credit score: Will forbearance hurt my credit score?
- 04/28/20 08:40 AM
Many people are struggling these days. Mortgage forbearance (pausing payments) may seem like the answer.
One of the biggest questions people are asking is, will forbearance hurt my credit score? The answer is both no and yes.
Per the CARE ACT, lenders are not allowed to report any paused (missed) payments as a late payment on the credit report, so technically no, it shouldnt effect your credit score.
BUT, the word forbearance WILL show up as a comment under your mortgage (I've seen it already). Lenders will know, and will be extremely reluctant to lend to you in the near future.
Long standing underwriting guidelines … (2 comments)
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credit score: Is Your Credit Score really your Credit Score?
- 02/23/18 11:44 AM
Many people get their credit score from places like Credit Karma, and off their credit card statements. But are these your real credit scores?
The answer is YES and NO. Yes, they are a real credit score, but you may get a very different score when your credit is reviewed by lenders.
CONFUSED ABOUT YOUR CREDIT SCORE?
The confusing comes because there are many DIFFERENT scoring models out there, including multiple different ones from the same credit bureau. Each company and scoring model calculates your score a bit differently, but they all use information from your report.
The three main credit bureaus – Equifax, Experian and TransUnion … (0 comments)
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credit score: How credit card use can effect your credit score
- 06/01/17 08:15 AM
How credit card use can effect your credit scoreMinneapolis, MN: Why does how much credit you're using matter? Simple, lenders look for signs of responsible credit usage, and the better you are at living within your means, the better it is for your credit score. Many people think that simply never being late on your credit card is all you need to have a great credit score, but this is far from true. Everyone is viewed under what is know as the law of large numbers. If most people in similar situations do similar things, you probably will too. If you constantly carry a … (0 comments)
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credit score: Why free credit report scores are not accurate
- 07/06/16 06:02 AM
Why free credit report scores are not accurate
Minneapolis, MN: As a mortgage loan officer, every single day, someone tells me their credit score they received from Credit Karma, some "free credit report" web site, their Discover Card statement, or even directly from the actual credit reporting agency.
Everyday, I tell them that is NOT their correct mortgage credit score.
We jokingly call those score your "Fake 'O' Score" - (joke for FICO score)
Why isn't my credit score my credit score?
It is actually rather simple. There are multiple credit score models, and the models vary by what you are doing.
When you apply for a … (2 comments)
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credit score: Minnesotans have nations highest credit scores.
- 03/23/16 02:03 AM
Minnesotans have nations highest credit scores. According to a survey by credit agency Experian, the highest average credit scores for both sexes are found in Minnesota, where men score 703 and women score 710, out of a range of 300 to 850. The numbers reveals Minneapolis is home to the men with the highest average scores, at 705 in the nation. Women in Green Bay, Wis., do even better, with an average score of 709.
Average scores nationwide for men is 670, and for women 675. A full 1/4th of people fall in the 600 to 699 range, with the higher 600 scores being … (0 comments)
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credit score: Why your credit score is not your credit score??
- 03/03/15 01:55 AM
Why your credit score is not your credit score??
Minneapolis, MN: Everyday talking to clients, they tell me they know what their credit score is. Everyday I tell them they are correct, but yet they are wrong for my new mortgage loan purposes.
When you get a consumer obtained credit report from one of the big three (Experian, EquiFax, or Trans Union), or you get your score from CreditKarma.com, or even on your Discover Credit Card Statement, the score you are almost always looking at is known as the Advantage Score.
Different credit industries use different scoring models. So your consumer … (2 comments)
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credit score: Tips to Improve Your Mortgage Approval and Credit Score
- 07/02/14 04:50 AM
Tips to Improve Your Mortgage Approval and Credit Score Minneapolis, MN: When you are looking to purchase a home, or refinance your exiting home, your credit score is very important. One of the first things your lender will do is check your credit report to assess your creditworthiness.
As everyone knows, the better your credit score, the more options you have, and the lower the mortgage interest rates will be available to you.
However, if you have a very bad credit score, it could be causing you to be offered high interest rates on your mortgage that could cost you … (0 comments)
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credit score: Average Credit scores, down payment, and more...
- 04/25/13 04:38 AM
Minneapolis, MN: According to a recent information from EllieMae, the average mortgage customer today has the following status:
Average credit score: 743 Average down payment: 19% Average housing debt ratio: 25% of income Average overall debt ratio: 35% of income Average score of a denied client: 702 Where do you fit?
Do NOT let this fool you. I was rather shocked to read this information. That doesn't sound like my average customer!
Best advice? Contact a local licensed mortgage professional. Provide them with a full application, and let them determine if you qualify for a mortgage loan with your credit score, … (1 comments)
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credit score: Do You Qualify for a Mortgage?
- 09/03/12 12:19 AM
Do You Qualify for a Mortgage?
Minneapolis, MN: Every year, millions of potential new home owners ask the question, "can I qualify for a mortgage?" It’s a scary question for many people, but getting the answer isn't anywhere as hard or difficult as people think. First, ask yourself some of these basic questions, then contact a local licensed non-bank lender and fill out an application. There are no obligations to let a lender review your situation.
Can I afford the payment? This is obviously a major questions. I always tell people if they have been comfortably making a rent payment … (1 comments)
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Many people are struggling these days. Mortgage forbearance (pausing payments) may seem like the answer.
;)
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