Comments on: Do all lenders evaluate you the same way?

By: R

Mon, 02 Mar 2009 14:00:46 +0000

Credit scores are derived from a few items. They run your debt to income ratio (a way to see if you are living within your means); they also look at your total credit card limits and compare that to your total balance. If all the cards are close to being maxxed out, that is a negative reflection on your credit. They also look at your payment history, i.e. have you been paying your credit cards and other bills on time. The best thing for you to do is go to and complete the confidential information and they will run your entire credit report and then you can see or yourself how lenders view your credit. Also it is helpful to look at your credit report to insure the information is accurate and up to date. That is a great place to start and good luck.

By: 6kidsANDalwaysFIXINGsomething

6kidsANDalwaysFIXINGsomething — Sat, 28 Feb 2009 21:55:48 +0000

Credit scores are one item used for qualification, income level and job stability are others. My suggestion is to go to a mortgage broker (yellow pages) and have them shop your situation for you. They will usually find a lender. It may be private money invested in an account that has been defined as a mortgage account by the investors and the investors look to place this money in the market through brokers. It usually doesn’t cost anything to use a broker as the people with the money pay the broker to find a place to invest it. You become their investment.
If you make enough money to carry the debt, a lot of brokers will find you a source for the mortgage. It might cost you a slight increase in the interest rate because of security but it will give you a history for the next time you need to re-new the term.

By: let's get busy

let's get busy — Thu, 26 Feb 2009 15:25:54 +0000

There are lenders called sub-prime lenders that will lend money to dead chickens for the value of the eggs. You might want to avoid subprime lenders, the interest rates can be superhigh.
Do read books on loans. make sure you understand the diference in paying for money that costs too much before you decide to talk to a subprime lender.
I’m going to advise you here, fix your credit scores, then purchase a home. It will take a while but in the end, you’ll pay less for the home (again, interest rates)
Haste makes waste. Subprime is not a good decision but sometimes its the only choice. Darn predators!

By: AF

AF — Tue, 24 Feb 2009 10:38:31 +0000

There are 3 credit reporting agencies so the lenders will likely see the same scores.
What weight they give those scores is up to their in-house policies.
They’ll also be looking at your income - current and past, how long you stay at a place of employment.
Some lenders have access to higher interest rate loans than others which they may offer you. Some could lend to you if you make a larger down payment. Perhaps you have some other things to use as collateral.