Warning: Illegal string offset 'before_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 769

Warning: Illegal string offset 'after_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 771

Warning: Illegal string offset 'before_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 773

Warning: Illegal string offset 'after_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 775

Warning: Illegal string offset 'before_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 769

Warning: Illegal string offset 'after_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 771

Warning: Illegal string offset 'before_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 773

Warning: Illegal string offset 'after_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 775

Warning: Illegal string offset 'before_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 769

Warning: Illegal string offset 'after_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 771

Warning: Illegal string offset 'before_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 773

Warning: Illegal string offset 'after_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 775

Warning: Illegal string offset 'before_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 769

Warning: Illegal string offset 'after_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 771

Warning: Illegal string offset 'before_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 773

Warning: Illegal string offset 'after_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 775

Warning: Illegal string offset 'before_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 769

Warning: Illegal string offset 'after_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 771

Warning: Illegal string offset 'before_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 773

Warning: Illegal string offset 'after_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 775

Warning: Illegal string offset 'before_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 769

Warning: Illegal string offset 'after_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 771

Warning: Illegal string offset 'before_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 773

Warning: Illegal string offset 'after_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 775

Warning: Illegal string offset 'before_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 769

Warning: Illegal string offset 'after_widget' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 771

Warning: Illegal string offset 'before_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 773

Warning: Illegal string offset 'after_title' in /home/mkick/public_html/wp-content/plugins/mycustomwidget/my_custom_widget_functions.php on line 775

Credit

Credit is what mortgage bankers or other underwriter use to assess how borrowers manage their current and prior debts. In the United States there are three credit bureaus (Equifax, Transunion and Experian) that regularly make credit reports about the borrower’s credit score, current and past data about credit cards, loans, collections, foreclosures etc. Naturally, a borrower’s credit is better when he is solvent and has a good credit history, meaning that he will be able to pay his monthly installments in a timely manner.

The credit score is one of the most important instruments to measure credit. Basically, the credit score is a number between 350 and 850, calculated using a complex mathematical model composed of several indicators taken from the borrower’s credit history, outstanding debts, etc. Higher credit scores represent borrowers with less risk. Many mortgage underwriters have minimum score guidelines.

Many elements affect the credit report. One of the most influential aspects is the person’s current housing. If the borrower already has a mortgage and fails to fulfill his obligations, that increases the risk for the lender. Lenders usually analyze the most recent 12 – 24 months of the borrower’s housing history.

Payments of loans and revolving credits are also important. The credit report also contains collections, charge offs, repossessions, foreclosures, bankruptcies, liens and judgments. If any of these items are present on the report, the risk rises considerably. Serious errors in the credit history, such as foreclosures and bankruptcies may reduce the ability to get any loans from two to seven years.