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.