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Understanding Your Credit Score
Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
Presented By: Chris Veloz, Vice President of Mortgage Lending
Establishing Credit
• Apply for credit card with a reasonable limit. Start with
secured card.
• Buy something for approx. $100, and pay back in 2 months
• Do it again, and make sure to pay on time or early!
• 3-4 trade lines are ideal to obtain a mortgage
• 12 months of activity are needed to develop
credit history
• Non-traditonal credit (utilities, cell phone, etc.) may be
allowed in certain situations.
2 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
What Information is Included in a Credit Report?
• Personal Info: name, address, date of birth, employer
• Credit Account History: credit card company/lender, type of
account, credit limit, balance, payment history
• Public Records: bankruptcy, tax liens, and judgments
• Credit Inquiries: creditor and date of inquiry
3 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
What is a Credit Score
• Summary of credit report info represented as a single number, based on a
mathematical calculation
• FICO (Fair, Isaac, & Co.) most common score type
• FICO scores range from 300 – 850; the higher the better
• Predict future payment history for creditors
• Scores are “fluid” – recalculated each inquiry
• Myth: My credit score goes down every time my credit is pulled.
• Fact: You can have unlimited mortgage related inquiries within a 30 day
window and it only counts as 1 inquiry.
• FAQ: Are my scores that I buy from various sources accurate? No, your
real scores are typically 20-50 points lower than scores provided by
credit monitoring companies.
4 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
Credit Score Factors (estimated)
• Payment History: 35%
• Amount Owned: 30%
• Length of Credit History: 15%
• New Credit: 10%
• Type of Credit Used: 10%
100%
5 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
Getting Credit Reports
• There are 3 credit bureaus and each has a credit score for you
(scores may be different)
• Equifax 800-685-1111 or www.equifax.com
• Experian 888-397-3742 or www.experian.com
• TransUnion 800-888-4213 or www.transunion.com**
*Apply on our website and receive your tri-merge credit report FREE!
6 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
How to Use Your FICO
• Up to 4 score reasons provided with your FICO that explains why
the score isn’t higher, such as:
• Number of accounts with delinquency
• Amount owed on accounts
• Too many accounts with balances
• Understanding these reasons can help improve your FICO over time
7 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
If denied credit, ask a lender for “score reasons”
Credit Score Cautions
• Debt settlement and debt management plans may hurt
your credit for at least 2 years, especially to a
mortgage lender
• Once you’ve received a pre-approval from your
mortgage lender, it’s important not to make any other
credit purchases that could negatively impact your
score. This will be checked 2 days prior to closing,
and could impact your approval.
• Mortgage lenders now require a “soft pull” credit
inquiry (FICO score not pulled) to be pulled upon
submission of clear to close conditions. If new debt has
been obtained, the loan file must be reevaluated thru
AUS to ensure compliance with DTI and borrower
eligibility requirements.
8 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
Credit Repair
• You cannot “repair” poor credit
• Derogatory credit remains on your report for up to 10 years
• Avoid paying for credit repair services guaranteeing to fix
poor credit
• You can correct inaccurate information
• Dispute incorrect credit information. Ask me how!
• Update personal information
• You can improve credit behavior (limit credit lines and
balances, pay on time).
9 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
10 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
The World’s First Digital Mortgage!
• Choose your own loan type
• Get your FREE CREDIT SCORES from
all 3 credit bureaus.
www.rate.com/chrisveloz
• Securely upload and digitally sign
your loan documents
• Receive a REAL loan approval with
our automated underwriting engine
The Guaranteed Rate Digital Mortgage saves you time and money.
*"Earn $250" is a closing cost credit of $250 (the “Credit”) to be applied at closing and cannot be redeemed for cash. To
qualify for the Credit, applicant(s) must complete the full loan application online, digitally sign application documents
including credit report authorization, and upload required loan documents via applicant’s secure Digital Mortgage account.
Not all applicants, loan amounts or loan types will qualify for the Credit. Borrower subject to credit and underwriting
approval. Not all borrowers will be approved for financing. Receipt of borrower’s application does not represent an approval
for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and visit
www.guaranteedrate.com/restrictions.
Complete these steps and earn $250*!
Contact me for all your
home financing needs
11 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
Chris Veloz
Vice President of Mortgage Lending
P: 714.878.1887
C: 800.209.9234
cveloz@rate.com
www.rate.com/chrisveloz
NMLS ID: 448399
NMLS ID #2611, (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • AL - Lic# 21566 • AK - Lic#AK2611 • AR - Lic#103947 - Guaranteed Rate, Inc. 3940 N Ravenswood, Chicago IL
60613 866-934-7283 • AZ - Guaranteed Rate, Inc. - 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254 Mortgage Banker License # BK-0907078 • CA - Licensed by the Department of Business
Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #4130699 • CO - Guaranteed Rate, Inc. Regulated by the Division of Real Estate, 773-290-0505 • CT - Lic
#17196 • DE - Lic # 9436 • DC - Lic #MLB 2611 • FL - Lic# MLD1102 • GA - Residential Mortgage Licensee #20973 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • HI - Lic#HI-2611 • ID - Guaranteed Rate,
Inc. Lic #MBL-5827 • IL - Residential Mortgage Licensee - IDFPR, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois, 60603, 312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613
#MB.0005932 • IN - Lic #11060 & #10332 • IA - Lic #2005-0132 • KS - Licensed Mortgage Company - Guaranteed Rate, Inc. - License #MC.0001530 • KY - Mortgage Company Lic #MC20335 • LA - Lic
#2866 • ME - Lic #SLM11302 • MD - Lic #13181 • MA - Guaranteed Rate, Inc. - Mortgage Lender & Mortgage Broker License MC 2611 • MI - Lic #FR0018846 & SR0018847 • MN - Lic #MN-MO 20526478 • MS
- Guaranteed Rate, Inc. 3940 N. Ravenswood Ave., Chicago, IL 60613 - Mississippi Licensed Mortgage Company, Lic # 2611 • MO - Guaranteed Rate Lic # 12-1744-A • MT - Lic# 2611 • Licensed in NJ:
Licensed Mortgage Banker - NJ Department of Banking & Insurance • NE - Lic #1811 • NV - Lic #3162 & 3161 • NH - Guaranteed Rate, Inc. dba Guaranteed Rate of Delaware, licensed by the New
Hampshire Banking Department - Lic # 13931-MB • NM - Lic #01995 • NY - Licensed Mortgage Banker - NYS Department of Financial Services- 3940 N Ravenswood, Chicago, IL 60613 Lic # B500887• NC -
Lic #L-109803 • ND - Lic #MB101818 • OH - Lic #MB0804160.000 & Lic #SM.501367.000 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • OK - Lic # MB001713 • OR - Lic #ML-3836 - 3940 N. Ravenswood
Ave., Chicago, IL 60613 • PA - Licensed by the Pennsylvania Department of Banking and Securities Lic #20371 • RI - Rhode Island Licensed Lender Lic # 20102682LL, RI - Rhode Island Licensed Loan
Broker Lic # 20102681LB • SC - Lic #-MLS - 2611 • SD - Lic# ML.04997 • TN - Lic #109179 • TX - Lic # 50426 & Lic # 47207 • UT - Lic #7495184 • VT - Lic #2611-1 & 0930 MB • VA - Guaranteed Rate, Inc. -
Licensed by Virginia State Corporation Commission, License # MC-3769 • WA - Lic #CL-2611 • WI - Lic #27394BA & 2611BR • WV - Lic #ML-30469 & MB-30098 • WY - Lic#2247

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Credit_understanding_presentation

  • 1. Understanding Your Credit Score Copyright © 2000-2014 Guaranteed Rate. All rights reserved. Presented By: Chris Veloz, Vice President of Mortgage Lending
  • 2. Establishing Credit • Apply for credit card with a reasonable limit. Start with secured card. • Buy something for approx. $100, and pay back in 2 months • Do it again, and make sure to pay on time or early! • 3-4 trade lines are ideal to obtain a mortgage • 12 months of activity are needed to develop credit history • Non-traditonal credit (utilities, cell phone, etc.) may be allowed in certain situations. 2 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
  • 3. What Information is Included in a Credit Report? • Personal Info: name, address, date of birth, employer • Credit Account History: credit card company/lender, type of account, credit limit, balance, payment history • Public Records: bankruptcy, tax liens, and judgments • Credit Inquiries: creditor and date of inquiry 3 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
  • 4. What is a Credit Score • Summary of credit report info represented as a single number, based on a mathematical calculation • FICO (Fair, Isaac, & Co.) most common score type • FICO scores range from 300 – 850; the higher the better • Predict future payment history for creditors • Scores are “fluid” – recalculated each inquiry • Myth: My credit score goes down every time my credit is pulled. • Fact: You can have unlimited mortgage related inquiries within a 30 day window and it only counts as 1 inquiry. • FAQ: Are my scores that I buy from various sources accurate? No, your real scores are typically 20-50 points lower than scores provided by credit monitoring companies. 4 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
  • 5. Credit Score Factors (estimated) • Payment History: 35% • Amount Owned: 30% • Length of Credit History: 15% • New Credit: 10% • Type of Credit Used: 10% 100% 5 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
  • 6. Getting Credit Reports • There are 3 credit bureaus and each has a credit score for you (scores may be different) • Equifax 800-685-1111 or www.equifax.com • Experian 888-397-3742 or www.experian.com • TransUnion 800-888-4213 or www.transunion.com** *Apply on our website and receive your tri-merge credit report FREE! 6 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
  • 7. How to Use Your FICO • Up to 4 score reasons provided with your FICO that explains why the score isn’t higher, such as: • Number of accounts with delinquency • Amount owed on accounts • Too many accounts with balances • Understanding these reasons can help improve your FICO over time 7 Copyright © 2000-2014 Guaranteed Rate. All rights reserved. If denied credit, ask a lender for “score reasons”
  • 8. Credit Score Cautions • Debt settlement and debt management plans may hurt your credit for at least 2 years, especially to a mortgage lender • Once you’ve received a pre-approval from your mortgage lender, it’s important not to make any other credit purchases that could negatively impact your score. This will be checked 2 days prior to closing, and could impact your approval. • Mortgage lenders now require a “soft pull” credit inquiry (FICO score not pulled) to be pulled upon submission of clear to close conditions. If new debt has been obtained, the loan file must be reevaluated thru AUS to ensure compliance with DTI and borrower eligibility requirements. 8 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
  • 9. Credit Repair • You cannot “repair” poor credit • Derogatory credit remains on your report for up to 10 years • Avoid paying for credit repair services guaranteeing to fix poor credit • You can correct inaccurate information • Dispute incorrect credit information. Ask me how! • Update personal information • You can improve credit behavior (limit credit lines and balances, pay on time). 9 Copyright © 2000-2014 Guaranteed Rate. All rights reserved.
  • 10. 10 Copyright © 2000-2014 Guaranteed Rate. All rights reserved. The World’s First Digital Mortgage! • Choose your own loan type • Get your FREE CREDIT SCORES from all 3 credit bureaus. www.rate.com/chrisveloz • Securely upload and digitally sign your loan documents • Receive a REAL loan approval with our automated underwriting engine The Guaranteed Rate Digital Mortgage saves you time and money. *"Earn $250" is a closing cost credit of $250 (the “Credit”) to be applied at closing and cannot be redeemed for cash. To qualify for the Credit, applicant(s) must complete the full loan application online, digitally sign application documents including credit report authorization, and upload required loan documents via applicant’s secure Digital Mortgage account. Not all applicants, loan amounts or loan types will qualify for the Credit. Borrower subject to credit and underwriting approval. Not all borrowers will be approved for financing. Receipt of borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and visit www.guaranteedrate.com/restrictions. Complete these steps and earn $250*!
  • 11. Contact me for all your home financing needs 11 Copyright © 2000-2014 Guaranteed Rate. All rights reserved. Chris Veloz Vice President of Mortgage Lending P: 714.878.1887 C: 800.209.9234 cveloz@rate.com www.rate.com/chrisveloz NMLS ID: 448399 NMLS ID #2611, (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • AL - Lic# 21566 • AK - Lic#AK2611 • AR - Lic#103947 - Guaranteed Rate, Inc. 3940 N Ravenswood, Chicago IL 60613 866-934-7283 • AZ - Guaranteed Rate, Inc. - 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254 Mortgage Banker License # BK-0907078 • CA - Licensed by the Department of Business Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #4130699 • CO - Guaranteed Rate, Inc. Regulated by the Division of Real Estate, 773-290-0505 • CT - Lic #17196 • DE - Lic # 9436 • DC - Lic #MLB 2611 • FL - Lic# MLD1102 • GA - Residential Mortgage Licensee #20973 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • HI - Lic#HI-2611 • ID - Guaranteed Rate, Inc. Lic #MBL-5827 • IL - Residential Mortgage Licensee - IDFPR, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois, 60603, 312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613 #MB.0005932 • IN - Lic #11060 & #10332 • IA - Lic #2005-0132 • KS - Licensed Mortgage Company - Guaranteed Rate, Inc. - License #MC.0001530 • KY - Mortgage Company Lic #MC20335 • LA - Lic #2866 • ME - Lic #SLM11302 • MD - Lic #13181 • MA - Guaranteed Rate, Inc. - Mortgage Lender & Mortgage Broker License MC 2611 • MI - Lic #FR0018846 & SR0018847 • MN - Lic #MN-MO 20526478 • MS - Guaranteed Rate, Inc. 3940 N. Ravenswood Ave., Chicago, IL 60613 - Mississippi Licensed Mortgage Company, Lic # 2611 • MO - Guaranteed Rate Lic # 12-1744-A • MT - Lic# 2611 • Licensed in NJ: Licensed Mortgage Banker - NJ Department of Banking & Insurance • NE - Lic #1811 • NV - Lic #3162 & 3161 • NH - Guaranteed Rate, Inc. dba Guaranteed Rate of Delaware, licensed by the New Hampshire Banking Department - Lic # 13931-MB • NM - Lic #01995 • NY - Licensed Mortgage Banker - NYS Department of Financial Services- 3940 N Ravenswood, Chicago, IL 60613 Lic # B500887• NC - Lic #L-109803 • ND - Lic #MB101818 • OH - Lic #MB0804160.000 & Lic #SM.501367.000 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • OK - Lic # MB001713 • OR - Lic #ML-3836 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • PA - Licensed by the Pennsylvania Department of Banking and Securities Lic #20371 • RI - Rhode Island Licensed Lender Lic # 20102682LL, RI - Rhode Island Licensed Loan Broker Lic # 20102681LB • SC - Lic #-MLS - 2611 • SD - Lic# ML.04997 • TN - Lic #109179 • TX - Lic # 50426 & Lic # 47207 • UT - Lic #7495184 • VT - Lic #2611-1 & 0930 MB • VA - Guaranteed Rate, Inc. - Licensed by Virginia State Corporation Commission, License # MC-3769 • WA - Lic #CL-2611 • WI - Lic #27394BA & 2611BR • WV - Lic #ML-30469 & MB-30098 • WY - Lic#2247

Editor's Notes

  1. Cobrand?