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Knowing your credit report credit score is the first step in securing a mortgage. When you are looking to buy your home, having a current, up-to-date copy of your credit report is essential in securing the best rates. By reviewing your credit report prior to applying for a mortgage, you will be prepared to clear up any past debts or errors on your credit report that could prevent you from getting a mortgage loan. Your loan officer will request a copy of your credit report credit score, so don't be taken by surprise when it comes time to apply for your loan.

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โˆ™ 2011-08-08 13:41:57
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Q: Know Your Credit Score When Applying for a Mortgage?
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Related questions

What is one tip I should know before applying for a home equity line of credit?

Before applying for a home equity line of credit the one tip you should know is to know your credit score. By kowing your credit score you are able to approach your bank with the information you need to apply for the right program and recieve the right line of credit.


What should one do before applying for a mortgage?

Before you apply for a mortgage, it is necessary for you to know if you have good credit or not. Once a year, people in the United States are allowed access to a free credit report. Visit the Annual Credit Report website to find your score. Make sure to ask the lender questions about the various fees. Predatory lenders will stumble with answers, professional ones will not.


How will starting a new line of credit prior to applying for a mortgage affect its outcome?

There are several factors to consider when opening a new line of credit prior to applying for a mortgage. The most important factor is the new account's affect on your credit score. A single inquiry on your credit can decrease your score by as much as 25 pts and that can be disastrous for mortgage qualification purposes. It is best that you know your qualifying score prior to attempting to open a new account and then be able to determine if there is a cushion for a new account's impact. There is also the issue of a new payment and how it would impact your debt to income ratio. If you need any further assitance with this feel free to contact me. Eloy D. Benavides Branch Manager Platinum Financial Group 214)607-1445 Direct line eloy@platinumfinancialonline.com www.1800PFG.com


How might one qualify for an auto loan with bad credit?

One might qualify for an auto loan with bad credit by applying for dealer financing. It is best for one to know their credit score before applying for an auto loan.


Why do brokers look at the middle score as opposed to the highest one on your credit reports?

I work for a mortgage company and we also use the middle score. Because the three scores can differ so significantly the middle score is a way of averaging out the 3 scores. Also if you're applying for a loan with a co-borrower you should know that we use the lower of the two borrowers middle scores when determining what credit score to give the loan. So if your scores are 680, 700, and 710 we score you a 700. If you're applying with your spouse who's scores are 610, 630 and 640 the spouse's score would be 630 and 630 would be the score assigned to the loan.


How do you qualify for a first time buyers mortgage?

Buying mortgage can be a scary and stressful experience but the first thing is that you need to know yourself financially. You need to know your income and credit score to be able to see if the lenders think you are worthy enough for their loans.


What is the first thing you need to know when applying for a reduced interest rate for your home?

Your credit score. It will determine IF you can get a reduced rate AND how low the rate can go.


What should you know about how to calculate mortgages?

The key to calculating a realistic mortgage is to know the following: Your personal credit score, your annual salary, your net salary, and your personal budget for home expense. Armed with this information any internet mortgage calculator should give you a reasonable estimate.


What does a 667 credit score mean?

I dont know what exactly 667 is but a credit score is rated on how good your credit/debit card use is, EG: your credit score is Good


How do you raise your credit score when it has been lowered due to credit inquiries?

Pay your bills. I don't know that a credit inquiry will lower your credit score. What does affect your credit score is not paying. Even if you pay late, it shows willingness to pay. But as far as someone checking your credit, I don't think that will actually affect your credit score. Pay your bills. I don't know that a credit inquiry will lower your credit score. What does affect your credit score is not paying. Even if you pay late, it shows willingness to pay. But as far as someone checking your credit, I don't think that will actually affect your credit score.


Does closing a bank account hurt your credit score?

No it does not. Bank accounts are not part of a credit score. For more information about what is on a credit score, check out Phil Turner's book: The Credit Bible - Everything You'll Ever Want To Know About Credit.


What is the difference between a mortgage credit score and a regular credit score?

If I understand the question correctly, the answer is that they may be using different versions of the FICO software. The FICO score you get from myfico.com and the FICO score that a mortgage lender comes up with may be different, because Fair Isaac periodically updates the way they come up with the scores. Upgrading to the new FICO software can be expensive for lenders, so sometimes they don't do it. So they come up with a different score because they are using an older model. Since presumably the model is updated to make it more predictive, it means the lender's score is more likely to be wrong. As far as I know, however, the lender will continue to use its own score, and there is nothing you can do about this.


Is it really possible to improve your credit score within 7 days or even 30 days like a lot of websites claim?

I originally had 6 charge offs on my credit report. Paid four of them off and got one of the creditors to delete one from my credit file. Before doing that my score was a 571, 537 and a 615. Now, I know that when applying for a mortgage they use the # in the middle which would be the 571. My goal is simply to make it to 580 by December I paid everything up in late Oct. and was on all the creditors to makesure they reported to the credits buerues. Do you think it's possible to make my goal by then?


Is credit score important to know when financing a vehicle?

Yes credit score is really important to know when you are trying to finance a vehicle and you can always get credit scores from a number of places like http://www.freecreditscore.com


If you apply for credit at several places in a two week period will it be counted as one pull or numerous ones?

Credit ApplicationsIt may depend on what type of places you are applying for credit. You can be denied credit due to "to many recent inquiries" on file. According to the bank, if you are applying for a mortgage loan and several different companies inquire into your credit history it will not reflect negatively if done within 30 days. However, if you are applying for several different credit cards with the 2 week period that would be viewed differently. Have you pulled your own credit lately? Visit www.annualcreditreport.com and review the information there. This is truly a free credit report that only you have access to and it will not affect your credit score. You will be suprised at the number of credit card companies that have already inquired about your credit prior to them sending you pre-approved offers in the mail. AnswerApplying for credit multiple times in a short time period. It has been my experience that even though a creditor mat tell you that it is one pull, it is usually more than that. I know that when you apply for a mortgage, it is supposed to be one pull, however, after having hired a finiancial advisor to help with some credit issues, I found out that is not true either. And the more these creditors pull, hte lower your credit score goes, whcih then allows them to jack up your interest rate. So really, it is in the creitor's best interest to pull repeatedly, as the high interst rates is where they make their real money.


What to do if the person that wants to get a mortgage for your propertybut cannot obtain one until credit it corrected. How can you still sell to them?

You can take back a mortgage yourself. However, remember that you already know the potential buyer has poor credit and may not pay the mortgage payments. You should obtain legal advice from an attorney.You can take back a mortgage yourself. However, remember that you already know the potential buyer has poor credit and may not pay the mortgage payments. You should obtain legal advice from an attorney.You can take back a mortgage yourself. However, remember that you already know the potential buyer has poor credit and may not pay the mortgage payments. You should obtain legal advice from an attorney.You can take back a mortgage yourself. However, remember that you already know the potential buyer has poor credit and may not pay the mortgage payments. You should obtain legal advice from an attorney.


What is the purpose of the Experian credit report?

The purpose of the Experian credit report is to find out your credit score as well as many other things. The Experian credit report is everything you need to know about your credit score.


How can I get an instant credit check?

Try checking your instant credit check with sites like credit score. credit score is know for doing this. Then other credit check just like this one might be better.


Where can I find credit score advice?

I know you can check your credit report on www.freecreditreport.com they also have a lot of tips and advice to get your score up, and keep it there.


How can you get credit score up fast?

You can make a change to your credit score using something called rapid re-score (there are other names to it). Rapid re-score which is done by many credit agencies (and some mortgage companies - I know www.ardainmortgage.com does it if you are applying for a loan in Illinois) allows for immediate changes to your credit report and credit scores based on something you do i.e. say you pay down a balance on a credit card below 50% of available credit you will tend to get an increase in your score over time. By using rapid re-score the increase to your credit score occurs immediately. There tends to be a charge for it. The change is permanent or till new more current information is updated at the major credit bureaus (you add more debt to the credit card). old answer There are several ways to improve your credit score. However, none of them are very fast. Any company that promises to raise your credit score quickly is not being honest. Nor is there anything a credit-repair company can do that you can't to improve your score. The surest way to improve your score is to pay your bills regularly and on time. This will slowly increase your score. Also, try to avoid maintaining a large running debt on your credit cards. And finally, limit the number of credit cards you use. The most important thing to remember is that creditors look for people who aren't late with payments, who pay regularly and who don't overextend themselves. What credit repair companies do, on the other hand, is challenge every negative entry on your credit report. By law, the credit reporting agencies have a limited time to verify the accuracy of the data or they must remove the entry. Even if the entry is accurate the credit repair companies will challenge it hoping the reporting agency fails to respond in the allotted and therefore must remove it. But you can do the same thing without paying.


How do you find out what your credit score is for auto insurance?

Auto insurers take a credit score provided by one of the three (3) credit bureaus and then they add characteristics that would not be present on your credit score to come up with an internal score. The auto insurer does not need to tell you what your credit score was, however, they do need to let you know which credit report (and associated score) was used to arrive at their decision. There are a number of service provides that provide access to your credit score. A few of these service providers are represented in the related links section.


Is 836 credit score good?

You know it is, why ask?


When buying a house, will a loan company tell you your credit score?

Any type of loan company you talk to will be able to let you know your credit score. As long as you have a really good credit score you should have no problem getting a second home.


Why are credit reports important?

so you can identify the SSN identity thefts, prevent double charges, wrong charges, keep track on your credit score so you will know if your credit score is improving


How does 661 credit score rank?

It's worth ginng a good credit company like credit repair a look. They offer free credit score report that lets you know how you're doing. Just remove teh spaces of the link bit. ly/CreditSaveandRepair