When it comes to credit, prevention and protection are the best methods to maintaining good credit. What that means is making sure the bad stuff never gets on there in the first place. Focus on prevention. One method of protection is to make sure your credit score is so high that if something does slip through the cracks it won’t be completely detrimental. Continue reading
Imagine going through airport security. Would you rather walk through the metal detector and be on your way? Or go into a small room for a slow in-depth search of you and your luggage?
For most mortgage applications the file passes through automated underwriting. A software approval of the information provided. The file moves through underwriting for verification of the information. Then to closing with relative ease. Much like the majority of passengers filing through security at the airport. Continue reading
The Great Recession was hard for many consumers. People who had perfect credit experienced extreme credit issues for the first time in their lives. Overcoming the circumstances that caused the previous financial issues requires knowing what to expect when reapplying for a mortgage in the future. It is important to understand the process and be informed about details of the mortgage guidelines to become a homeowner again.
CREDIT has become the adult grade card. It opens and closes doors of opportunity and survival. For someone in a mortgage crisis it is more important to focus on closure in order to move forward. Once a house is foreclosed upon or sold in a short sale the healing process begins.
Remember when you could not turn on your television without seeing and hearing a free credit report jingle? Goofy merry men dressed as pirates lyrically painting a picture of why we should all check our credit reports. Besides, it was free, right?
If you have not been reviewing and saving copies of your credit report each year do it this week. Save copies of your credit report by printing them out or saving an electronic copy. Why? The credit report is not a static document. It is a liquid document. It is only as good as the information currently reported, so things can change. Changing information is why you should save a copy every time you look at the report.
There are five basic factors to how your FICO credit score is calculated. Knowing these basics will help you keep your scores as high as possible:
