When you apply for credit - whether for a car loan, mortgage, credit card, etc., information in your credit file is fed into a statistical model. That model assigns a numerical score designed to predict your risk as a borrower. The higher the score, the safer the borrower (from the creditor’s point of view). Credit scores have been utilized by lenders for over 20 years, but have only become common practice in the mortgage business in the past 5 years. The most widely recognized score for the mortgage industry is the FICO, or Fair Isaac Score. There are three credit bureaus in the country of which each have their own names for the FICO score. The FICO score actually is from Experian, while Equifax uses Beacon scores and Trans Union has Empirica scores.

How does my Credit Score affect getting a mortgage?

FICO scores range from approximately 350 to 875 points. The higher the number, the lower the risk of default. A high credit score may often mean a speedy and competitively priced mortgage loan. On the contrary, a low score could mean higher interest rates, and more documentation. Many lenders do not make loans to consumers with scores under 620. (But Florida Mortgage Group does!)

How can I get my credit score raised?

It may take some time, but it can be done.

Be sure to make all payments on time.

Keep balances on open accounts as low as possible.

Close the accounts that you’re not using. (Credit is good - too much credit will hurt your score.)

Keep inquiries to a minimum. Don’t let anyone access your credit report unless they have good reason to. (Inquires made by the person listed on the credit report does not affect credit scores.)

It is a good idea to periodically check your report to see what is being reported to your credit file. You may contact the 3 credit bureaus directly and request a copy of your report. If there is information in your credit file that is incorrect, re-contact the 3 credit bureaus, and dispute the inaccuracies. Information must be presented to all three bureaus to ensure it will be corrected properly. Your score cannot be changed by any other source than the 3 bureaus. Here are their phone numbers.

Equifax (800) 685-1111

Experian (888) 397-3742

Trans Union (800) 888-4213

Adrian Skiles, GML

Adrian Skiles, GML has over 20 years experience in the mortgage and real estate industry. He is currently President/Broker of Florida MortgageGroup, Atlanta Mortgage Group and The Mortgage Group of North Carolina. On the web at http://www.efloridamortgagegroup.com/, http://www.atlantamortgagegroup.com/ and http://www.mortgages-northcarolina.com/.

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Being declined by a few lenders people generally stop from applying for a poor credit mortgage UK. The higher interest charged by the lenders for a poor credit mortgage UK also discourages them to apply. But the fact is that getting approval for this mortgage is not difficult in present day loan market. Barring a few lenders all the others are not fussy about a bad credit score.

Getting approval for a poor credit mortgage UK is easy for another reason. The mortgage market is flooded with lenders and there is constant competition among them. So they do not let a borrower go out of their hold easily. That is why it is not wise to give up your efforts only after declined by some lenders. After all a poor credit mortgage UK is replete with some such benefits which justify the hassle you face.

A poor credit mortgage UK opens the gate of becoming a houseowner and closes the chapter of tenancy. No more you have to pay rent. Rather the monthly installment paid by you will ultimately increase the equity in your house. It also indirectly gives you chance to better your credit record. Managing the poor credit mortgage UK properly by making regular repayment will automatically improve your credit score.

In the long run you can go for a refinance when a reasonable equity will be build up in your house. Thus you will have a good amount of cash in your hand. You can also lower your outgoings by choosing better interest rate. So chase the opportunity of being a homeowner with the help of a poor credit mortgage UK.

About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-Credit-First-Time-Buyer as a finance specialist.

For more information please visit http://www.adverse-credit-first-time-buyer.co.uk

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Let’s face it, if you are facing the possibilities of losing your home due to a foreclosure and you think that you may never be able to purchase another home anytime soon. Keep reading.

I am going to share with you four steps you need to prepare yourself for that transition down the road. First, if you lost your home because of a foreclosure or you’re about to, don’t give up. The worst thing you can do right now, is to do nothing.

First: Get a copy of your credit report to see what a potential creditor will see and immediately start making repairs to clean up any negative infractions, stay away from credit repair companies.

Visit: http://www.creditinfocenter.com

Second: While you are rebuilding your credit, start putting together an emergency fund. Start off by saving three months of your mortgage/rent payments and three months of car payments for obvious reasons.

Three: Go to your book store, library or online and start educating yourself on lease purchase. I mention lease purchase because of your temporary credit and money requirements. You can normally get into a house with a small down payment and no credit check. Just be prepared to purchase that property down the road. That’s why you need to clean up your credit and who knows, you might start making money with this new found information.

Here are two extraordinary sites for you to visit for more information:
http://www.lease2puchase.com and http://www.creonline.com.

Four: Start putting together your financial plan. Set goals for your future retirement, college for you or your children. Start a business. Find a financial planner one who will work with you and his motivation is not to sell you something you don’t need, just so he can get a commission.

When the time comes in a few years after you have put a down payment on your lease purchase home, rebuild your credit, raise your credit score; set aside an emergency fund and designed a financial plan, then you will be ready to buy your next home.

Copyright 2005 Bobby Johnson - All Rights Reserved

For a free report titled “How You Can Stop Your Home From Going Into Foreclosure Without Selling or Filing Bankruptcy”, call 770-210-8797 or email: bjohn54928@aol.com

Bobby Johnson is a Comprehensive Financial Planner/Accountant/Speaker/Author. He has written many articles and books on foreclosures ” How To Save Your Home From Foreclosure and Not Lose Your Mind” and “How To Stand Up To Collection Companies and Win”.

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