Credit Scores

Healing a Wounded Credit Score

Posted on Tuesday, March 15, 2011

Millions of consumers have fallen out of favor with the credit scoring gods. Some lost their jobs or were just overwhelmed by mounting debt. Others got caught up in the real estate bubble or had major medical bills. Whatever the reason, the rising number of foreclosures, short sales, late credit c...

The Saver's Credit: Are You Eligible?

Posted on Monday, February 14, 2011

If you could reduce your taxes in three ways with one simple tactic, would you pass it up? Believe it or not, that's exactly what many hard-working Americans are unknowingly doing. Only 12% of Americans who reported an annual household income of less than $50,000 and may therefore be eligible for t...

TransUnion Reports Credit Risk and Demand Down

Posted on Monday, February 14, 2011

Data released Wednesday by TransUnion says U.S. consumers are less of a credit risk than they have been in nearly two years. The Chicago-based company’s proprietary Credit Risk Index (CRI) decreased by 0.9 percent in the fourth quarter of 2010, from 126.79 to 125.61. On a year-over-year basis the...

Honey, I Shrunk The Credit Score

Posted on Monday, January 10, 2011

Steven Marks knew he was wasting thousands of dollars every month paying the mortgage on a home he bought during the housing bubble that will never be worth that much again. But he'd read plenty of horror stories about people having serious trouble modifying their mortgages due to bank confusio...

Credit Score Requirements Stifling Borrowers

Posted on Wednesday, December 01, 2010

Despite record-low interest rates, an increasing number of Americans can’t afford to buy a house. The nation’s two largest mortgage lenders, Wells Fargo & Co. and Bank of America Corp., have raised the minimum required credit score on FHA-insured loans to 640 from 620. Requiring a 640 cr...

Rates Are Low But Most Cant Qualify

Posted on Monday, October 04, 2010

Would-be homeowners with credit scores below 620 points were largely unable to take out 30-year mortgages in the first half of September, even if they offered down payments as high as 25 percent, Zillow found after analyzing more than 25,000 loan quotes and purchase requests on its website. A full...

FNMA Chnages Will Allow Buying Again Sooner

Posted on Sunday, April 25, 2010

FNMA has changed the time homeowners who lose their homes will have to wait before qualifying for a FNAM loan to buy a new home again. Up until now a borrower had to wait 4 years following a DIL or 2 years following a pre-foreclosure (short sale). Now the timeline will be uniform regardless of ...

Modifications and Credit Scores

Posted on Wednesday, August 19, 2009

A new "guideline" for lenders reporting modifications to credit bureaus is slated to come on line in September. Unde the new criterai, lenders may classify a modification as a "partial payment" of the mortgage which in turn could add a ding to a borrower's credit reports. As with any other incid...

HUD CREDIT COUNSELORS

Posted on Monday, August 17, 2009

Call 800 569 4287 or 877 483 1515 or follow the link on this website to HUD. ...

Deed in Lieu Impact on Credit

Posted on Friday, August 07, 2009

The current guidelines from Fannie Mae & Freddie Mac state that the waiting period for a Deed in Lieu of Foreclosure is 4 years from the date the proceeding is completed. If there are extenuating circumstances that caused the borrower to have to enter into a Deed In Lieu of Foreclosure proceeding,...

Impact of Foreclosure and Foreclosure Alternatives on Your Credit

Posted on

Foreclosure or a deed in lieu of foreclosure (if you're more than 30 days late on your mortgage) will generally strike a 200 to 300 point toll against your FICO score. The actual amount depends a lot on your scrore before the issue. The worse off your score was before, the bigger hit it will take ...

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