does getting a pre-approved mortgage effect my credit rating?
415066
No. The mortgage company will pull a credit report 1 time. They will then get income and reserves from you as to down payment etc. This will then be put into the mortgage software program and it tells the loan professional just how much home you can afford for 15-20 25-30 year terms. You then have to settle on a home and the price you are willing to pay and the terms that you desire. If you have problem credit then he or she may have to submit your loan to several companies in order to close on your new home.
850549
With years in the business:\n\nNo.  You can pull your credit as much as you want through a pay site (or www.anualcreditreport.com) and it will not affect your score.  You will actually be able to see three different sections of credit pulls:  1. Pulls that are public and affect your credit, 2. Pulls that are by your current creditors to monitor your credit and that are not public, and 3. Marketer's pulls and your own pulls that are private and only viewable by you.  \n\nOnly the public pulls affect your score.  The three items above are not in order, and some under number 2 can appear as public, depending on your creditor.  Generally, however, you only get a hit when a pull occurs.\n\nAlso, the affects on your credit due to credit pulls are generally overstated by most people.  Unless you are going to open 10 new accounts in one week, a pull here and there will not drastically decrease your score.  The idea here is that if you open may new accounts, you are getting desperate for credit are are more likely to default on it.  With a big (non-mortgage) cluster, you could be going gang buster before filing for bankrutpcy, or something along these lines.\n\nAs for mortgage pulls, you have a 15 day window to have numerous mortgage pulls before your credit decreases.  However, use caution, as I have sometimes seen many mortgage pulls to affect a score by 5-10 points, even though it is "not supposed to".  I think this may have to do with they way the company is coded by the bureaus.\n\nIf you miss one credit card payment, talk to your credit card company about it.  If you were less than 30 days, it likely wasn't even reported.  If it was, they might be willing to remove it under extenuating circumstances - but don't hold your breath!\n\nIf the late payment is already on your credit report, it likely won't have a bad impact on your scores if you have other longer-term established credit.  Also, and very importantly, the affect it has on your score dramatically decreases with time.  By one year out, it's impact will be much less than when it was a current late.  After 2 years it will only have a signifigant impact if you have other bad debt.  Overall, if this was 2 years old and your score should be 750, it might only be 725 or 730.  If you score two years out is in the mid-600's, you'll need to pay attention to paying the other debt down.\n\nGood luck.
655987
Yes it can. Lenders look at your credit report very carefully and a good one puts you on their good side. Having a decent income is another plus in combination with the credit report.\n\nYou will still need to shop around, find the best rate and programs, go to lendingtree.com for more information.\n\nFor information on buying a home and getting a mortgage, if this is new to you, I suggest you see Suze Orman's books, she discusses the process and gives good tips.
189608
Again bad advice. \n\nYou may get 100% financing at a 550 FICO score but I highly doubt you will like the terms. You will be "sub prime" which means a high interest rate (7%+) and possibly pre-payment penalties.\n\nYou will need a score of at least 620 to get into normal rates and even then it will be "full doc" meaning you will have to show 12 months of on time payments(rent,mortgage) and possibly explain any negative items.\n\nHopefully you have copies of all 3 of your credit reports and have reviewed them for accuracy. If not go to www.annualcreditreport.com to get all 3 for free.\n\nIf you are seriously considering buying a home with 100% financing then go to www.myfico.com and learn about FICO credit scoring. \n\nWhen you feel your credit reports are in as good a shape as they can be and you understand FICO credit scoring you can go to www.bankrate.com and put in your criteria and your area and get a list of lenders that offer mortgages for your situation.\n\nIf I were you I would also spend the $45.00 to get all 3 of your FICO credit scores at www.myfico.com/12.\n\nGood Luck
642241
The most accurate answer is "it depends."  First, where did you get your score from?  Is it a FICO score, a score from an individual credit bureau, or another source?  Typically, different creditors use different types of credit modules in determining your score.  Credit that is perfectly acceptable for a 100% mortgage may not be good enough to get you even a used car loan, and vice versa.  Other factors, aside from your credit score according to the lender's module, constitute your credit profile and will determine your risk, and the terms of the loan.  Other factors include, debt (to income) ratio, and employment history.  I have seen borrowers with 800+ credit scores who have been turned down for loans at my hands.  Why?  Too many tradelines, too much unsecured debt, vast accumulation of debt, high risk of bankruptcy.  To answer your question, if you live within your means, and have a few tradelines (lines of credit) that you allow to season (age) for a few years, you will find yourself not only with a good credit standing, but a balanced financial life.  Age (aside from legal age - over 18)is not a factor considered when determining credit worthiness.
118828
Well you should ask first of all for a good faith estimate from each lender, to see which one of the is giving you a better deal. You also need to know if they're giving you a pre-payment penalty, If so for how long. (average pre-pay is about 2 years, unless you have really bad credit) If you have Excellent credit you shouldn't get a pre-payment penalty. thae situation varies depending on your Fico Score. Also Find out how many points they're charging you up Front and if they're getting anything back form the lender after close of escrow. All this matters because. Also if you're financing 2 new loans make sure that they're Fixed, so that your monthly payment doesn't change every month. Also HELOC's loan interest rates change every month, and the rate is going up, which means that your payment will also go up.  So be very careful about this.
458443
If you check your own credit it has absolutely no affect on your credit score at all. If you apply for a loan or new credit card once in awhile (say once every 6 months or so) that shouldn't affect your score either. Its when you apply for too much at one time that it hurts your FICO score. It makes you look like a risk. (That you might take out too much in credit cards or other unsecured debt)
635841
Just call and ask them to lower your rate. You will be suprized at how easy it is. It will not affect your credit rating at all.
753498
Why in the world would you let it get to there? Go and see the lender, explain the situation to them and volunteer to sell the house and ask them to put payments on hold pending sale. Your credit rating won't be perfect, but it will be a lot better than defaulting!
462236
You'll have it on your credit report for at least 7 years, BUT after two years you can qualify for the same interest rate on a mortgage as someone who hasn't filed.  Keep paying the amount on time and your credit score will improve immensely!
790222
As long as your credit score is above 620 you are OK. It's easier to get a mortgage than a credit card when you have bad credit. Surprising but true. The mortgage company can always foreclose, but the credit card company is just out the money.\n\nThere is a mortgage company out there that would be willing to work with you. Shop around for a good deal.  Make sure you do it within a 14-day time frame to limit credit inquiries that can lower your FICO score.
915620
whats your credit score and fica score.how old are you and do you have a job?you have to answer many questions to be approved for a loan and having just credit isnt bad but if your credit score is below 600 you will have a problem.check your ratings
1046295
I will try to answer your question as clear as possible.\n\nYour score IS NOT affected by your debt to income ratio. Your credit report shows nothing about your income. Your score IS however affected by your debt to available credit.\n\nCreditors only know the income you told them on the application. Although this is very much different when it comes to mortgage loans.\n\nTransfering balances from one existing card to another does NOT affect your score. Transfering balances from one existing card to a NEW card DOES affect your credit because you are opening a new credit card account.\n\nIf you have an old account DO NOT, I repeat DO NOT close it. This will affect your credit. All you have to do to increase the balance is call your creditor and ask.\nOld credit card accounts (in good standing record) are the back bone of a good credit score.\n\nLast but not least 0% introductory apr simply means that no matter what your balance is on your card each month, you will not be charged interest over this amount until the end of this introductory rate. BUT be careful, if you miss ONLY ONE payment, all that goes out the window and they can charge what ever they feel like.\n\nIF you miss a payment or send a payment late, you will incurr fees, any specials you had with this card will be gone, your score will plumit and what most people dont know is that what ever OTHER credit card company that finds out you made a late payment on other cards will also cancell any special and charge you a high interest rate. This is called the "Universal Default"\n\nI think you will benefit greatly from this article titled\n"The secret history of credit cards" (Part 1 & 2 are in the march issue) These were articles summarizing the report broadcasted on PBS.\n\nYou can find this article following this link and going to the articles in the March issue http://jrealestate.blogspot.com
1148714
I don't know how old you are but why not just call a local mortgage broker and tell them you are looking into buying a house and want to see if you qualify and what for?\n\nOnce you take the app, you are entitled to a copy of your credit report so just ask them for it and tell them you are going to start shopping for a house.\n\nTHE CREDIT REPORTS FROM THE "FREE" SITES ARE NOT CURRENT AND ARE VERY VERY DISSUADING!!! I have people try and tell me all the time that "the credit report I have says I'm a 700 score". when in actuality they are much less becuase the information on thier report is OLD.\n\nTrust me, go to a mortgage broker and ask them. They will be glad to help you out if you tell them you are looking for a house.\n\nbtw... David K gets his info from actually reviewing many "free" credit reports and comparing them to the credit reports that we pull from financial institutions. These "free" credit reports are mearly marketing engines for companies to find out you are inquiring upon your credit report. Once you pull your credit, your information is sold to anyone that has a dime to pay for it. If you currently have certian parameters, such as high debt/high interest rates, companies will begin to market you in the hopes that you will buy thier product to improve your financial situation.\n\nAgain, NOTHING IN LIFE IS FREE. Let the mortgage broker pay the $12 dollars or so, be upfront with them if possible and let them know you are merely trying to get an idea of your options. You can opt out from being marketed, I forget the sight but do a search for "opting out credit" or somthing along those lines.
245758
Yeah, it sounds like you are in a tough credit spot.\n\nThe reason for the checks is that it will verify that you have paid rent, and paid on time.  Certain banks are very specific about this... unfortunately, most people have a tough time getting this information.\n\nFor the checks, I'd ask if they will accept a private VOR, verification of rental.  This like the check will verify your payment history.\n\nAnother option depending on your score is to look into my community mortgage options.  This is a way to get the higher LTV for 1st time buyers and will not raise your interest rate even if you are lesser candidate.  The mortgage insurance is offered at a significant discount.\n\nIf your credit score is above 580, ask your Loan Officer about the specifics.  You can still do this with a conventional program.
887404
There should be "opt out" info on the application (Check the back).  This will make it possible to opt out of all offers.\n\nBTW, your credit can't be too crummy, or you would not be getting pre-approved offers.  But be careful of the offers you accept.
278792
It would be better if it is reporting as paid/closed and all payments made on time, but welcome to the world of credit reporting. No wonder some people believe that 70% of credit files contain some mistake.\n\nYou can do 2 things.\n\n1) Write the credit bureaus with the creditors name and account number and ask that it be reported again. If you have old copies of your report that show it reporting then send copies of that in as documentation.\n\n2) Contact the paid mortgage company and ask them to report to all 3 of the credit bureaus your paid on time,in full status. If they won't report get a letter from them stating that your mortgage was paid in full and all payments made on time.\n\nTypically mortgage underwriters like to see at least 3 open accounts reporting(which also has a positive effect on your FICO credit score) to approve your mortgage at standard rates. Worst case you will have to provide a letter like mentioned earlier as supporting documentation.\n\nBut if the rest of your credit is positive then it is likely you have a decent FICO credit score.\n\nGood Luck