Credit Scores, Collections, and Debt

Which of the Following Statements are True About Credit Scores?

A. Your credit scores tell creditors whether you are more or less of a risk

B. When applying for a mortgage, credit scores have a huge impact on what your interest rate will be

C. It is possible to improve your credit without paying for credit repair.

D. All of the above

Here is my story about my experience with Discover and the disputes I have been going through. Advise our viewers on this type of case situation if any of you run into it. Very time-consuming, stressful, and a total waste of time for my staff and me. I will start with the scenario of what has transpired from day one:

I am Gustan Cho Associates’ branch manager. We are a national mortgage lender licensed in 48 states, including Washington, DC, Puerto Rico, and the United States Virgin Islands. I am the manager of operations, support staff, and loan origination for the Oakbrook Terrace, Illinois, Branch NMLS 2315275 located at 17W662 Butterfield Road, Suite 305, Oakbrook Terrace, Illinois. The Oakbrook Terrace, Illinois, Branch is licensed in 48 states, including DC, Puerto Rico, and the Virgin Islands. We are the largest producing branch and have a lot of monthly expenses. I have two different types of credit cards to pay my monthly debts. Under no circumstances do I ever use my personal credit card for business-related expenses. I mainly use my Discover credit card for my personal expenses. My personal expenses include anything that is not business-related that cannot be written off from my income taxes. If you can review my Discover card statements for the past three years, you can see that only personal expenses such as fuel, groceries, shopping dog food and other merchandise for personal use from AMAZON, personal homeowners insurance. Now Discover is saying that I am responsible for payment even though it was not authorized for concurring charges on my Discover. Anyone had things like this happen? I will update you on the progress. Any business expenses is charged to US Bank corporate business credit card. Business expenses includes rent, advertising expenses such as (YLOPO, RAVEN, ZILLOW, GOOGLE LEADS) expenses for leads, marketing, printing, co-marketing expenses with realtor partners, business lunches, travel, licensing, training and education, and any other direct and/or third-party business-related expenses. I have always use any business-related expenses on my corporate US Bank Visa card for business expenses and never my personal credit cards.

What is the difference between secured and unsecured credit cards?

What are the eligibility requirements for unsecured credit cards?

What credit score model do mortgage lenders use? Is VantageScore so much higher than FICO? Do Mortgage Lenders Check FICO or Vantage? For the majority of lending decisions do most lenders use your FICO score? And which type of FICO score? FICO 2, 4, 8?

How far off is VantageScore from FICO? What FICO or Vantage Score Model does FHA, VA, USDA, FANNIE MAE, FREDDIE MAC, and Non-QM mortgage loans use? What is a good FICO score to get a mortgage?

What scoring model is the Credit Score Simulator based on?

If I can remove bankruptcy from credit report, will I qualify for mortgage? If my front end DTI is over 47% but my back end dti is under 50% will I qualify for FHA? Can you get a mortgage with a DTI of 47%? Can I get an FHA loan if I had a bankruptcy?

What is the maximum DTI for FHA front end? What are the rules for paying off debt to qualify for FHA loan? Can you pay down debt to qualify for a conventional loan? Can I get a mortgage after paying off debt?

How can a bankrupt person establish credit with a 400 FICO SCORE?

HOW TO DEAL WITH CHARGE OFFS ON YOUR CREDIT REPORT?

How Long Does Bad Credit Stay On Credit Report?

How do I get a mortgage with a recent charge off?

How To Raise Credit Score To Qualify For Mortgage?

How long do derogatories stay on your credit report? Can you please break down how long the following types of credit stays on your credit report: Late Payments, Credit Inquiries, Collection Accounts, Charge-Off Accounts, Judgments, Tax-Liens, Repossessions, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Chapter 11 Bankruptcy, Judgment, Short-Sale, Deed-in-Lieu of Foreclosure, Child Support, Alimony, Unpaid Parking and Traffic Tickets, Medical Collections.

CAN JUDGMENTS BE DELETED OFF YOUR CREDIT REPORT?

If yes, then how i can get mortgage without credit score

Can recent late payments be deleted off your credit report?

Does Credit Repair Work?

Do landlords run check checks?

Do employers do credit checks?

Does Free Online Credit Report Check is Reliable?

What is credit supplement for? When does a mortgage client need to do a credit supplement during the mortgage loan process?

Which credit scores do mortgage lenders use? Do mortgage lenders use Experian, Transunion, or Equifax? What is the credit score used in mortgage applications. Do lenders look at both spouses’ credit scores? If you and your partner decide on a joint mortgage, both of your credit scores will come into play. What FICO scores is needed to buy a house?

Where do I check my credit scores for free to see if i qualify for a house. How do i check my credit score to buy a house. What is the minimum credit score to buy a house.

How Can I Get Rid of a 30 Day Late Payment

What does it mean if a mortgage lender does a rapid rescore on your credit report. How does the rapid rescore process work? How long does a rapid rescore take.

What is the difference between a hard pull and soft pull during the mortgage loan process. I heard the hard credit pull drops the credit scores of the mortgage loan borrower. So if the borrower keeps shopping for mortgage rates with different lenders, the borrowers credit scores can plummet?

I have a question I asked multiple people who are called expert loan officers and credit repair geniuses but I am getting conflicting answers. I want to know if a consumer needs to get his credit scores up for a mortgage to a 640 FICO. He has never missed a monthly payment and has perfect payment history the past five years. He has 10 credit card accounts with all of them maxed to the credit limit. Here are the credit card balances and credit card limit. His middlw credit score is currently 525. Question is what credit card should he pay down the balance to lower his credit utilization ratio. Should he start paying down the lower limit credit first or should he pay down the higher credit limit credit card first. Here is his credit cards, the balances, and the credit limit.

CREDIT CARD. BALANCE LIMIT

1. DISCOVER $498. $500

2. CAPITAL ONE. $470. $500

3. CREDIT ONE. $490. $500

4. SELF VISA. $1,500. $1,490

5. TRUMP CARD $4,000. $4000.

6. JOURNEY CARD $2,130 $$2,200

7. CREDIT PLUS $3,490. ,$3,500

8. BUDDY VISA $1,500. $1,600

10. MISSION LANE $1498 $1,500

What is a credit score simulator and how does it work? How will a credit score simulator help me increase my credit score to qualify and get pre-approved for a mortgage? How do I get a credit score simulator? What is the process and steps to get approved for a mortgage with a low credit score?

Gustan Cho, President and CEO of Lending Network, LLC has announced today that Lending Network, LLC is officially offering $250,000 Business Credit Cards to help small business owners with liquid working capital. Lending Network, LLC will be offering the business credit cards directly through its correspondent consumer lending channels. For more information contact us at Lending Network, LLC contact@lendingnetwork.org.

https://lendingnetwork.org/business-credit-cards/

lendingnetwork.org

$250K Business Credit Cards

Small Business owners can get $250,000 limit business credit cards if their business is under an LLC and have been in business for two years.

Unsecured credit cards are a type of credit card that does not require the cardholder to provide collateral or a security deposit to obtain the credit line. Instead, the credit card issuer extends a line of credit to the cardholder based on their creditworthiness and ability to repay the borrowed funds. Unsecured credit cards are the most common type of credit card and are widely used for various financial transactions.

In the following sub-paragraphs, we will cover key characteristics of unsecured credit cards:

1. No collateral: Unlike secured credit cards, which require a cash deposit as collateral, unsecured credit cards do not require any form of security deposit.

2. Creditworthiness: Approval for an unsecured credit card is typically based on the applicant’s credit history, income, and other financial factors. Lenders assess the risk of lending money without collateral and may offer higher credit limits and better terms to applicants with stronger credit profiles.

3. Revolving credit: Unsecured credit cards typically offer a revolving line of credit, which means that cardholders can borrow up to their credit limit, repay the borrowed amount, and then borrow again as needed. This cycle can continue as long as the account remains in good standing.

4. Interest rates and fees: Unsecured credit cards may have varying interest rates, annual fees, and other charges. The terms and conditions of the card, including the interest rate, credit limit, and fees, are typically disclosed in the cardholder agreement.

5. Payment flexibility: Cardholders have the option to pay their credit card balance in full each month to avoid interest charges or make minimum payments and carry a balance, in which case interest will be applied to the remaining balance.

6. Credit building: Responsible use of an unsecured credit card can help individuals build or improve their credit history, as positive payment history is reported to credit bureaus. Conversely, late payments or excessive debt can have a negative impact on one’s credit score.

It’s important for individuals considering unsecured credit cards to carefully review the terms and conditions of the card offers, manage their spending and payments responsibly, and avoid accumulating high levels of debt to maintain a healthy financial profile and avoid potential credit issues.