A while back I received a notice from a local department store informing me that my credit card interest rate was going up — from 24% to 31%. This was right after the Fed had lowered the funds rate. My credit is excellent. When I called to ask about it, I was told the increase was across the board and there was nothing they could do. My only option, they said, was to stop using the card. [Read more…]
How High Credit Card Interest Rates Affect Your Mortgage Qualification
October 18, 2024 by 1 Comment
Your Credit Karma Score vs. Your Mortgage Credit Score: What’s the Difference?
January 22, 2016 by Leave a Comment
You check Credit Karma before applying for a mortgage and feel good about what you see. Then your lender pulls your credit and the score is different — sometimes significantly lower. This happens to buyers constantly, and it’s not a glitch. It’s by design.
Why Your Online Score and Your Mortgage Score Are Different [Read more…]
When Your Credit Score Drops During a Mortgage Transaction
July 8, 2009 by 2 Comments
One of the most stressful calls I get from buyers in the middle of a transaction goes something like this: their loan officer has just told them their credit score dropped — and now their approval, their rate, or their private mortgage insurance eligibility is in question. Closings have been delayed, and in some cases derailed, because of a score change that the buyer didn’t see coming.
Here’s what you need to know about why credit scores drop during a mortgage transaction, what happens when they do, and how to protect yourself. [Read more…]
