Credit Card And Loan Application Approval Resources To Raise Your FICO Score

Often times crisis happen in life, therefore, causing financial hardship for the family such as divorce, loss of income from company downsizing, illness in the family or death. These unfortunate circumstance can upset your financial capability to pay your mortgage, car payment, credit card debt and other financial obligations. Bad credit can happen to anyone.

Filing for bankruptcy can remain on your credit report 10 years. After you file for bankruptcy, it is always best to try and re-establish credit. Once you have re-established your credit, always pay on time. You’re trying to gain the confidence of banks, lenders, credit card companies and financial institutions your willingness to pay on time. Your credit worthiness will be judged by your credit rating.

Never let anyone run your credit report. Be very cautious! If you’re shopping around for a home loan, often times, banks, realtors or mortgage companies will want to run your credit report. Don’t do it. Each time someone run your credit report, inquiries will appear on your report, which can lower your FICO score. I have seen clients with several inquiries on their report who had FICO scores in the 600 and now in the mid 400 because of inquiries. Shop around and search for a good lender whom you trust, who is honest and has integrity. When shopping for a home loan, by all means, ask questions. What are your lender fees, interest rate, points, APR, loan approval process?

If you have a FICO score of 620 or better, you have an advantage. Demand the very best interest rates. Don’t go to sub-prime lenders for a home loan. To maintain a high FICO, try to keep your outstanding balance no more that 30% of the high credit limit. A recommended source for credit disputes, improving your credit or building your financial wealth, visit my recommended reading resource.

Dispute Your Credit Report

Order a copy of your credit report. You should be able to get your scores from all bureaus. Verify all data is reported accurately. Prepare a letter to dispute any inaccurate information. Provide any documentation to support it. Know that hard inquiries will remain on your report for two years. Credit report fees may apply depending on your state and situation.

Credit bureau contact information


PO BOX 2002

ALLEN, TX 75013



PO BOX 1000




PO BOX 740241



The Primary Residence Is the Home to Use in a Home Loan Modification

There are hundreds of thousands of people around Fulton County with many homes working for all sorts of people in the area. Some people might have more than one home in the Fulton County area. However, only one home can be used in an Atlanta home loan modification. This home will be the primary residence that a person will live one’s life in for a majority of the time.

The primary residence is the key to getting the Atlanta home loan modification taken care of. This is a kind of residence that will be seen by a lender as one that a borrower is going to have a greater concern over. This is critical to see because of how a lender might end up feeling that a person is unable to make proper payments on a loan over a period of time. However, a lender who is late on a secondary residence might not be as willing to make payments as one would on a primary home.

The main part of the primary residence is that some type of verification will have to be made to ensure that the proper type of residence is the one that will be using the modification. The Atlanta home loan modification will only be given out if enough proof of a property being the primary one that a person is living in is provided to the lender.

The items used for verification purposes can vary by each lender. Tax returns and employment pay stubs that feature the primary address can be used in a number of cases. These should be useful because they can list where an employee of some company works at on a regular basis.

Also, the items used for paying off utility charges can also be listed. These pieces of information can feature the main home used by a person and can list the details on what one is going to be paying off with the modification.

The documentation that is going to be required varies by each lender. Some lenders will ask for only one type of document. However, many more lenders around Fulton County are asking for more documents for mortgage loan services around Atlanta. This is due to how the lenders will want to be especially sure that something is being used over a particular amount of time to get it to work out right. Having more evidence will be critical to ensuring that the lender will actually go ahead and grant a modification.

Be sure to take a look at this critical standard when trying to get an Atlanta home loan modification. The modification that a person can get on a home loan will need to be for a home that is actually being interpreted as the primary residence that a person is living in. Using this standard will help to ensure that the modification is going to be accepted and that a proper amount of help can be used to get a mortgage loan paid off in a reasonable amount of time.

Atlanta Home Mortgages

When purchasing a new home in Atlanta, a buyer should consider the mortgage interest rate and his own financial capability. Then he should think about the lending period of the home mortgage. Generally in the case of a fixed rate mortgage, where the rate of interest stays the same, the time span ranges between 15 years to 30 years.

If the borrower goes for long-term loan, obviously his interest payment will be higher. However, he can avoid that without reducing the initial size of the mortgage through higher monthly payments of the principle amount. But higher monthly installments reduce the flexibility of the borrower. To avoid this he may opt to pay one extra monthly payment every year.

The borrower may also choose an adjustable rate home mortgage in which interest rates fluctuate with market interest rates. The interest rates of such mortgages will be lower when compared to those of fixed rate mortgages. In such a mortgage, the borrower pays lower interests for the first four or five years followed by interest rates in accordance with market indexes. Therefore personal priorities and resources are carefully considered before applying for any home mortgage.

The borrower may research home mortgage options with a real estate broker. Or he can do his research online. There is a controversy reporting that whites in Atlanta receive five times as many home loans from Atlanta banks as blacks of the same income. In order to overcome this, the $20 million Atlanta Mortgage Consortium (AMC), a lending pool, has been hiring a number of black-owned public relations firms.