What is my Debt to Income Ratio?
November 23, 2009 by Rob Spring · Leave a Comment
Debt to Income Ratio
Your debt to income ratio is simply a way of determining how much money is available for your monthly mortgage payment after all your other recurring debt obligations are met.
Debt limit (Not necessarily a hard and fast rule)
There is generally a debt limit associated with each type of loan, such as a [...]
What is a FICO score?
November 23, 2009 by Rob Spring · Leave a Comment
Scoring your Credit – How’s your FICO?
In today’s increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you’ve been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled [...]
What is a Credit Score?
November 23, 2009 by Rob Spring · Leave a Comment
What is a credit score?
Before deciding on what terms lenders will offer you on a loan (which they base on the “risk” to them), they want to know two things about you: your ability to pay back the loan, and your willingness to pay back the loan. For the first, they look at your income-to-debt [...]
Reasons for Credit Reporting Errors
November 20, 2009 by Rob Spring · Leave a Comment
Reasons for mistakes on your credit report
Credit report errors occur for a number of reasons but they can all have a negative impact on your eligibility for any future credit. It’s important to stay on top of your credit report to avoid any mistakes made by the creditors and credit bureaus —Equifax, Experian and TransUnion. [...]
Raising your Credit Score
November 20, 2009 by Rob Spring · Leave a Comment
How can you improve your credit score?
It’s virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can’t “on the spot.” But there are strategies you can live with to make sure [...]
Fair Isaac Eliminates ‘Quick Credit Repair’ Loophole
November 20, 2009 by Rob Spring · Leave a Comment
Fair Isaac’s Credit Scoring Change Will Affect MILLIONS
I have been forecasting for quite some time that Fair Isaac would eliminate the loophole that allows people to quickly increase their credit score by being added as an authorized user on someone else’s established credit card.
Marketers Make Loophole Too Prominent to Ignore
For the most part, this loophole [...]
Disputing Mistakes on Your Credit Report
November 20, 2009 by Rob Spring · Leave a Comment
Your credit report is a record of your credit activities. It lists all of your credit card accounts and loans, the balances as well as your payment history. It also shows if any action has been taken against you because of unpaid bills such as a lawsuit or bankruptcy filing. Because businesses use this information [...]