2018 is here and with it comes new goals, hopes, and optimism. That includes some ambitious expectations for the new year, as millions of Americans make the resolution to finally get out of debt, save to buy a house, or just improve their finances. Of course, getting your credit score in New Year’s form is essential for any of those, so we present you our 18 ...Continue Reading →
When was the last time you checked your credit? Was it six months ago? The last time you refinanced or purchased your home? Or even years ago, so far back you’re not even sure?
Well, just like getting your teeth cleaned at the dentist, getting your oil changed, and filing your taxes, you should be checking your credit report carefully at regular periods.
However, studies show that ...Continue Reading →
Navigating the credit score landscape is sometimes treacherous for consumers, with so much confusing and seemingly contradicting information about scoring models, multiple credit bureaus, reporting guidelines, and plenty of websites offering “free” credit scores.
In fact, when someone clicks on one of those offers to view their credit score, they will quickly find out that the free offer:
1) Isn’t free, and
2) Also may not be ...Continue Reading →
Are you looking to buy a home?
Your first thought may be to get online and start looking at houses, call a Realtor friend you know to help you, or even to pay a visit to your local mortgage broker. While all of those things will be tackled in due time, the very first step you ...Continue Reading →
Cue the band, roll out the red carpet, and drop the confetti, because America just got some great (credit score) news: the average U.S. FICO score has reached 700.
FICO, which is one of several credit scoring models but also the most widely used one by lenders, including mortgage lenders, reported that the average score hit 700 for the first time ever. FICO scores are based on a 300-850, and lenders and creditors usually consider above 740 as “prime” credit, giving ...Continue Reading →
Experian, one of the nation’s three preeminent credit reporting agencies, has been fined $3 million by the Consumer Financial Protection Bureau.
What was the infraction that warranted this $3 mil slap on the wrist? According to the CFPB, Experian deceived consumers when it told them that the version of credit scores they could purchase was the same one that lenders used to make credit and financial ...Continue Reading →
Is your credit report relatively clean, except for one big, ugly item that won’t go away – a judgment? It’s a fact of life that some disputes – with landlords, collection agencies and other debtors – sometimes end up with a judgment against you. If that’s the case, we have good news, as it may be possible to have a judgment against you dismissed (called ...Continue Reading →
Loan officers and mortgage brokers often see potential home buyers fall a few points short of qualifying when it comes to credit score, but that doesn’t mean they need to be turned away. In fact, there are strategies we can employ to increase a borrower’s credit score by 5, 10, or even 25 points in a short period, allowing ...Continue Reading →
Anyone who’s in the mortgage business knows that the halcyon days of an easy refi boom driven by historically low rates is probably over, which means that credit score will be more important than ever in getting a borrower approved for the right loan product. But even if you pull their credit and they fall ...Continue Reading →
When you think of “perfection,” what comes to mind? Does perfection mean setting a new World Record on your way to a Gold Medal at the Olympics? How about achieving a perfect score on the SATs? Or “perfect” to you might just mean a quiet day at home without the kids and nothing on your To Do list!
But no matter your definition of perfection, there is one objective standard that is perfectly difficult to achieve: getting a perfect credit score.
While ...Continue Reading →