When approving you for a mortgage, lenders are going to rely heavily on your credit score. It is a reflection on whether or not you are responsible with your money. Do you pay off your debt regularly? Make rent and bill payments on time? Have steady employment? Have a good credit score? Congratulations, you are probably a solid candidate. However, if you have had some credit hiccups, or are just confused about the what it is they’re looking for, this post is for you! This guide by Noah Seidenberg at the Trulia blog highlights the different areas of the credit score that lenders look at when you apply for a mortgage:
-Late payments- they will disappear after 7 years
-Collections
-Payment records
-Mysterious accounts- ***if there are accounts you don’t recognize on your report, you may have been a victim of identity theft.***
-Available credit/ credit card limits