Colorado Springs Vintage Homes Blog
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Marriage and Mortgages FAQ’s
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC
Related Articles:
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Will VantageScore Bring Consistency?
- Colorado Springs Mortgages — tips for consumers on points
Marriage and Mortgages FAQs
Q: Could one spouse’s bad credit negatively affect the other?
A: If a couple is applying for credit jointly, say for a loan or credit card, then yes. One person’s lower score can negatively impact the interest rate the couple will be offered. This is because every borrower has three credit scores, and lenders use the lowest “middle” credit score of the two borrowers. We have seen many situations in the past in which one borrower was dropped from the application – but only if the lower score belongs to a non-working spouse. This can create a serious issue, however, if the income is needed in order to qualify.
Q: Can one spouse’s low score negatively Read the rest of this entry »
Buying a Home in Colorado Springs, manage your most valuable asset! Part III
Colorado Springs Vintage Homes is happy to feature a great article
on Managing Your Credit Score – Part III
Anza Goodbar, President of Clearview Mortgage 
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Your Credit and You!
If you’ve been following along with me, you are beginning to see that you have control over your credit score. Let’s continue our journey and look at how the longevity of your open accounts can impact your score.
Longevity of Credit Accounts:
This is a relatively easy category. It has a smaller weight than the other categories we’ve explored. This category basically works by the tracking the length of open credit accounts. The longer time period you keep an account in good standing, the Read the rest of this entry »
Manage your most valuable asset! Part II
Colorado Springs Vintage Homes is happy to feature a great article
on Managing Your Credit Score – Part II
Anza Goodbar, President of Clearview Mortgage
Your Credit and You!
Now that you have an idea of the factors that impact your credit, let’s take a look at the next category.
Amount Owed:
The amount of money you owe also factors into the information your lender evaluates. It is important to demonstrate you know how to use credit wisely and you are not credit dependent. It is never wise to have balances on revolving accounts that exceed 70% of your allowable limit. It is best to not exceed 50%.
You can manage this in a couple of ways. First, pay off the balances on your revolving accounts monthly. Second, know Read the rest of this entry »
Will VantageScore Bring Consistency?
Colorado Springs Vintage Homes is happy to feature a great article
on Credit Scores submitted by
Harry Venik with Adams Mortgage, LLC
Search for Homes in Colorado Springs
Related Articles:
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Will VantageScore Bring Consistency?
- Colorado Springs Mortgages — tips for consumers on points
- Marriage and Mortgages FAQ’s
- How do I get a down payment for Homes in Colorado Springs?
VantageScoreSM Solutions, LLC, is a joint venture between the three 
powerhouse credit scoring bureaus, Experian®, Equifax, and TransUnion®. Launched in March 2006, VantageScore has two very ambitious goals:
- To reduce credit score inconsistencies across the three companies
- To help consumers better assess and interpret their credit scores.
In the past, credit scores could vary significantly across these three companies, creating Read the rest of this entry »
