Blog Category: credit score

Are your credit scores falling? Don’t let your credit score fall down. There are many current homeowners who can afford their mortgage, but are upset that their home is not worth what it once was. These people are called “strategic defaulters”. But walking away from a mortgage, especially one you can afford, is a bad idea. Read More

Don’t Let Your Credit Cards Drown You! This is going to come across as a lecture. And, well, it is. I have had some loans come close to being denied because people cannot control their credit card use. When you apply for a mortgage don’t use your credit cards! Read More

Can you get a loan after a foreclosure or short sale? There are a variety of foreclosure alternatives available to homeowners. And there are also a variety of ways that these alternatives impact your credit. Read More

The Grinch, which in this story is Fannie Mae, just stole Christmas. I must admit, that is dramatic, and not literally true. But they did potentially just steal your mortgage.

Fannie Mae’s current rules allow an underwriter to exclude revolving debt (i.e. credit card debt) from the debt-to-income (DTI) ratio if there are ten or fewer payments remaining. Fannie Mae will now require all revolving debts to be included in the DTI ratio regardless of Read More

When you apply for credit you are authorize the creditor to “inquire” to a credit bureau to get a copy of your credit report. You would later notice that their credit inquiries show as an “inquiry” on your credit report.

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Fannie Mae has some new guidelines going into effect as of June 1st 2010 in regards to credit reports. Fannie Mae wants to make sure that borrowers’ overall credit situations have not changed between the time of application and settlement, and to make sure that there are no new undisclosed debts. Read More