Lenders will need to see a copy of your credit report. It will have all your long term debts like mortgage, credit cards, automobile and loans as well as your payment history.
It is a good idea to obtain a copy of your credit report months before you apply for a loan so you can find possible problems with your credit before you get pre-approved. Federal law guarantees that you have access to your credit report that can be obtained from the website or national firms that handle credit reports.
Credit Report Errors
Credit reports often contain errors or wrong information. If this is an issue you will need to contact the reporting creditor to have the problem resolved and can be a slow process so be patient.
Credit reports often contain errors or wrong information. If this is an issue you will need to contact the reporting creditor to have the problem resolved and can be a slow process so be patient.
Late payments
Majority of problems with the credit report are related to late payments. With a history of late payments you will need to document the reasons. A slow payment history will not always get you turned down for a loan but you could have to pay a higher rate of interest.
Majority of problems with the credit report are related to late payments. With a history of late payments you will need to document the reasons. A slow payment history will not always get you turned down for a loan but you could have to pay a higher rate of interest.
Bankruptcies and foreclosures
Bankruptcy on your credit report is not a good thing but that doesn't mean you still can't obtain a loan. It may stay on your credit report for 7 to 11 years lenders will consider the circumstances surrounding a bankruptcy. If you have re-established good credit since the bankruptcy a lender will be more interested to approve your application.
Bankruptcy on your credit report is not a good thing but that doesn't mean you still can't obtain a loan. It may stay on your credit report for 7 to 11 years lenders will consider the circumstances surrounding a bankruptcy. If you have re-established good credit since the bankruptcy a lender will be more interested to approve your application.
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