My Credit Report Info

To help ensure a successful mortgage application it is important to first get your ducks in a row, by getting your valuable and essential financial documents organized. Ask your lender what kinds of documents they need if you ask for loan, and then make a checklist. Gather your tax documents, bank statements, and other important papers, and make copies to share with your lender. As you gather the various bits of paperwork, keep them in a file folder in a safe place. Take this file with you when it is time to apply for your loan, and the application process will go more smoothly and proceed without any annoying delays.

One of the most significant factors used to calculate your ability to borrow is your credit score, so don’t postpone the steps it takes to bolster it until it is too close to the time of mortgage application. To avoid this mistake, order a copy of your credit report well in advance, and then study it for ways to improve your rating before you approach a lender. Review your credit report, to challenge any errors that it might contain. Sometime reporting agencies fail to erase old and outdated information, and if you plan ahead you’ll have time to clear up these discrepancies and clean up your file before lenders see it. When you view your own file it is known as a “soft inquiry”, and doesn’t have a negative impact on your score the way that “hard inquiries” or credit checks by potential lenders might, so don’t hesitate to ask for a copy and scrutinize it for accuracy.

Also, avoid using all your credit, because open lines of credit look good to lenders. If you have a credit card limit of $1,000, for instance, but only use $50-$100 of it and pay off your balance every month, it proves that you are a responsible borrower. That can be worth gold when you submit your loan application.

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