“My Credit Score is 700 and My Loan App was Denied? What’s Going On?”
Credit and credit scores will be much different in the future! Just because a person has a credit score of 700 does not mean they will get a loan; there is much more included in a credit report than just a number. It’s possible for an applicant who has a score in the 600’s to get a loan and a person with a score in the 700’s to be turned down.
Here are 7 Facts about Credit and Credit scores that can be Game Changers.
1. Abstinence before you close. A borrower’s credit history will be analyzed for months prior to the loan application and continuously after the loan application and approval, up until the moment of closing. An application for a new credit card or to buy furniture could cause the loan to be denied, even on the day of closing. Lenders have learned a lot about risky loans in the past several years, and most exercise extreme caution.
2. Credit Counselors. There is a fine line between giving advice and Read the rest of this entry »