So you think that it’s only lenders that check your credit scores? Well, think again. Your credit reports are likely to be checked when you apply for car insurance, rent a house or apartment, get a cell phone, or even when you try to get a job.
Having a good credit score is more important today [...]
Then and Now
Not so long ago, a credit score of 620 was OK; not great, maybe, but good enough to get you a decent loan almost anywhere without a penalty. By early 2008, that same loan would need a 680 score to qualify. Then in April, the qualifying score for that same loan jumped to [...]
Average Credit Scores – How Do You Measure Up?
Lenders use average credit scores as a guide when evaluating the level of risk a borrower represents when they apply for new, additional, or extended lines of credit. In other words, how does the applicant measure up against others with their history of credit management?
Credit scores can [...]
Debt to Income Ratio – Knowing Yours Could Make a Difference
Your debt to income ratio is the relationship of your non-mortgage related debt to your gross monthly income. It is found by dividing non-mortgage related debts by the gross monthly income. The result is expressed as a percentage. When lenders are determining whether or not [...]
