Mortgage Application
Changes are coming but what does it m...
Recent changes to credit reporting have been announced and they will start taking place this July. The Change- TransUnion, Experian and Equifax will no longer include information about tax liens and civil judgments on a consumer’s credit report if the data doesn’t include the person’s name, address, Social Security number and date of birth. The …
Help your kids, and maybe yourself!
Recent studies have shown that barely half of today’s college students have a credit card compared to nearly 90% that say they have and use a debit card. While this sounds like a good trend there are some troubling facts associated with it. I agree that debt cards are better for most college students than …
Big changes are coming…or are they?
Last week FICO announced some big changes that have been making headlines; I have included parts of the press release below so you can read about those changes. August 7, 2014—FICO (NYSE:FICO), “a leading predictive analytics and decision management software company, announced today that the new FICO® Score 9 introduces a more nuanced way …
Credit Tips for Re-entering the marke...
Many people are sitting on the sidelines just waiting until they are eligible to re-enter the housing market and become homeowners again. These large numbers of people usually have a few things in common but most commonly it is that their credit scores have been hurt by a past foreclosure, short sale or bankruptcy. I …
Social media and loan approval?
Imagine having your recent loan application denied because of who you are friends with on social media. It might sound crazy but in fact there are some lenders that not only are reviewing your social media pages they are also asking you for your login credentials to Facebook and Twitter accounts as a prequalification checklist. …
How to Prepare Your Credit for a Mort...
A lot of the people that come to hear me speak or contact me for a credit consultation have the same goal, to purchase a home or refinance the current mortgage loan they have. Usually they contact me after they have discovered that their current FICO score is not high enough to accomplish that goal. …
Short Sale Changes
Recently I read an article about not only changes being made in the mortgage industry, but also how those potential changes might affect credit scores. Since the article lists some credit “facts”, I feel obligated to address it further. The article is short so I have listed it here and will follow up with a …
Big mortgage changes are happening...
Watching the Federal Housing Administration try to change their guidelines over the last few months reminds me of a bad movie where a random person is mistaken for a trained Police Officer. Then thrown out in the middle of a busy intersection and expected to direct traffic. The person tries their best but after several …