All articles about Credit history

How is my credit score impacted by paying a charge off?

It is much easier to get paid charge-offs removed than unpaid charge-offs. There is no incentive for the creditor to fight the dispute, since they already have their money. So if you dispute the charge-off, the credit bureaus will send a verification request to the creditor. Most often the creditor will ignore the verification request. After 30 days with no response from the creditor, the credit bureaus will remove the charge-off form your credit bureau. Continue reading How is my credit score impacted by paying a charge off?

Fixing Credit Report Errors in 3 Easy Steps

Fico Score Improvement

Credit Repair Companies, even the good ones (and I say that very generously) remind me of a quote from one of my all time favorite private dick movies “the Two Jakes”. In the opening scenes Jake finds himself at the top of the heap, professionally speaking, the “leper with the most fingers.” This is how I feel about credit repair companies, even the good ones are just one finger away from being fingerless.

Why you need to get pre qualified BEFORE shopping your next home

A lot of clients want to know why they should get pre-qualified for a mortgage?  It’s a good question!  Hi, my name is Jenny Miller with AES Lending. Let’s look at pre-qualification another way.

Click here for  a Free Pre Qualification and credit review
Click here for a Free Pre Qualification and credit review

Continue reading Why you need to get pre qualified BEFORE shopping your next home

Dos & Don’ts During Your Mortgage Process

Contents
  1. Do:

Dos and Donts During the Loan Process

Do:

  • Make loan and other debt payments on time, especially over the months leading up to the filing of your mortgage application. It sounds simple, but every 30-, 60- or 90-day delinquency on a loan or credit card will reduce the credit score the lender ends up considering as part of the loan file. That score, in turn, will determine the interest rate you get on your home loan. Continue reading Dos & Don’ts During Your Mortgage Process

Where’s the Best City in America to get a Mortgage?

2004 - 2007 Vintage was...poor

After a three year period (2004 -2007) of declining credit standards the mortgage lending industry has had to fight and claw its way back into good graces with both their regulators and investors.

All this while swimming in a sea of undefined new regulation that has been thrust upon its already foreclosure burdened back with the introduction and implementation of the Frank Dodd Act of 2011 more commonly known as the Financial Reform Act of 2011.

In lending we refer to the our book of business that has been booked in any calendar year not unlike a winemaker refers to a vintage.

Mortgage Loans like Wines have good vintages and not so good vintages. Some you drink on only very special occasions while others may be more appropriately consumed from a paper bag. And just like the vintage you have vintner, some like me are better than others.

The best way to describe mortgage loans originated in the  2004 – 2007 vintage is  “Smells of barnyard and tastes like, well … not recommended.”  The Fermentation Daily Blog. Continue reading Where’s the Best City in America to get a Mortgage?

Underwriting Tip – Bankruptcy Waiting Periods – FHA

A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender documents that one … More Underwriting Tip – Bankruptcy Waiting Periods – FHA