Credit Card Balances and Your Credit

It's no secret - credit card balances are a major part of your credit score.  Most people know "the lower the balance the better."   Credit scores go up when credit card balances go down.  Pretty simple.  However, the science behind the credit scoring algorithms view or credit card balances is not so well known.Apply for a Home Loan 602.435.2149 How Your Credit Report Sees Credit Card Balances Credit scoring algorithms favor low credit card balances.  Kind … [Read more...]

Dealing with “Medical Payment Data” Collections

Dealing with a medical emergency is stressful enough.  Whats worse?  Finding a stubborn medical collection festering on your credit.  However, can you imagine finding a medical collection when applying for a new home loan?Apply for a Home Loan 602.435.2149 The Origin of a Medical Payment Data Collection Now, the brain wracking and backtracking begins.  First, you ask your self what doctor visit is the collection from?   Then you wonder, what collection company is … [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...]