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What Does Your Credit Say About You?

A credit report is more than just a snapshot of your financial picture; it can assist credit grantors in determining your overall risk factor. Additionally, lenders, credit grantors, and even human resource departments often use it as a tool to determine a person's character.

When applying for a mortgage, your lender will request a credit report from one or all three consumer credit agencies. While credit repositories do not divulge exactly how the scoring model calculates the numerical score, the score determines your credit standing and worthiness. This score is based on several factors including types of credit, amount of credit and your payment history. For instance, if a score is 679 with a 12-month mortgage reporting 30 days late; or a 620 score with no mortgage lates and a credit card under half the credit limit ? who would you lend to? When refinancing or purchasing a home, the accuracy of this information could literally mean thousands of dollars either saved or lost.

Vital information is constantly streaming into your credit report, both accurate and erroneous. Due to the level of erroneous reporting, there has been pressure on Congress to make the credit repositories more accountable for the accuracy of the information AND to divulge what goes into the scoring models. However, do not leave it to Congress to straighten out the pitfalls of errors on your personal credit report. You should check your report annually to insure that all the data is accurate.

Why is this important? The lending industry is moving toward "risk-based" pricing. In other words, the higher one's credit scores, the less paper they will have to provide to prove that they are creditworthy AND the interest rate and/or fees a borrower pays will be based on the level of their scores. The higher the score, the lower the rate, payment and many times the down payment. Does this mean that people with challenged credit should not apply? Not at all. No different than one of us lending a co-worker or family member a couple hundred bucks until payday, the lender simply wants to make sure they are protected. A loan may still be granted in this scenario by perhaps requiring more money towards the down payment or a slightly higher interest rate.

The truth is, it's a great reward for those who maintain impeccable credit and a goal for others. With this in mind everyone can take advantage of low interest rates.

Le'Andra Martin, Branch Manager with American Mortgage Specialists can be reached at 866-824-9549. She is dedicated to helping homeowners and investors maximize the investment in their homes.

In The News:

US hits back at Maduro's threat to expel US diplomats from Venezuela
Wed, 23 Jan 2019 17:52:00 +0000
The US has responded to a threat by Venezuelan president Nicolas Maduro to expel American diplomats as chaos engulfs the country.

Crowds defy police to cry out for change in Venezuela
Wed, 23 Jan 2019 21:37:00 +0000
The crashing sounds of pots and pans being banged together on the streets of neighbourhoods across Caracas signalled the start of a day of demonstrations against the Venezuelan government.

Sky to broadcast first live TV news coverage of underwater world
Wed, 23 Jan 2019 22:56:00 +0000
Sky News is to broadcast the first live TV news bulletins from under the sea to draw attention to the plight of the world's oceans.

Why do we need to explore the deep ocean?
Wed, 23 Jan 2019 17:52:00 +0000
Humankind is poised to make its next giant leap: into the deep ocean.

Real Madrid top football rich list as man United slip to third
Thu, 24 Jan 2019 03:48:00 +0000
Real Madrid have replaced Manchester United as the world's wealthiest club, according to the latest Deloitte Football Money League.



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