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Why do lenders review your credit history?
When a lender is evaluating you for a loan, your credit history is one of the most important factors in determining your credit worthiness. Your credit history will show the debts you owe and your ability to pay them. This helps the lenders determine their risk, meaning how likely you are to repay your debts. The credit report will also show any items on public records including liens, bankruptcies, foreclosures, etc.There are three main factors that can cause a credit score to change from the date the report was first issued: Time: Time has the greatest impact on credit score fluctuations.

What is calculated into a score?
Details such as on time and late payments, how late the payments are, how many accounts are open, the proportion of balances to credit limits on revolving accounts, whether there are collections, bankruptcies, judgments, liens and how new accounts are. Your score is a snapshot at a specific moment. Your scores can change with new actions and with the passage of time.

What is a credit score and how will my credit score affect my application?
A credit score is one of the pieces of information that we’ll use to evaluate your application. Banks and other financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions.We will not pull your credit report. We advise all clients to pull their own credit report from Equifax, Trans Union or Experian and sign up for a credit monitoring service, so you are notified when your credit score goes up. When we add you as an authorized user, your credit is not pulled, so there will not be an inquiry We do not make that determination, we do not verify SSN’s.Yes. Repair information must be completely identified. As you make improvements to your property, you may request the release of your draw money by submitting a Draw Request. Draws are not provided in advance. Funds are released only when the repair has been completed. What if I go over the repair estimate? Opps! you will be responsible for any repairs costs additional to what was originally assigned for the specific repair. Yes, and No..

Will you pull my credit report?
We will not pull your credit report. We advise all clients to pull their own credit report from Equifax, Trans Union or Experian and sign up for a credit monitoring service, so you are notified when your credit score goes up. When we add you as an authorized user, your credit is not pulled, so there will not be an inquiry We do not make that determination, we do not verify SSN’s.

What determines interest rate?
Online lenders review your credit condition to determine interest rate. Auto loan underwriters use a credit rating score and internal consumer rating criteria to determine APR. The credit rating score is normally referred to as FICO score received from a national credit agency.

What is my credit rating/credit score?
Some credit providers may score or rate an application as part of the process to assess the risk involved in providing credit to you. This technique involves building a score or credit rating based on the information you provide on the application form and the information held on your credit file.Yes. If late payments, collection accounts, charge-off items, or any other inaccurate information is removed, your credit score (FICO) will ultimately increase. In fact, we have witnessed many of our client’s credit scores increase by as much as 100 points within 1 to 3 months.

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