Credit Card Balances and Your Credit

It's no secret - credit card balances are an important element of your credit score.  Most people know the general rule of "the lower the better."   The lower credit card balances are better than high ones when it comes to your credit rating.  However, many don't know the science behind how most credit scoring algorithms view credit card balances. How Your Credit Report Sees Credit Card Balances Credit scoring algorithms favor low credit card balances and typically reward consumers with low … [Read more...]

Where Your Credit Score Comes From

It has been said that credit is the 8th wonder of the world.   In some ways it makes sense to categorize credit scoring as a mystery.  For example, why would someones score go down if they pay a credit card off?  Believe it or not, there is a very logical reason behind that!  As your Arizona Mortgage Lender I want to help you understand the mystery we call "your credit score." A credit score (when broken down into it's basic components) makes quite a bit of sense.  Understanding the dynamics … [Read more...]

Alternative Credit & Home Loan Approval

There are basic credit requirements that each Phoenix area mortgage applicant must meet in order to obtain loan/mortgage approval. Each different type of home loan (FHA, VA, Conventional, USDA and JUMBO) comes custom fit with its own set of credit guidelines or “rules." When applying for a mortgage with an Arizona Mortgage Lender, a buyer may need to "beef" up or strengthen their traditional credit profile (the one that shows on their credit report) due to the fact that they either do not have … [Read more...]