credit report - Low Income? Credit Problems? How Your Credit & Income History Impacts Your Mortgage Loan

Your credit history and your history of employment are both major factors that affect your capability of obtaining a mortgage loan. In deciding whether you are a good candidate for a mortgage loan, your lenders will analyze your credit report including your past credit history and credit score, as well as your current income and your past earnings. This process is called underwriting and it gives them an overall view of your financial ability to repay your loan. Mortgage Lenders Review Credit History Analyzing your credit history is at the top of the list when deciding how stable you have been in the past and present. They will obtain a copy of your credit report to see a clear view of what past due balances you have, your past payment history, your credit score, the amount of outstanding credit you have, as well as the amount of credit you have available. Before visiting your prospective lender, obtain a copy of your credit report and make sure that there are no surprises, and that you can explain everything and answer all questions they may have, in detail. If your credit has a few blemishes, work to repair your score and pay off what you can before showing up on the doorstep of a prospective lender. This step can possibly save you a lot of time and money. Mortgage Lenders Review Income Your income and history of employment are very crucial details to prospective lenders. They look at not only how much you are currently making, but also your past history of employment with the same company, and your history of staying in the same field of work. It is important not only for you to verify your income through W-2 statements and/or tax returns, but it is also important for you to show a history of commitment to follow through on your employment and career obligations. Usually lenders look at your income and job history for the last two years, yet if you have been stabilized in your job for longer, it is a good idea to bring all appropriate documentation. Your 'debt-to-income ratios', the amount of your mortgage payments and total debt payments as compared to your income, not only impacts your ability to secure a loan, but can also impact your loan cost. The higher your debt-to-income ratio, the higher the lender's risk, therefore the higher the interest rate and fees will be. If you are thinking about taking out a mortgage loan, you may want to wait until you have been with your present employer for two years, or wait for your upcoming raise. It might take a little patience, but your pocket book with thank you later. Here are our Recommended Home Mortgage Lenders Online. Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. Article Source:http://EzineArticles.com/?expert=Carrie_Reeder credit report - Credit Card Fraud Protection You have to guard your credit card or credit card number just like you guard your home keys! Somebody who knows your credit card number and expiration date can put you in thousands of dollars of debt in a few minutes. Most common credit card crime involves stealing or losing a credit card. A thief can get your credit card by stealing your wallet or burglarizing your home. Also a "sold" store employee can copy your card to be sold on the black market. They do not have to physically have your card to take advantage of it. Knowing the credit card number and expiration date is enough in most cases for credit card fraud. Another way for credit card fraud to take place is by offering you some discounted merchandise or telling you that you have won a prize. A telemarketer calls you and tells that you won something, then asks for your credit card number for "shipping charges". They either send you something worthless or nothing at all. Your credit card may also be stolen from your mail-box before you even receive it. To avoid this kind of fraud now, most of the credit card issuers require that you call from home to activate your card. Although credit card fraud has popped up on the Internet as well, it has not become widespread since most of the websites use a "secure" mode for transactions; meaning scrambling the numbers to disguise them before sending them over the Internet. There are some actions to take to guard your credit card from fraud: Do not carry more than one or two credit cards so that you have fewer to report if you lose your wallet or you are robbed. Keep the numbers to report your lost or stolen credit card in a safe place so that you will have access to them immediately. Do not ever leave your purse or wallet unattended in public. Whenever you buy something, do not forget to get your credit card back. When you are home, keep your credit cards in some place that would not be so obvious for burglars to find. When you receive your card, sign it immediately. Do not lend your card to anybody. If you want someone else to buy something with your card, do the transaction yourself. Watch the expiration dates and be aware of the times that your new cards should arrive. Let the credit card issuer know if you do not get your card on time. Keep your mailbox secure; only you and your postal carrier should have access to it. All credit card receipts and pre-approved credit card offers must be torn into tiny pieces before being thrown away and billing statements should be kept in a safe place. If you want to close your account and you have to send the card back to the issuer, cut it into several pieces before you post it. If you use you credit card to make an online purchase, make sure you see the small key or lock at the bottom left of your browser before you type in your credit card number. Do not ever give your credit card number or personal information to some stranger or telemarketer who calls you on the phone.

credit report - Credit Card Fraud Protection

You have to guard your credit card or credit card number just like you guard your home keys! Somebody who knows your credit card number and expiration date can put you in thousands of dollars of debt in a few minutes. Most common credit card crime involves stealing or losing a credit card. A thief can get your credit card by stealing your wallet or burglarizing your home. Also a "sold" store employee can copy your card to be sold on the black market. They do not have to physically have your card to take advantage of it. Knowing the credit card number and expiration date is enough in most cases for credit card fraud. Another way for credit card fraud to take place is by offering you some discounted merchandise or telling you that you have won a prize. A telemarketer calls you and tells that you won something, then asks for your credit card number for "shipping charges". They either send you something worthless or nothing at all. Your credit card may also be stolen from your mail-box before you even receive it. To avoid this kind of fraud now, most of the credit card issuers require that you call from home to activate your card. Although credit card fraud has popped up on the Internet as well, it has not become widespread since most of the websites use a "secure" mode for transactions; meaning scrambling the numbers to disguise them before sending them over the Internet. There are some actions to take to guard your credit card from fraud: Do not carry more than one or two credit cards so that you have fewer to report if you lose your wallet or you are robbed. Keep the numbers to report your lost or stolen credit card in a safe place so that you will have access to them immediately. Do not ever leave your purse or wallet unattended in public. Whenever you buy something, do not forget to get your credit card back. When you are home, keep your credit cards in some place that would not be so obvious for burglars to find. When you receive your card, sign it immediately. Do not lend your card to anybody. If you want someone else to buy something with your card, do the transaction yourself. Watch the expiration dates and be aware of the times that your new cards should arrive. Let the credit card issuer know if you do not get your card on time. Keep your mailbox secure; only you and your postal carrier should have access to it. All credit card receipts and pre-approved credit card offers must be torn into tiny pieces before being thrown away and billing statements should be kept in a safe place. If you want to close your account and you have to send the card back to the issuer, cut it into several pieces before you post it. If you use you credit card to make an online purchase, make sure you see the small key or lock at the bottom left of your browser before you type in your credit card number. Do not ever give your credit card number or personal information to some stranger or telemarketer who calls you on the phone. Michael Russell Your Independent guide to Fraud Article Source:http://EzineArticles.com/?expert=Michael_Russell credit report - Disputing With Credit Bureaus The federal government enacted the Fair Credit Reporting Act on April 25, 1971, to protect consumers against the reporting of inaccurate, misleading, or obsolete information. Lawmakers designed the law to ensure that consumer-reporting agencies operate in a responsible and equitable manner. The FCRA provides a list of rights and procedures that will assist you in clearing away negative remarks and reestablishing your creditworthiness - regardless of your previous credit history. By understanding your rights and using the law to your advantage, it's possible to remove bankruptcy, judgments, late payments, collection accounts, charge-offs, and other negative information from your files permanently. The first step is to obtain copies of your credit reports from each of the major credit bureaus. You can find the address of your local credit bureau in the yellow pages under "Credit-Reporting Agencies." If you have been denied credit within the past 60 days, you can obtain a free copy of your report by enclosing a photocopy of the denial letter along with your request. Be sure to include your full name, date of birth, Social Security number, and addresses for the past five years. If you have not been denied credit within the last 60 days, you may purchase a copy of your report from each credit bureau. In California, for example, the cost for a copy of your report is $8 from each of the major bureaus. The cost may vary in other states. You also have the right to visit the credit bureau in person to review your file. Simply call the bureau and make an appointment. You will then need to present the proper identification and pay the required fee. The law also allows you to be accompanied by one other person of your choosing. If you request your credit report by mail, you should receive a copy within three weeks. You will also receive an explanation of the various codes and abbreviations the report contains. According to the FCRA, you have the right to dispute any remark on your report that you "reasonably believe" to be inaccurate or incomplete. The act requires the credit bureau to reinvestigate those disputed items within "a reasonable period of time" - interpreted by the Federal Trade Commission as 30 days. If the bureau finds that the information was incorrect, obsolete, or could no longer be verified, it must correct or delete the information. If the bureau does not respond to your initial dispute within a "reasonable time," follow up with another letter. This time, demand that the bureau respond to your dispute immediately to prevent your being forced to take legal action. Give them about two weeks to comply and be sure to maintain copies of all correspondence. If the bureau persists in violating your rights by refusing to reinvestigate your legitimate dispute, send them a final letter demanding action. This time, send copies of your letter, along with the original request, to the Federal Trade Commission and your local office of the attorney general.

credit report - Disputing With Credit Bureaus

The federal government enacted the Fair Credit Reporting Act on April 25, 1971, to protect consumers against the reporting of inaccurate, misleading, or obsolete information. Lawmakers designed the law to ensure that consumer-reporting agencies operate in a responsible and equitable manner. The FCRA provides a list of rights and procedures that will assist you in clearing away negative remarks and reestablishing your creditworthiness - regardless of your previous credit history. By understanding your rights and using the law to your advantage, it's possible to remove bankruptcy, judgments, late payments, collection accounts, charge-offs, and other negative information from your files permanently. The first step is to obtain copies of your credit reports from each of the major credit bureaus. You can find the address of your local credit bureau in the yellow pages under "Credit-Reporting Agencies." If you have been denied credit within the past 60 days, you can obtain a free copy of your report by enclosing a photocopy of the denial letter along with your request. Be sure to include your full name, date of birth, Social Security number, and addresses for the past five years. If you have not been denied credit within the last 60 days, you may purchase a copy of your report from each credit bureau. In California, for example, the cost for a copy of your report is $8 from each of the major bureaus. The cost may vary in other states. You also have the right to visit the credit bureau in person to review your file. Simply call the bureau and make an appointment. You will then need to present the proper identification and pay the required fee. The law also allows you to be accompanied by one other person of your choosing. If you request your credit report by mail, you should receive a copy within three weeks. You will also receive an explanation of the various codes and abbreviations the report contains. According to the FCRA, you have the right to dispute any remark on your report that you "reasonably believe" to be inaccurate or incomplete. The act requires the credit bureau to reinvestigate those disputed items within "a reasonable period of time" - interpreted by the Federal Trade Commission as 30 days. If the bureau finds that the information was incorrect, obsolete, or could no longer be verified, it must correct or delete the information. If the bureau does not respond to your initial dispute within a "reasonable time," follow up with another letter. This time, demand that the bureau respond to your dispute immediately to prevent your being forced to take legal action. Give them about two weeks to comply and be sure to maintain copies of all correspondence. If the bureau persists in violating your rights by refusing to reinvestigate your legitimate dispute, send them a final letter demanding action. This time, send copies of your letter, along with the original request, to the Federal Trade Commission and your local office of the attorney general. Credit repair services and information. Repair your credit report with our Free online credit report evaluation and find out how we can repair your bad ... For more information on bad credit repair do visit http://www.badcreditrepairedtip.com a website that specializes in providing bad credit repair tips and other related Information, Advice and Resources. Article Source:http://EzineArticles.com/?expert=Mark_Neal credit report - Be Smart About Your Credit Credit is a complicated matter. Many people don't understand it and don't want to. They know all they need to know. Until they find that they are unable to get any more credit due to their ignorance of the way it really works. I am constantly surprised by the things I hear people say about their credit. One thing I hear over and over again is that someone doesn't want to know what is on his or her credit report. But believe me, plenty of people do want to know what is on your credit report. You lenders, your current credit card companies, your landlord, your insurance company and your potential employers all will look at your credit report. It will determine your interest rate, you rentability, your insurance premiums and in some cases even your hireability. So what is on your credit report is increasingly important to you as you get older. Most people have mistakes on their reports. Many are the victims of identity theft, but they don't know it yet. You need to check your credit report at least once a year. You can get a free credit report from each of the three credit reporting agencies -- TransUnion, Experian and Equifax -- once a year. Simply go to AnnualCreditReport.com for more information. It is a good idea to know your credit score as well. There are reports that one in five people have higher interest rates than they should for their credit score. Often, people don't realize that they have better credit than they think, so they go along with whatever rate is offered to them. You have to pay a small fee for your score, but it is worth it. And with time, you can watch your efforts to improve it pay off. Be a wise credit consumer. Pay all your bills on time each month. Don't overextend yourself. Avoid credit card balances at all costs. Keep your balances to credit limits at least under 50%. Work hard to pay off your debts. Remember, the less you have in debt, the more money you have. Take the time to shop around for great interest rates and favorable terms. Don't just accept the first offer that comes your way. Shop around for everything from mortgages to credit cards. The key to this is to shop around first and then apply with the one lender that you decide best fits your needs. You don't want to have more hits on your credit report than necessary. It won't raise your score, but it will alert lenders to the fact that you are searching for credit.

credit report - Be Smart About Your Credit

Get Your Prepaid Visa Today Credit is a complicated matter. Many people don't understand it and don't want to. They know all they need to know. Until they find that they are unable to get any more credit due to their ignorance of the way it really works. I am constantly surprised by the things I hear people say about their credit. One thing I hear over and over again is that someone doesn't want to know what is on his or her credit report. But believe me, plenty of people do want to know what is on your credit report. You lenders, your current credit card companies, your landlord, your insurance company and your potential employers all will look at your credit report. It will determine your interest rate, you rentability, your insurance premiums and in some cases even your hireability. So what is on your credit report is increasingly important to you as you get older. Most people have mistakes on their reports. Many are the victims of identity theft, but they don't know it yet. You need to check your credit report at least once a year. You can get a free credit report from each of the three credit reporting agencies -- TransUnion, Experian and Equifax -- once a year. Simply go to AnnualCreditReport.com for more information. It is a good idea to know your credit score as well. There are reports that one in five people have higher interest rates than they should for their credit score. Often, people don't realize that they have better credit than they think, so they go along with whatever rate is offered to them. You have to pay a small fee for your score, but it is worth it. And with time, you can watch your efforts to improve it pay off. Be a wise credit consumer. Pay all your bills on time each month. Don't overextend yourself. Avoid credit card balances at all costs. Keep your balances to credit limits at least under 50%. Work hard to pay off your debts. Remember, the less you have in debt, the more money you have. Take the time to shop around for great interest rates and favorable terms. Don't just accept the first offer that comes your way. Shop around for everything from mortgages to credit cards. The key to this is to shop around first and then apply with the one lender that you decide best fits your needs. You don't want to have more hits on your credit report than necessary. It won't raise your score, but it will alert lenders to the fact that you are searching for credit. Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies! Article Source:http://EzineArticles.com/?expert=Martin_Lukac credit report - Why Use Private Money For Real Estate Investing - Reason 2 You can't judge a book by it's cover, and you can't judge a person by their credit score. Unfortunately banks, lenders and other financial institutions do exactly that, often using credit score as a sole determining factor in deciding whether to grant a new loan. Another great reason to use private money for real estate investing is that it won't negatively impact your credit score. Why not? Read on to find out. When you borrow money from private individuals, something very important does NOT happen. They do not pull your credit report. Therefore, no inquiry shows up the next time someone DOES pull your credit report. Inquiries can lower your score, and multiple inquiries can have a negative impact on your score and your overall credit picture. How much of an impact? That depends on who's reading the credit report, and which of the three reports they're reading. One this is certain... all other factors being equal, it's far better to not have inquiries show up on your report. When you use private money for real estate investing, you avoid the automatic "inquiry deduction" in your score, as well as the negative assumptions loan officers often make when they see multiple inquiries. There are plenty of great reasons to use private money for real estate investing, and one of the best is that private lenders don't pull credit. Of course, that doesn't mean you NEVER want to pull your own credit report in order to show it to a potential lender, or even invite him to pull it himself. That can be a good strategy, especially when you're in the process of trying to earn a new lender's trust. Once the relationship is established and you've paid back a loan or two, they should never need to pull your report again... something no institutional lender I've ever worked with has been willing to guarantee. You can see that using private money for real estate investing has some real advantages, one of which is preserving your credit by limiting the number of inquiries on your report. Why use private money for real estate investing? Plenty of reasons! For more try http://www.private-money-real-estate-investing.com/why-private-money.html