IS THERE ANYTHING IN YOUR CREDIT REPORT
THAT WOULD HARM YOUR CHANCES
OF GETTING A MORTGAGE?
CREDIT SCORES are used by employers
increasingly in their hiring decisions. Many jobs in today's
new economy require security clearances in addition to the now
normal background investigations, em- ployers, in light of
September 11th, 2001 attacks, now consider your personal credit
report and score as part of their process.
If you think there may be a problem, visit
the Institute of Consumer Financial Education's web site at:
www.icfe.info
The ICFE is a wonderful resource for
consumers of all ages to learn more about spending, saving and the
wise use of credit.
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How Lenders Decide How Much You Can Borrow
Financial institutions determine the
amount of your home equity loan or credit line by
taking a percentage of the appraised value of the home and
subtracting the balance of the mortgage.
For example:
Appraised value of
home
$80,000
Percentage rate set by lender:
80% Percentage of appraised value
$64,000 (80,000 X .80)
Mortgage balance
$20,000
Maximum Loan or Line of Credit
$44,000 (64,000 minus 20,000)
The lender will also evaluate your ability to repay this loan by
looking at your income, financial responsibilities and credit
record. You normally will not want to borrow any more than
you really need because your house is generally your largest
single investment. You will want to be careful not to put it in
jeopardy.
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First-time credit
user/seeker?
Need help
obtaining credit?
"Credit
When Credit Is Due"
is a credit new education course that really works. Over
a third of the
graduates report an in- crease in their credit score and credit rating
within a year of completing this unique 12 week course.
"Credit
When Credit Is Due"
is designed for those
individuals who have had some negatives, such as a delinquent loan, a
late payment or bankruptcy.
The twelve lessons may be done as a home study or you may join classroom version that
guides you through the credit puzzle.
Upon completion, those
who complete the final
exam receive a certificate
of completion and your name goes along with about 19,000 other
graduates,
into a national data base.
You will also be entitled to discounts on loan applications, waiver of
fees or a lowering of the points and with certain utilities, a waiver of
deposits and much, much more.
Click here for more information about
"Credit
When Credit Is Due."
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