Your Credit and the Mortgage Process

Your Credit and the Mortgage Process

How to Improve Your Credit
If you have had credit problems, be prepared to discuss them honestly with a mortgage professional.
Your Credit Report
Understand how a mortgage company views your credit information.
Credit Scoring and How It Works
Credit scoring, also known as FICO scoring, is a statistical method of assessing the credit risk of a loan applicant.
Credit Profile
A credit profile details your credit history as it has been reported to the credit reporting agencies by lenders who have extended credit to you.
Credit Reporting Agencies
This article includes address, phone and web site information for each credit repository.
Credit Grade
Mortgage companies often grade your loan based on certain credit related items such as payment history, amount of debt payments, bankruptcies, equity position and your credit score.
Other Credit Factors
Mortgage companies look at other information besides your credit score and credit profile before deciding whether to approve your mortgage.
Know the Score About Your Credit Rating
Learn about the importance of keeping tabs on your credit rating.
Credit Inquiries
The Fair Credit Reporting Act (FCRA) outlines specifically who can see your credit profile.
How to Fix Credit Report Errors
You have the right, under the Fair Credit Reporting Act, to dispute the completeness and accuracy of information in your credit file.
Steps to Take After Being Denied a Loan
It's never fun to be turned down for a loan, but before you think you won't be able to get credit anywhere, there are some steps you can take.
Improve Your Bad Credit
If you had a problem that's been corrected, and your payments have been on time for a year or more, your credit may be considered satisfactory.
Bankruptcy Issues
Read more about bankruptcy and its affect on qualifying for a mortgage.
Establish a Credit History
What to do to increase your chances of being approved for a mortgage.
How to Prevent Identity Theft
According to one non-profit debt counseling agency, some 40,000 consumers each year are victims of this crime, which is a serious type of fraud.
What's in Your Score
FICO Scores are calculated from a lot of different credit data in your credit report.