Data Facts Lending Solutions Blog

Are You Credit Invisible? 4 Tips to Establish Credit History

Posted by Matt Holmes

Nov 23, 2020 9:02:00 AM

In 2015, the Consumer Financial Protection Bureau published a study finding that 26 million Americans were “credit invisible”- in other words, about 1 in every 10 Americans has no documented credit profile with the 3 major credit bureaus.

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Topics: Credit Score, credit history, Credit Report

How Long Should You Rate-Shop for Mortgages?

Posted by Matt Holmes

Nov 2, 2020 9:02:00 AM

The credit bureaus always want to demonstrate whether you’re opening credit accounts responsibly. When you apply for a mortgage, your lender will pull your credit, and a notation will be placed on your report indicating that it has been viewed. This is called an inquiry. Inquiries for car loans, mortgages and student loans are all regarded as inquiries and will typically lower your credit score.

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Topics: Credit Score, Mortgage Lending, Credit Report

Why Having the Right Mix of Credit Matters

Posted by Matt Holmes

Oct 26, 2020 9:02:00 AM

Often overlooked, having the right mix of credit can really have an impact on your credit score. Think about your financial investments- how many times have you been told about the merits of “diversifying your portfolio”? Similarly, in the world of credit, the bureaus want to see a diverse buildup of credit use. In other words, they want to see that you aren’t putting all your eggs in one basket.

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Topics: Credit Score, Credit Report

Credit Supplements and Rescores: What's the Difference?

Posted by Matt Holmes

Sep 21, 2020 9:02:00 AM

When a consumer makes spending choices that affect their credit report, the bureaus don’t update this information right away. In fact, it can take a month for new information to appear on a credit report. This is why it’s often necessary for lenders to append additional information to the borrower’s file before closing. This is where credit supplements and rescores come in. Oftentimes, these two terms are mentioned in similar contexts, so it’s only appropriate that we distinguish them from each other. So what’s the difference between a supplement and a rescore?

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Topics: Credit Score, Credit Report, Rescores, Supplements

Can Credit Boosters Help Your Score?

Posted by Matt Holmes

Sep 8, 2020 9:02:00 AM

You may have heard the buzz surrounding credit booster programs. Experian Boost and UltraFICO are two programs designed to give a facelift to the credit profiles- and the credit scores- of many. But they’re not for everyone. Here’s how to determine whether a credit booster program is right for you.

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Topics: Credit Score, Improve Credit Score, Credit Report

Can Becoming an Authorized User Help Your Credit Score?

Posted by Matt Holmes

Jul 13, 2020 9:02:00 AM

If you’re new to this whole credit thing, it can be difficult to get on the scoreboard as a responsible credit user. So what can you do to jump-start your credit history? A popular suggestion is to become an authorized user on someone else’s account. But does this tactic really work?

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Topics: credit reports, Credit Score, authorized user

5 Credit Myths You Should Know About

Posted by Matt Holmes

Jul 6, 2020 9:02:00 AM

Credit, as we know it, has been around for a long time. Thus, the modern consumer credit system has given birth to a lot of information (and a lot of misinformation). Here are 5 myths about credit usage that have developed over time, and that you should know about.

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Topics: credit reports, Credit Score, credit history, Understanding Credit Scores

Credit Utilization: Should You Follow The 30% Rule?

Posted by Matt Holmes

Jun 22, 2020 9:02:00 AM

There’s a lot of myths and misconceptions in the credit universe (See our recent blog on charge-offs and collections), and we’re always here to help quash the controversy. Today’s misconception we’d like to address: The oft-cited “30% Rule” of credit utilization.

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Topics: Credit Score, credit history, Credit Report

FICO Scores Hit Record High

Posted by Matt Holmes

Mar 9, 2020 9:02:00 AM

According to a new study from Experian, the average American FICO® score hit a record high of 703 in 2019.

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Topics: Credit Score, credit history, Credit Report

5 Tricks That Can Improve Your Applicant’s Credit Score

Posted by Matt Holmes

Mar 2, 2020 9:02:00 AM

As a loan originator, you’re exposed to many different credit profiles. You’ve run the gamut, and you’ve seen the good, the bad, and the ugly. But nothing can compare to denying a mortgage to someone on the basis of their credit risk. Not only is it frustrating to lose business, but having to break the bad news to a mortgage applicant can be crushing.

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Topics: Credit Score, Improve Credit Score, credit cards, Credit Bureau

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