This month, many mortgage lenders have increased their credit and FICO score requirements to qualify for a mortgage. Those who have lower FICO scores will be penalized and may have to pay up to 4 points to their lender, just to get their loan. In the passed, conforming lenders ignored credit scores as long as a borrowers' file was approved through an automated underwriting system.
As the record number of foreclosures has exploded, lenders are now taking tighter precautions to issue new loans to protect themselves and their risk exposure. These recent changes demand consumers to be able to fully document all of their income but now also require higher credit scores just to qualify for a loan.
At the same time, credit card companies are now monitoring consumers credit scores regularly looking for adverse changes in payment habits. Just one late payment can now trigger off reduced credit limits and higher interest rates even if the late payment was on a mortgage or different credit card.
"It's time for consumers to fight back and do all they can to have the highest credit scores possible" says Brian Saviano a successful mortgage broker with Elite Financial located in Chicago, IL. Saviano says, "Many times consumers can raise their credit scores by as much as 40 points in less then 30 days using little known secrets."
In order to help consumers learn how to raise their credit scores, Saviano will be hosting a free tele-seminar giving consumers free information. Having the highest credit scores will enable borrowers to acquire debt at the lowest interest rates available. Those interested in attending the free credit tele-class should sign up at http://www.BoostMyCreditScoreFast.com .
These new lender restrictions are certainly making it more difficult for borrowers to obtain new loans and will probably be around for at least a few years. There are still some good deals out there for those with good credit ranging from zero down car loans to zero percent interest loans.
After a record number of bankruptcies and foreclosures, more and more Americans are expected to have issues with their credit. Saviano says, "Its Okay for consumers to have some issues with their credit, but they should still do everything they can to improve their credit." Having serious delinquencies, bankruptcies, collections, or foreclosures on ones credit report may even prevent candidates from getting better paying jobs.
On the Credit Tele seminar coming up, you will learn how to raise your credit score quickly and legally, how to buy a new car with little or no down payment- even if you've had a bankruptcy or other credit issue and still get a rate as low as zero percent, as well as some of the inside secrets that lenders don't want you to know. Spaces are limited on the free tele class, so readers should go to http://www.BoostMyCreditScoreFast.com now.
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