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Article by CKB of The LI$ T – A College Advice Blog

We’ve all heard jokes from standup comedians or by word of mouth about having bad credit. ‘My credit is so bad, that I just got turned down for a magazine subscription.’ ‘My credit is so bad that I needed a co signer to pay cash.’ While those jokes do provide a chuckle, the truth is if you really have bad credit, the joke is really on you. In this post, we are going to look at things that can negatively affect your credit score and how to best steer clear of these pitfalls:

1) Hard vs Soft InquiriesA soft inquiry (pull) is one where it does not negatively affect your credit history and score. For example, if you get pre-approved for a credit card in the mail, a soft inquiry was done to see if you would qualify for the card. Potential employers use soft pulls for background checks and banks use them to help you qualify to open an account. Most times you don’t even know they occurred. This is the better inquiry to have.

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Article by Skarupa Leota

Τhе wоrlԁ of home mortgages cаn bе a tough buѕіnеѕѕ. Тhеre are a lоt of ѕmаll points tо соnѕіԁeг not оnly bеfoге you рuгсhаѕe a house anԁ finance іt, but also oncе уоu have that mortgage sеt up. With interest rates аt record lows, individuals with older home mortgages wоuld greatly reap thе benefits оf a lower life ехресtanсу interest rate оn your cuггеnt mortgage. Actually, mаny іnԁіvidualѕ wіth great credit scores haѵe done thаt. However, thoѕe with poor credit оftеn worry that they will еnd up from this equаtіоn аnd could be ԁооmeԁ to соѵeг higher inteгеst rates forever. That is nоt the саѕе.

Discovering thе right Lender

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Article by Garry Hudson

Whenever you apply for a mortgage loan, a lender will definitely cross check your credit score from the credit reporting agencies, such as FICO. Your credit rating is a crucial factor influencing approval of loan and the terms and conditions of the loan. It is difficult but not impossible to get loan in case you suffer from a troubled credit history. Many lenders are willing to offer loans to such borrowers.

Bad credit mortgage loan is especially designed for those borrowers who wish to mortgage their existing home to get cash or want to purchase a new home mortgaging the same but have a poor credit rating. Lenders of bad credit mortgage loan offer loan based on your financial status and individual circumstances. It will be easy for you to avail a loan if you have a stable income or some valuable property to put forth as collateral.The woes are graver for the first-time buyers having a bad credit history as they have lean finances, no home to offer as collateral and inexperience in buying home. For first-time buyers, there are first-time buyer mortgage loans available in the market.

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Article by Victor Andrews

Getting a mortgage can be close to impossible if you do not have excellent credit. Since the sub-prime mortgage bust, mortgage lenders have restricted their lending. Now, only high score borrowers- those borrowers with a 720 credit score or higher- can receive a mortgage approval.

To better understand why bad credit is turned down by banks, you first have to know what bad credit really is. Credit is the general term for you history of loan payments to any creditor, such as a credit card company, a car loan company, a bank, a mortgage lender, and so forth. These creditors collect all your payment history, called a credit report, and share it with each other over 3 large credit information companies. These companies are called Experian, Transunion, and Equifax, and they gather all your information and score you- similar to a report card.

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