Credit Score Ranking
Key to building a strong credit history
Credit score ranking is key to building strong credit
history. Lenders use credit score rating scale to determine your credit
worthiness. Follow the simple steps below -- it may take some time and work but the benefits are worth the effort. Good credit score rating has its perks; the biggest is the easy access to affordable financing.
680+ credit score needed to get you an insured mortgage to buy a house.
620+credit score ranking gets you conventional financing with "A" lenders
575+ credit gets you a mortgage with Alternative "B" lenders.
Credit score ranking used by lenders to qualify you for a mortgage.
Below 575: Alternative "B" lenders may consider your application if they like the property, you have stable income and your debt is fully paid off as part of the refinancing home mortgage.
This credit core range is likely a candidate for private mortgage lenders.
Things that harm your credit score ranking
Each situation is unique and requires an individual
assessment. But to start, let's take a look at few basic tips to maintaining a good credit score range:
If you have no credit score at all, the first step is to get
a secured credit card.
- If you have credit cards, all late payments will set you back
- 2 months in arrears on your credit card can set you back up to 2 years from
- Be careful who is pulling your credit - you lose points with
each inquiry. A signed consent form is required to pull your credit - when
you sign those retail store promo forms, there is always a consent clause
hidden in the small print. When you go to the bank, they share your information
with all their affiliates -- credit cards, investment houses, and others
soliciting your business -- and they will pull your credit again and again to gather
information about you. We only pull your credit once and if for some reason the first lender turns
you down for a mortgage, your application is redirected to other lenders with
the original credit report attached;
- If you are running your balances too close to your credit limit, this will
also damage your credit score. While you're rebuilding your credit, take a look if debt consolidation help can be a short term solution.
- If things have gotten out of control, don't delay - take a
look how bad credit home loans (2nd mortgages) can help, until you get back on track.
- Using private lenders is
a good short term fix strategies until your credit rebuilds.
- If your debt has been placed into collection and you're
disputing charges, pay the debt first and then dispute. Every month your
debt is in collection your credit is going down the tubes. It takes a long time
to rebuild credit and in the meantime you will not be able to get affordable
- Stay on top of your credit score ranking details so that you always qualify for
mortgages you deserve;
- Monitoring your credit annually is important to ensure identity theft protection.
If you need to apply for a residential mortgage or a debt
consolidate loan please give me a call for a free assessment. Together we'll
review your circumstances to get you best mortgage solutions.
Marie Copeland FSU, Bad Credit Mortgage Hamilton Ontario
Banks and "A" Lenders pay us for your service. EXCEPT bad credit mortgages, some self employed mortgages, private mortgages or multi-use and commercial loans - broker fees are payable by clients.
*Lenders change their products and interest rates without notice.
To top of Credit Score Ranking
Back to Credit Reports and Score
from Credit Score Ranking