Mortgage brokers, and those hoping to buy homes, are disgusted by the preeminence of the credit score in “scoring” a home loan today. According to an article, in Friday’s New York Times, this overemphasis on credit scoring in the home mortgage market is not helping the economic recovery either, because people just cannot qualify for a home. Some people’s scores have decreased...
If there are old merchant cards and other credit cards taking up space in your wallet, you may be tempted to close those accounts, since you don't use them anymore. However, that would be a bad move for your credit score. Even though you're not using them, those old credit cards are helping your credit score in a number of ways. To better illustrate how and why those unused credit...
When you apply for a loan from a creditor, one of the first things that he will want to see is your credit score. If it is not high enough he may refuse you the loan outright. Alternatively, he may give you the loan, but at onerous interest rates or conditions. When looking for a mortgage, your credit score may determine whether you end up paying $800 a month for your mortgage or...
