The Five Cs of Credit – And How to Get a Mortgage
People in the lending business often refer to a concept called the “Five Cs.” These are the five basic factors that lenders consider when considering a loan application: Over the years, lenders have learned through hard experience that they can ignore the Five Cs at their peril. Nevertheless, some lenders are stricter than others in […]
How to maintain a good credit score
Just like bad credit can’t be fixed overnight, good credit takes time to establish. You can’t achieve or maintain good credit with unhealthy financial habits, so build a sound financial plan and follow it. A strong credit history and financial health are a long-term investment. To develop a good credit score, you will need to […]
Building Strong Credit: A Guide for Those Without a Credit Score
If you don’t have a credit score, you can easily begin to build strong credit. For a detailed understanding of how credit scores work, check out this comprehensive guide by the Consumer Financial Protection Bureau. Building good credit is key to getting approved for mortgages and auto loans with low-interest rates. By building credit now, […]
How to fix a bad credit score
What should I do if I have a bad score? Have a score below 620? Per Fannie Mae and Freddie Mac underwriting guidelines, if your credit score is below 620 your credit score is considered low. However, the good news is you can fix a bad credit score. It will take time. While there’s no […]