It’s a fact of modern life: Credit scores matter. Having good credit makes it easier to secure loans, credit cards, and other opportunities. Unfortunately, a job loss, health crisis, or miscalculation can send your finances spiraling in the wrong direction. Fortunately, low credit isn’t a life sentence. It won’t happen overnight, but if you put these tips for rebuilding credit to good use, your credit score will climb.
The Minimum Credit Score for a VA Loan
Sometimes yes/no questions aren’t so simple. Consider this: If you asked most Americans if insects belong on restaurant menus, you’d get a resounding no. However, other cultures would be just as quick to answer that question with a yes. They’d find nothing strange about nibbling on grasshoppers, crickets, ants, and even beetles. What could a debate about eating insects have in common with VA loans? When you ask whether there’s a minimum credit score for a VA loan, you’ll get a similarly mixed answer. [Read more…] about The Minimum Credit Score for a VA Loan
How Long Does It Take to Rebuild Credit?
Bad credit can happen to good people. Illnesses, accidents, job losses, bad luck, and other nasty surprises can leave even the most credit-savvy person struggling to make ends meet. Whether you got off to a shaky financial start as a young adult or watched helplessly as life did a number to your previously healthy credit history, you don’t have to settle for bad credit. Credit scores are constantly changing, and with a little time, effort, and discipline, you can improve yours. How long does it take to rebuild credit? That’s a tricky question to answer accurately. [Read more…] about How Long Does It Take to Rebuild Credit?
How to Calculate Debt-to-Income Ratio
Are you busy plowing through the multitude of advice available regarding what you should do to improve your chances of securing the mortgage that you need to buy your dream home? You’re probably finding plenty of information about your FICO credit score, why it matters, and how to improve it. However, your credit score isn’t the only number that lenders care about. Knowing how to calculate debt-to-income ratio and what it says about your financial health can help you make smart decisions that will put you in a better position when you’re ready to apply for a mortgage. [Read more…] about How to Calculate Debt-to-Income Ratio
How to Get a VA Loan with Bad Credit
When it comes to securing a mortgage, your credit history matters. Borrowers with excellent credit can expect to be offered more options and better terms, but you aren’t necessarily out of luck if your credit is less than stellar. Are you eligible for a VA loan? If so, exploring how to get a VA loan with bad credit should definitely be on your list of things to do. Because this type of loan is guaranteed in part by the U.S. Department of Veterans Affairs, VA loans generally come with favorable terms and more forgiving standards. [Read more…] about How to Get a VA Loan with Bad Credit
How To Build Your Credit
If you want to purchase a new home, it is important that you understand the role your credit will play in your ability to get approved for a mortgage. Lenders review your credit score and history to ensure that you are a reliable candidate for a loan. A high credit score can help you secure a great mortgage, but people with lower scores can still qualify for a mortgage with higher interest rates. If you currently lack credit, now is the time to learn how to build your credit. Everyone has to start somewhere.