Credit Rating

Mortgage rates are determined not only by the prime lending rate and the lender's points, but also by your credit rating. The better or higher your credit rating, the better rate you'll receive. If you have a bad or low credit rating, you'll be faced with higher mortgage rates. However, if you do end up with a higher mortgage rate than is average, sign for only a one year term on your mortgage - the lending company will likely lower your mortgage rate after you've kept your mortgage payments in good standing with them for a

One may decide to pay cash for everything but, there are reasons to focus on obtaining and keeping a good credit score. The first step toward understanding how credit affects ones’ life is to check the credit standing. One can get two of their credit scores for free on Credit.com. This completely free tool will break down the credit score into sections and give a grade for each. For example, how is the payment history, debt and other factors affecting your score, and get recommendations for steps that can be taken to improve ones’ credit. It is possible to get a free annual credit report from each of the major credit reporting agencies Equifax, Experian and TransUnion once every 12 months. This does not give the credit scores but, it does

If you find errors on your credit report, there are several steps you need to take. Under FCRA, the credit reporting company and information provider are responsible for correcting any inaccurate information on your credit report. You need to write a letter to

You’d tell the credit reporting company, in writing, what information that you found that’s inaccurate on your credit report. The agency must investigate the items within 30 days usually, unless they consider your

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But more importantly, you should make sure your credit score is in tip-top shape. Regardless of how much or how long you compare and negotiate mortgage rates with however many mortgage companies, scoring a good interest rate or

There are many ways a person can improve his or her credit score, I will explain two very crucial ones to you here.

Too much outstanding debt: if your lenders see that you have too much debt, especially compared to your income, this will also destroy your credit score. Again, they will see that you cannot truly pay off your accounts. They consider you as being overextended and know that they probably won't get their money any time soon. This is a huge credit problem that you will want to avoid.

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It is key when obtaining a mortgage that you be upfront with your mortgage lender about your situation. You should never lie or mislead them into believe something that is not true. However, there are some things that you don’t need to mention to your lender. There are things that if you do mention them, your lender might think twice about writing your loan. Avoid these at all costs.

Knowing how to get your credit score is just the start, but having an idea of the where to get the best free credit report is the next step because it gives you more than a number. Combine all of the available information you have and address all elements of your credit worthiness by keeping your payments current, disputing claims you don’t remember, and limiting your use of credit available to

These days, however, there are many different bad credit mortgages available from various lenders that are aimed at helping people with bad credit get a foot on the property ladder or refinance their home and fix their bad credit file. The home loan market has expended considerably in recent years so it is not as exclusive as it once

The first thing you need to do is order copies of all three of your credit reports. Once you receive it, check your report for any negative items on

There are three credit bureaus that people need to know about, if they are concerned about their credit reports. If you have ever applied for a loan or credit of any kind, you have a file at one major credit bureau. To get the most accurate report, you may have to request a copy from each bureau. In order to request a copy, one must fill out a request form online. It is also possible to request a copy via mail. There are sites that will attempt to charge you for a credit report from one of the bureaus; however, keep in mind, that by law, your are entitled to one free credit report a year. However, when you do receive your credit report, pay close attention to details, such as your name, address, and bill history. If there is a problem with

Now, you need to check your credit score. While it is best to track your score every month, you can also just use a free annual report. If you track your credit score each month, use the same credit bureau so that you are comparing the same thing each month.