{"id":1965,"date":"2015-02-07T08:18:11","date_gmt":"2015-02-07T08:18:11","guid":{"rendered":"https:\/\/auburnbaysetonhomes.com\/?p=1965"},"modified":"2015-04-26T21:35:01","modified_gmt":"2015-04-26T21:35:01","slug":"credit-report-secrets","status":"publish","type":"post","link":"https:\/\/auburnbaysetonhomes.com\/?p=1965","title":{"rendered":"6 Credit Report Secrets"},"content":{"rendered":"<h2 style=\"text-align: center;\"><strong>6 Credit Report Secrets You MUST Know About<\/strong><\/h2>\n<h2 style=\"text-align: center;\"><strong>Before Applying for a Mortgage<\/strong><\/h2>\n<p><strong>When you apply for a mortgage, the mortgage lender will review your income, liabilities,\u00a0<\/strong><strong>and most importantly, your credit report to determine if you qualify. Even small credit\u00a0<\/strong><strong>report inaccuracies can hinder your ability to get the home loan you need and deserve. And\u00a0<\/strong><strong>credit report inaccuracies are more common than you might imagine.<\/strong><\/p>\n<p>This report will teach you:<\/p>\n<ul>\n<li>What lenders look for on a credit report<\/li>\n<li>How you can improve your credit score<\/li>\n<li>How to know if you have inaccurate information on your credit report<\/li>\n<li>How to obtain a FREE Credit Report<\/li>\n<\/ul>\n<figure id=\"attachment_1967\" aria-describedby=\"caption-attachment-1967\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/auburnbaysetonhomes.com\/wp-content\/uploads\/2015\/02\/Credit-Report.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1967 size-medium\" src=\"https:\/\/auburnbaysetonhomes.com\/wp-content\/uploads\/2015\/02\/Credit-Report-300x200.jpg\" alt=\"Credit Report\" width=\"300\" height=\"200\" title=\"\" srcset=\"https:\/\/auburnbaysetonhomes.com\/wp-content\/uploads\/2015\/02\/Credit-Report-300x200.jpg 300w, https:\/\/auburnbaysetonhomes.com\/wp-content\/uploads\/2015\/02\/Credit-Report.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-1967\" class=\"wp-caption-text\">Credit Report<\/figcaption><\/figure>\n<h3 style=\"text-align: center;\"><strong>WHAT YOU NEED TO KNOW ABOUT MORTGAGE LENDERS<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p><strong>Banks vs. Mortgage Lenders <\/strong>\u2013 You first need to understand the difference between banks and\u00a0individual mortgage originators. Banks handle savings accounts, car loans, investment accounts,\u00a0etc\u2026 Mortgages are just one of many services they provide. We\u2019re different because we only\u00a0deal in mortgage loans. We sleep, eat, and breathe mortgage loans and nothing else. Would you\u00a0go to a general physician to have heart surgery performed? Of course not. So why go to a big\u00a0bank, when what you need is a mortgage specialist?<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><strong>CREDIT SECRET #1 \u2013 Don\u2019t Hide Anything from the Lender<\/strong><\/h3>\n<p>As you have just learned, your mortgage lender is your friend. You are their client, and they are\u00a0on your side. Because of this, you need to be completely honest and openly discuss past financial\u00a0difficulties. This will make it easier for the lender to gauge your situation and provide you with\u00a0best loan for your needs. If you hold back information and the lender finds out later, it could\u00a0greatly affect the speed and difficulty of obtaining your loan. Remember, honesty is the best\u00a0policy.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><\/h3>\n<h3 style=\"text-align: center;\"><strong>CREDIT SECRET #2 \u2013 Bad credit is OK<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>Bad credit is OK in many cases. The lender is not worried as much about the past as they are of\u00a0your ability to repay the mortgage loan in the future. Basically, if you\u2019ve had credit problems in\u00a0the past, the mortgage company will look at those problems and ask the following questions:<\/p>\n<p>a.) How far in the past are your credit problems? (i.e., if you had multiple delinquencies<\/p>\n<p>on your credit card this year, you might not be able to obtain a loan)<\/p>\n<p>b.) If your credit problem is in the past, is it likely to recur again?<\/p>\n<p>c.) Is whatever it is that caused your credit problem gone, or is it still present today?<\/p>\n<p>d.) How good is the probability that you will pay your bills faithfully every month from<\/p>\n<p>now on?<\/p>\n<p>So, if you\u2019ve had bad credit, don\u2019t let it keep you from applying for a loan. Even in the worst case\u00a0scenario, a good lender will never say no. That\u2019s because, it\u2019s not a question of IF you\u00a0qualify for a home loan; it\u2019s a matter of WHEN you can qualify. This is why you should apply,\u00a0no matter what your credit situation.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><strong>CREDIT SECRET #3 \u2013 Improve Your Score by Paying on Time<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>There is no substitution for paying your bills on time. Even if you have made payments late in\u00a0the past, make every effort to pay on time every month, especially in the 12-month period\u00a0leading up to your loan application. This can dramatically affect your credit score.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><strong>CREDIT SECRET #4 \u2013 How Accurate is YOUR Credit Report?<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>Did you know that more than half of American adults have inaccurate or outdated information on\u00a0their credit reports? These errors can cost you thousands of dollars and could even keep you from\u00a0getting approved.<\/p>\n<p>How much incorrect information appears on your report? It is imperative that you get a copy of\u00a0your credit report as soon as possible so you can find out. At the bottom of this report, we will\u00a0show you how you can obtain a FREE Copy of Your Credit Report.<\/p>\n<h3 style=\"text-align: center;\"><\/h3>\n<h3 style=\"text-align: center;\"><strong>CREDIT SECRET #5 \u2013 Don\u2019t Touch Those Accounts<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>Old Accounts: If you have old, unused accounts on your credit report, don\u2019t close them before\u00a0applying for your mortgage loan. One of the factors that affect your credit score is the ratio\u00a0between your credit limits and how much you owe. Closing accounts will make this ratio go up,\u00a0which can severely impact your credit score.<\/p>\n<p>New Accounts: Don\u2019t open any new accounts in the months preceding your mortgage loan\u00a0application. New accounts can affect your credit score in a negative way for a number of reasons.\u00a0The main reason is that every time you open an account, they are required to pull a copy of your\u00a0credit report. If you pull a credit report too many times in a short period, this will make your\u00a0credit score decline. Just say no to new accounts.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><strong>CREDIT SECRET #6 \u2013 Know Your Credit Score<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>When someone speaks about your credit score, they are talking about your three-digit FICO\u00a0score. This score ranges from 400-850. The higher the number, the better. It is important for you\u00a0to regularly check your credit score.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>6 Credit Report Secrets You MUST Know About Before Applying for a Mortgage When you apply for a mortgage, the mortgage lender will review your income, liabilities,\u00a0and most importantly, your credit report to determine if<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[38],"tags":[],"class_list":["post-1965","post","type-post","status-publish","format-standard","hentry","category-education-blog"],"_links":{"self":[{"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/1965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1965"}],"version-history":[{"count":0,"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/1965\/revisions"}],"wp:attachment":[{"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/auburnbaysetonhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}