Open House Financials
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| Understanding Your Credit Report |
Maintaining good credit starts with obedience, stability and affordability. Paying bills on time is a good starting point in rehabilitating a
borrower’s credit. Missing one payment or being thirty days late , can bring a person score down fifteen to hundred points. The higher
the debt the more effect it has on the person’s credit score. A borrower’s score will increase by simply paying their debtors on time. An
obedient borrower will always maintain great credit scores. Thanks to technology , most major banks offer direct debt or automatic bill
pay. These are great payment methods for borrowers who have problems keeping track of their payments.
borrower is not a stabile person. There have been many cases of borrower moving seven or eight times within the last two years. Not only
cautions the credit beaus that there may be fraud, they can decrease a person score three to ten points.cause a Hawk Alert. A Hawk
Alert is placed on the credit report when the borrower has mutable names and address. Hawk Alerts cautions the credit beaus that there
may be fraud, they can decrease a person score three to ten points.
borrower’s credit. Missing one payment or being thirty days late , can bring a person score down fifteen to hundred points. The higher
the debt the more effect it has on the person’s credit score. A borrower’s score will increase by simply paying their debtors on time. An
obedient borrower will always maintain great credit scores. Thanks to technology , most major banks offer direct debt or automatic bill
pay. These are great payment methods for borrowers who have problems keeping track of their payments.
borrower is not a stabile person. There have been many cases of borrower moving seven or eight times within the last two years. Not only
cautions the credit beaus that there may be fraud, they can decrease a person score three to ten points.cause a Hawk Alert. A Hawk
Alert is placed on the credit report when the borrower has mutable names and address. Hawk Alerts cautions the credit beaus that there
may be fraud, they can decrease a person score three to ten points.
A credit report can tell if the borrower has been through a divorce,
lost their job, how many times they have moved and where.
Borrower’s credit report also can tell if the person is responsible,
owe taxes or child support, sued, save and if they are a habitual
spender. Most mortgage brokers look closely at the last two years
of the credit report. Although the credit report extends seven years,
the last two years are the most important. If the borrower has had
collection after collection but has been responsible for the last
twenty-four months, the lender will take that into consideration.
lost their job, how many times they have moved and where.
Borrower’s credit report also can tell if the person is responsible,
owe taxes or child support, sued, save and if they are a habitual
spender. Most mortgage brokers look closely at the last two years
of the credit report. Although the credit report extends seven years,
the last two years are the most important. If the borrower has had
collection after collection but has been responsible for the last
twenty-four months, the lender will take that into consideration.
Most borrowers have excellent credit until they loose their job, get sick or go
through a divorce. All factors represent a force beyond the borrower’s means. A
person who has lost their job will pay only what they can as well as someone who
is sick and has to take a leave of absence. Borrowers who are going through
divorces may have issues with their spouses of who is going to pay what and
when. Regardless who pays the credit will expect their monthly payment. It is
vital that every borrower reverse at least three months worth of capital.
through a divorce. All factors represent a force beyond the borrower’s means. A
person who has lost their job will pay only what they can as well as someone who
is sick and has to take a leave of absence. Borrowers who are going through
divorces may have issues with their spouses of who is going to pay what and
when. Regardless who pays the credit will expect their monthly payment. It is
vital that every borrower reverse at least three months worth of capital.
To find the best mortgage program that fits your needs or local real estate agent please call 713-443-3423 or Click Here