What You Need To Understand About Your Credit Score
What You Need To Understand About Your Credit Score
The First Step to getting approved for your new home is your credit score. It is the first thing a lender is going to ask about. You need to understand your credit score an how to read your credit report correctly.
If you wantimmediate helpwith your credit score, contact Mortgage Loan Advisor Brian Webber, firstname.lastname@example.org, for a FREE credit analysis.
EVERYTHING YOU NEED TO KNOW ABOUT CREDIT BUT WAS AFRAID TO ASK
Today's tip will cover how to understand credit reports and improve your credit rating.
Your credit is a crucial part of the lender's decision on whether you get approved for a mortgage or not.
Your credit score will also determine the rates and point structure the lender will offer you.
You may think your credit situation is hopeless. Just remember that there is always the chance to improve it, even under the most challenging of circumstances. I have helped many people get into homes even when their banks originally said no.
The first step in the process is to get a copy of your credit report.
There are three credit reporting agencies in the country: Equifax, Experian, and TransUnion. However, not every creditor reports to every credit bureau. For example, Visa may report to Equifax while your credit union reports to TransUnion and your auto loan company reports to all 3 bureaus.
Credit bureaus obtain their information from three major sources and quite often that information wrong.
You must first know how to read your credit report. Most credit reports use the same codes to report information. Knowing what the codes mean can help you interpret your credit report.
Type of Account
O = 30-, 60-, or 90-day account
R = Revolving open-end account
I = Installment and/or mortgage account
0 = Too new to rate: Approved but not used
1 = Pays (or paid) within 30 days of billing; pays account as agreed
2 = Pays (or paid) in more than 30 days, but not more than 60 days
3 = Pays (or paid) in more than 60 days, but not more than 90 days
4 = Pays (or paid) in more than 90 days, but not more than 120 days, or three or more payments overdue
5 = Account is at least 120 days overdue, but not yet rated 9
7 = Making regular payments under wage earner plan of bankruptcy act or similar arrangement
8 = Foreclosure or repossession
9 = Bad debt; placed for collection; suit judgement; skip
0 0 0 $ $ $ 30 60 90
How many times payments are 30, 60, or 90 days late.
If you have had a bankruptcy or other credit issue there is a strong possibility that your credit report is incorrect.
Many bills that were included in your bankruptcy, or bills you paid in the past, may still be showing up as past due. Often you may find collections on your report from medical bills you thought were paid by your insurance company.
Author:Edie Webber Phone: 817-798-6630 Dated: March 23rd 2016 Views: 210 About Edie: My current state of happiness and realized dreams is the hard won result of a lifetime journey. I ha...
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