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Home / Real Estate Information / Home Buyer Tips / Credit Behaviors That Impact The Ability To Get A Loan – Advice For Potential MA Home Buyers

08.29.12 Home Buyer Tips, Mortgage Information

Credit Behaviors That Impact The Ability To Get A Loan – Advice For Potential MA Home Buyers

Credit ratings are generated by three major credit bureaus (Experian, Equifax, and Transunion). They all use differing techniques to calculate a numerical credit score that reflects your credit worthiness. The higher the score, the better your credit standing. Specific activities can have a detrimental effect on your score and can possibly prevent mortgage companies from offering you a loan. Below are advice for potential MA home buyers on credit behaviors that impact the ability to get a loan.

Credit Behaviors That Impact The Ability To Get A Loan

Paying Bills Late

Delinquencies indicate poor credit behavior and therefore will reduce your ranking. The number of days you are late (30, 60, or 90+ days) and how many times you are late also have an impact. Late payments remain on your credit report for several years.

Debts Reported to Collection Agencies

If you are behind on payments and a lender has completed their own efforts to retrieve payments from you, they will likely assign your account to a collection agency. The collection company sends information to the credit bureaus. A settlement does not clear this from your report.

Discharges

If a lender is unsuccessful in collecting the complete balance due to them, they may “charge-off” the the leftover balance. This can therefore occur if you completely fail to pay or if you settle for a partial amount. Charge-offs remain on your credit profile for seven years. New lenders will see this charge-off and debate whether you will repeat this offense.

Public Recordings

Bankruptcy, tax liens, judgments, foreclosures, and other legal actions are entered into public record and to credit bureaus. Even if you pay off these items, the initial recording will remain in your credit report. Particular items appear for up to 10 years whereas others (such as liens) never disappear. Therefore, it is important not to let issues get this far.

Advice For Potential MA Home Buyers

All of the credit behaviors that impact the ability to get a loan provided above make you a high-risk borrower and will either cause higher interest rates or completely stop you from getting approved for loans. Demonstrate conscientious behavior and it will save you time, money, and headache when it is time to purchase a property. These are the best advice for potential MA home buyers. Keep in mind that this represents only a few typical credit issues. Consult a credit advisor for information on your personal credit profile.

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Tags: credit score, MA

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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  • Local Information (61)
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  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
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Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788 (Not Licensed in Alaska or New York)
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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