Tag Archives: Credit
10 MarWhere the Heck Did FICO Come From?
Not too long ago, the credit world was much different than it is today. Credit bureaus operated in near secrecy, gathering information in ways that may surprise you. For instance, did you know that Retailer’s credit (now Equifax) received information about you gathered by the Welcome Wagon hostess?
Read More ...30 DecGetting Started with a Pre-Qualification
(All stories shared on Lending A Hand contain fictitious names with changes to insignificant details. The privacy and trust of our customers is our top priority.) Bonnie and Clyde (fictional names, of course) called us up the other day to get qualified for a home purchase. Apparently the robbery profession isn’t what it used to [...]
Read More ...28 DecThe Bank of Mom and Dad
We received a couple of calls in the past few days for potential home buyers looking to get qualified for a mortgage and both of them had questions about how Mom and Dad could help them qualify. Here are their situations:
Read More ...02 DecWhat is a Good Credit Score?
You just want to know what a good credit score is. Probably because you are looking into obtaining a mortgage, or maybe an auto loan. Did you know credit scores are used in other areas outside of obtaining financing? Cell phone companies, insurance companies, apartments and sometimes even employers will check your credit to determine [...]
Read More ...21 NovFree Credit Report
Many people I talk to have heard about getting their FREE credit report at www.freecreditreport.com because they have heard the catchy commercials they have singing about getting their free report. The advertising is exactly correct; you can get a free credit report from their site IF you sign up for their Triple Advantage Credit Monitoring. [...]
Read More ...20 NovMortgage Don’ts
I recently received an email from a Lending a Hand reader requesting information on what to avoid throughout the mortgage process to ensure a smooth approval and closing. Instead of just responding directly, I thought many of the readers could benefit from this question, so I decided to write a post on the Mortgage Don’ts. [...]
Read More ...17 NovMortgage and Divorce
Finances are a touchy subject when it comes to divorce, but I guess every subject can get touchy during a divorce. I want to make sure you are aware of the implications of a mortgage when it comes to a divorce and the suggestions I have to protect yourself, on either side. Who Gets the [...]
Read More ...11 NovQuickly Increase Credit Score
Many tools are available to mortgage lenders and one of the tools I often use in my business is a Credit Analyzer tool provided by Advantage Credit of Colorado. By utilizing this tool and the experience gained from working with many customers, I have found ways to improve credit scores quickly to help in qualifying [...]
Read More ...07 NovOh No…Credit Report Inquiries!
“I don’t want you to pull credit because my credit score will drop”. This is a phrase I hear all too often when I am working with potential home buyers. So instead of having the fear without understanding the impact an inquiry has on your credit score, I figured I would explain how inquiries really [...]
Read More ...06 NovSuccessful Qualifying – The Three C’s
The question of what it takes to qualify for the best terms and interest rate on a mortgage comes up quite often in my discussions with potential home buyers. There are three factors lenders consider and you should consider too if you want the best possible terms for mortgage financing: Credit, Capacity and Collateral. Credit: [...]
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