Understanding Credit

Helping users understand the importance of credit in the mortgage application process.

Most of us would like to be rich. But we probably also want a richer life.

Let's face it: There isn't much point in accumulating a hefty nest egg if saving the necessary money makes us miserable, investing it seems excruciating and the eventual spending doesn't bring all that much happiness.

A Few Simple Things to Protect Your Identity

The most common form of identity theft involves stealing personal information from an existing credit card account. Once your personal information is obtained, thieves open new accounts with stolen information. According to a 2008 study nearly 25% of identity theft cases followed this pattern.

Who Evaluates My Credit Score

Financial institutions, credit card companies, car dealers, retail stores and most other lenders that issue loans use credit scores to quickly summarize a consumer's credit history. This saves the need for the lender to manually review an applicant's credit history thus provides a better, faster, and risk adverse decision.

Factors That Impact Your Credit Score

The factors that impact a credit score varies depending on the score being used. Most of the time credit scores are affected by negative elements in your credit report. Here are a few key examples:

What is a credit score and why is it used?

Before credit scores, lenders manually looked through an applicant's credit report to determine whether to grant credit based their own unique criteria. Denial of credit could be based on any number of subjective