Credit Karma -“Free” isn’t good, and good isn’t free..


I also pulled one of the reviews from the website…

“I recently used Credit Karma in Canada (where I live) to determine if I would be able to get a mortgage on a new home. My score from them show my credit to be well into the good category at 716. I then approached a company for a mortgage ( I would never have considered this with a bad score). I was contacted within a few hours that my credit score was 618. I asked this company if they had the right name. When I told them my documented score, I was informed that they do not recognize credit Karma’s information. Therefore I find Credit Karma to be useless. I wonder how many others have had doors slammed in their face by this. My wife has not been well and it was very hard on her. Thanks for nothing Credit Karma.”

For my clients, I recommend either Privacy Guard or Credit Check Total to monitor their credit reports and scores.  These sites cost about $20-$30 per month to access/track new credit reports and scores.  This is the least expensive way that I’ve found to obtain new credit reports and scores that we use for our credit repair service.

Privacy Guard uses a “Credit Xpert” score which is fairly similar to a “FICO score” that banks use to risk grade you for a loan.

Credit Check Total uses a “FICO 8” score which is a generic consumer credit score.  This is also very close to a score banks use to grade you.

FICO has designed over 50 different scoring models designed for specific industries (mortgage, auto, credit card, etc..) which will all produce a different 3 digit score ranging from 300-850.  Are you confused yet?

If you’re thinking of applying for a loan/credit, go to MyFICO and purchase all of your FICO scores.  Their cost is about $60 for all your FICO scores.  This will be accurate information that will show you the same scores that the banks will see to approve or deny you.

Share this post with anyone you know that uses Credit Karma!

 

Source: Credit Karma -“Free” isn’t good, and good isn’t free..

 

 

Kentucky VA Home Loans, Zero Down


 

Source: Kentucky VA Home Loans, Zero Down

 

 

Many mortgage applicants will get a surprise boost in their credit scores


Kentucky Waiting times for a Mortgage loan Pre-Approval After A Bankruptcy and Foreclosure or Short Sale
Bankruptcy, Foreclosures, and Short Sale and how they affect your mortgage loan approval for a Conventional Loan, FHA Loan, USDA Loan, and VA loan.

 

In a little-known policy shift, the three national credit bureaus — Equifax, Experian and TransUnion — plan to stop collecting and reporting substantial amounts of civil judgment and tax lien information on public records affecting millions of American consumers starting July 1.

 

 

Both types of information have negative impacts on credit scores and remain in credit files for extended periods. Tax liens are levied against properties when the owner is delinquent on payment of taxes. Civil judgments — debts owed by the losing party in legal disputes that typically involve monetary damages — are ordered by courts.

With the elimination of this information from vast numbers of consumer credit files, some lenders are concerned that when they order credit reports to evaluate an applicant, they may no longer get the full picture of the risk of nonpayment posed by the consumer.

 

 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

Source: Many mortgage applicants will get a surprise boost in their credit scores