California Home Loans- Mortgage - Refinance - Cash out

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Your FICO score and how does it effect your loan application

A FICO credit score measures a consumers credit rate and good or bad standing. A credit score is is a report on a borrowers credit history. This report analyzes an individuals credit history considering factors like:

  • How long you,ve had credit.

  • Types of credit.

  • Employment history

  • Negative credit information such as bankruptcies, charge-offs, collections, etc.

It is of course understood by many consumers that a good credit history, gets the lowest rates when shopping for a residential home mortgage loan or refinancing. Individuals with bad credit, those with too much debt or a bad repayment history, will either be denied or have to pay higher costs and rates for their loan.

Credit reporting is vital in borrowing and acquiring a loan. The most important step to taking these steps is to first focus on your credit rating and make sure that you are credit-worthy. Providing a history of paying bills on time, raises points with lenders. Scoring high in a mortgage lender’s eyes, is paying down outstanding bills and increasing the equity in your home.

Shop for a lower mortgage rate, refinance, and lower your monthly payments for a higher credit rating. When cashing out pay-off bills. Or invest by opening a money market account and saving for your future. Lenders will fight for your business once you demonstrate a positive credit history. Its never too late to repair credit.

Remove 7-Year-Old Debt From Your Credit Report

Credit Reporting Agencies

Equifax Information Services P.O. Box 740241 Atlanta, GA 30374-0241

Trans Union Corporation P.O. Box 390 Springfield, PA 19064-0390

call these numbers for more information:

Experian 1 (888) EXPERIAN Equifax 1 (800) 378-2732

Trans Union 1 (800) 916-8800

Its always in your best interest to order a copy of you credit score and review it for discrepancies. You will find that some reporting are old and no longer lawfully required to be reported on your credit report. Or you may just find that there may be an error. There are so many options that will allow you to better your credit score; its just a matter of taking a few steps and making a few phone calls to make that happen.

There are really three FICO scores computed by data provided by each of the three bureaus––Experian, Trans Union and Equifax. What if there is an error on my credit report? If you see an error on your report, report it to the credit bureau. WE have gone ahead and listed the numbers and addresses of the primary credit reporting agencies for your convenience.

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