how can i check my credit score for free, and how likley is it that the bank would give 80,000 loan with ok?
credit?
Sarah:
When you apply for a mortgage the lender will usually give you a copy of the credit bureau, or at least we do. If your scores are under 620 (minimum needed) then we work with you (for free) and let you know exactly what you need to do to increase your scores. Call me if you are interested.
Kurt Clements
Senior Vice President
GSF Mortgage
3933 75th St
Aurora, IL 60504
Office: 630.806.7016
Cell: 630.430.1091
kclements@gsf-mortgage.com
http://www.gsfgovernmentloans.com
As Tom mentioned, you can get your reports for free once a year(but not score) through https://www.annualcreditreport.com/
On thing you need to be aware of is the difference between a soft and hard inquiry. Going to a mortgage broker is going to get a hard inquiry added to your credit reports, which stays on your report for 2 years, and each inquiry reduces your credit score by 3-5 points.
What you need to do is make sure you only do soft inquires, which do not appear when a 3rd party pulls your report. You get soft inquires by pulling your own credit report, and not through a third party like a mortgage broker.
http://www.creditkarma.com will give you your Transunion based score for free via a soft inquiry, and you can update that score daily.
The only place to get your true fico score via a soft inquiry is
http://www.myfico.com/
Then the following are some other websites that when you sign up with them will pull your report via soft inquires. But the score they provide are estimates of your FICO, but not your true FICO. So they will generally be within +- 50 of the real score.
http://truecredit.com/
http://www.creditchecktotal.com/
http://www.privacymatters.com/
Most of these sites have 7 day free trials, so you can sign up, get your score, and then cancel the membership. So except the hassle of canceling, it's a free score.
So look up your report, and make sure it is accurate. Any incorrect information you can get removed by sending a letter to the bureau that has the incorrect info. You do not need to hire someone to get data removed, although they would already know what to do and could get it done faster.
Keeping credit cards under 10% usage is perhaps the quickest way to boost a score.
Sarah-
If you'd like, you can kill 2 birds with one stone. First off let me say that I have been learning lately that some of the scores that are calculated from consumer reporting agencies like freecreditreport.com tend to not always be the scores that are reported via a mortgage lender's credt report. Sometimes we get higher and sometimes we get lower - it just depends. My suggestion would be to simply call a mortgage lender and have them pull your report in the form of an application. We don't charge an up front fee anyway so you can know your scores in about 3 minutes. On top of that, we do not have a minimum credit score requirement for an FHA. Many lenders right now have implemented minimum score requirements for FHA loans which can prevent well-qualified buyers from obtaining financing simply because a score comes back a few digits low.
Just think, you can know your score and have an approval in less than 30 minutes. If I can be of any assistance, please let me know.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
About a month ago, my office met with Joann, a representative of Doctor Credit. They will give you a free consultation, with credit score. If you choose to use their service, for $99/mo, they will help you remove inaccurate information from your report. Contact me for more info.
Whether a bank will give you $80,000 for a home depends on your income, liabilites and credit score. You can estimate how much house you can afford by using a online calculator. One can be found @ http://sroake.mccolly.com/shared/calc/howmuchhouse.php
Sarah
I think you got lucky....You got some good links to check out from one of the best Contributing Agents (Helps a lot of people with good responses).
Then Tom shows up and you get an Lenders perspective from a straight shooting Lender.
It's the kind of assistance you can take to the bank (Alright not really but they are both quality contributors).
You can check my profile (Been here for a bit) and I'm sayin ya got some top notch comments for what it's worth.
Good luck, Dunes
Sarah,
I am not aware of any way to get a FICO score for free. The FICO score is the industry standard formula. Anyone can issue their own version of a "credit score", so be careful on your search. Fred's link to http://www.annualcreditreport.com is the one I also recommend. By law, you are entitled to one free report per year from each of the consumer credit reporting companies: Equifax, Experian and TransUnion. This DOES NOT include your score.
I highly recomend the FAQ link, as it has great info and one of the questions is "how do I get my Credit Score?" There will be a reasonable charge at this site for your score.
Given your apprehension, you may be best served by going directly to a mortgage professional and working with them to get your score, evaluate your credit and formulate a plan.
FHA guaranteed loans are more lenient on credit standards, but they do have other qualifying criteria.
The other links on Fred's posting also look like good resources.
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