Now you are making your loan application and the lender runs your credit report and ........red flag...there is an issue with your credit..... Even though you know your credit score and lender said in the beginning they could work with you, there are some items on your credit that MUST be removed before you can get a mortgage loan.
****Do you have defaulted student loans? Sorry..... but you must bring these loans current before you can get a mortgage loan.
***If you are in arrears with your child support payments and it is reported on your credit history...You must bring the delinquent payment current into order to proceed with the loan application.
****It could also be that an account that you have paid off is still showing a balance......Don't panic!!!
If this is the case then just check the 'date last reported' and 'date of last activity' to make certain that the information has been updated.....
I know, I know you hate keeping all these papers around......But it is very important that you retain all paperwork regarding transactions and payment history.....You never know when you will need them!!!
Here's another tip ____ always keep the original copies of receipts and other documents......Don't give them out....make copies.
I know.....you are thinking 'hey I know that, this is elementary' Yeah, but sometime we forget......Just a gentle reminder.....Not trying to be your Mom!!!
Ha!! More tips coming soon!!!
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