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Are you looking to improve your credit score but not sure where to begin? Credit scores are a cornerstone of many financial decisions, so it's important to understand what goes into them. We'll provide an overview of what credit scores are and how they're calculated—so you can start taking steps towards improving yours today.
Not all debt is created equal when it comes to looking at the money you owe. There is absolutely good debt and bad debt, and the difference matters. Check out our lists below for some examples of good vs. bad debt.
Lenders use many factors to evaluate a customer’s loan application, and credit scores are one important factor. Based on the information in your credit report, a credit score is generated. The better your credit is, the more likely it is you will be approved for a loan, at the best possible interest rate the lender has to offer.
No doubt about it, applying for a mortgage can be a long and involved process that can leave you feeling drained and financially exposed. But it’s in your best interest to be transparent with your finances during this part of the home buying journey, particularly if you have issues that might hinder your loan approval. There are a number of credit issues that may affect your application for a mortgage loan; however, most of the challenges can be overcome.
Before you apply for a home loan, you may want to look at how to fix credit issues you may be facing. One of the key things a lender looks at when considering you as a viable mortgage candidate is your credit history – and they like to see stability. Fixing credit for a home loan is smart. Start by pulling your credit before you apply so you know what you’re dealing with – and have the opportunity to address any issues that may derail your loan application.
