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Your credit score is a major factor that will be considered by the lender when they review your loan application. They want to know what your credit history is and whether you have the ability to pay back the loan you are requesting. In short, good credit translates into lower rates and/or fees for the home buyer and less risk to the lender. 

Credit scores can range between 300 to 850. The higher the client’s score is, the less likely they are to default on their loan. We will run a credit report to determine what your credit score is and if necessary, we can point out some simple ways to help you improve your credit score. If you need assistance with credit repair, a GSF Loan Specialist will set you up with one of our in-house credit assistance programs.

Once you complete a loan application and enter into the loan process, you should not run up your charge cards or make any major purchases such as appliances or furniture. Also, you should not apply for any other type of new credit, as this could negatively impact your credit score.

If you do have a low credit score, you many still be able to obtain financing. While you may not get the interest rate you had hoped for, it is an opportunity to start building up your credit again. Once you begin making mortgage payments on time and in full, your credit standing will improve and we can seek to refinance you at a lower rate.

First, the 3 major national credit bureaus are: Experian (XP), TransUnion (TU), and Equifax (EF). Their functions include:

1. Repository--- they are huge "holders" of data; information about you and millions of other people.

2. Credit Reporting Agency (CRA)--- these "repositories" get their data when creditors and courthouses "report" to them.; and when you pull someone’s credit report, they in turn "report" that data to the entity that requested the information.

What Is Important About My Credit? 

1. What is a Credit Score? 

It is a number that, at a glance, helps lenders determine how likely you are to make your proposed payments on time.

2. How is it generated?

A score is only created when you pull someone’s credit file, and all the data retrieved is fed through a complex mathematical formula. As a person’s data at the repositories change, their score would also change---positively or negatively.

3. Why are scores different?

Fair Isaac Corporation (FICO) created the mathematical formulas that generate the score BUT...  •There are different score formulas depending on what you are applying for.. a mortgage, credit card, auto loan, auto insurance, or even if you are not applying for anything at all and get a "consumer" score directly from one of many websites that advertise "scores these days".




• Fair Isaac sold their original formulas to XP, TU and EF, which in turn, slightly altered them based on their own studies and analysis.

•The 3 bureaus typically don’t have the exact same data on a consumer. So, if the data is different or has changed, the scores will also be different.  Components of Credit Scoring  Credit scores are made up of five components , which are listed below in order of importance.

1. PAST PAYMENTS-35% IMPACT

Paying debt on time and in full has the greatest positive impact on your credit score. Delinquencies, such as late payments, that have occurred in the last two years carry more weight than older items.

2. OUTSTANDING CREDIT-30% IMPACT

This factor marks the ratio between the outstanding balance and available credit. Ideally, the consumer should make an effort to keep balances as close to zero as possible and definitely below 30% of the available credit limit at least 2-3 months prior to trying to purchase a home.

3. CREDIT HISTORY-15% IMPACT

This portion of the credit score indicates the length of time since a particular credit line was established. The longer you have had a line of credit open, the stronger it will look to a lender.

4. TYPE OF CREDIT-10% IMPACT

It is recommended to have 1-2 open major credit card accounts. A mix of loans, such as auto, credit cards and mortgage loans have a more positive affect on your credit.

5. INQUIRIES-10% IMPACT

This percentage of the credit score gauges the number of inquiries made on a consumer’s credit within a twelve month period. Each hard inquiry can hurt your credit score. If you pull your credit report yourself, it will have no effect on your score.  Rent to Own Property Listings

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Today on the TPM website, there is an article by Katherine Thompson that is mind-boggling. The article is titled “100s of Civilians Plan to Monitor the Possible military Takeover of Texas,” and here are the opening paragraphs:
“The organizer of ‘Counter Jade Helm’ is a former Marine named Pete Lanteri, 44, who currently resides in Arizona. He told the Chronicle that the whole group already has 200 volunteers that include former military and law enforcement officers, with the largest contingent of volunteers based in Arizona.

“’We’re going to be watching what they do in the public,’ Lanteri told the Chronicle. ‘Obviously on a military base they can do whatever they want. But if they’re going to train on public land we have a right as American citizens to watch what they’re doing.’”
So, despite the fact that this conspiracy theory was extensively ridiculed in the national media and made Texas Governor Abbott look like either a complete lunatic or someone who was all too willing to indulge complete lunatics, the conspiracy theorists remain undaunted.
Still, it is very clear that the conspiracy theorists are very aware that their cause has drawn nationwide ridicule because Lanteri also told the reporter for the Chronicle that “he’s been screening out interested volunteers who’ve wandered too deep into the ‘Jade Helm 15’ conspiracy theory fever swamp”: specifically, “’Once I saw the freaking nut-jobs coming out of the woodwork I was spending half my day discrediting what they were posting. No nut-jobs will be put in the field.’”