Busting Credit Score Myths to Buy a Home During COVID-19

The virus has thrown up a lot of financial roadblocks for people that were making serious progress towards buying a home this year. Make no mistake about it, your credit score does make a difference in being able to qualify for a bank-based mortgage. Although it is possible (but difficult) to find private mortgages with

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New FICO Resilience Index may help extend credit availability

Fair Isaac Corp., the organization that created the widely used FICO credit score implementation, has created a new credit index that it says should help more people to qualify for a home loan. The new FICO Resilience Index is intended to supplement the FICO score, and is said to help lenders assess borrower’s ability to

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Tips for Improving Your Credit Score to Buy a Home

Improving your credit score can be a complex subject based on your individual situation (but not always). Fortunately, there are many resources available to help you. Making a few relatively small improvements will make a huge difference in both how much house you can afford and how much you’ll pay in interest payments. It makes

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Signs Credit Card Debt is Getting Out of Hand

OK, so your ends are still meeting, but just barely. You’re praying nothing entailing a large expense happens because you don’t know how you’ll handle it. The credit cards that seemed like a good idea way back when now have significant outstanding balances and you’re questioning whether or not they really were a smart choice.

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Ask Brian: What Do I Need to Know About Credit Scores?

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to [email protected] Credit score questions are the most commonly asked. Here I answer a couple of the most frequently asked. Question. John from Green

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What Makes Credit Card Debt Particularly Dangerous?

All debt is not created equally. At first glance, two consumers with the same amount of debt might seem like they’re in the same financial boat. But this is like comparing apples to oranges; $25,000 in student debt is by no means the same as $25,000 in credit card debt. Credit card debt is a

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New UltraFICO credit scoring model promises to extend credit access to millions

Experian, FICO and Fincity are touting a new credit scoring model they say can increase access to credit for millions of U.S. citizens. UltraFICO, as the new model is known, takes into account more than just the information reported to the three main credit scoring agencies, Experian, Equifax and TransUnion. It also looks at consumer’s

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Mortgage fraud is on the rise

A growing number of borrowers are becoming so desperate to qualify for a mortgage that they end up lying about how much they earn on their applications.

Relaxed rules boost “millions” of consumer’s credit scores

Millions of consumers’ credit scores have increased following an overhaul in the way the major credit report agencies factor in negative information about their histories.

FHFA suspends plans to update its credit scoring model

This week it was revealed that an initiative to update the Federal Housing Finance Agency’s credit score model, which is used by both Fannie Mae and Freddie Mac, is being suspended.

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