorporating additional debts in their Credit Score Models.  An example of this is Experian, one of the three major Credit Bureaus start to incorporate rental payment history in their Credit Score Model.  If Experian has started to do this, the other two major Credit Bureaus, Equifax and TransUnion can’t be far behind.  This means that a Renter’s rental history is going to play a much bigger role in their future ability to purchase a home.   Experian is also planning to add bounced checks and tenants leaving before their lease is up. 
If incorporating additional debts into Credit … (7 comments)

 
George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) Ambassador large

George Souto

Your Connecticut Mortgage Expert

Middletown, CT

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George Souto NMLS #65149 FHA, CHFA, VA Mortgages

Address: One Liberty Sq., PO Box 1000, New Britain, Ct, 06050

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