The credit scoring system software provided by Fair, Isaac & Company, Inc. (FICO), and their accompanying calculations is what most lenders look at when calculating interest rates for your mortgage loan.  It is not 100% clear how FICO tabulates credit scores, but they do take into account late and delinquent payments, bankruptcies, outstanding debt, length of credit history, new applications for credit, and types of credit currently in use. 

 

As you know, whether you're making a big purchase such as a house, a new car or making a smaller financial decision such as obtaining a new credit card, the prospective lender undoubtedly runs a credit report to find out what you may qualify for before you get to make your final purchase of a Tulsa, OK home.  So, now is the time to make sure your credit is in check. 

 

If you find that you have any issues with your credit report, there are several ways to go about rectifying the situation(s).  Cleaning up your bad credit is not an easy task, but it is possible.  More often than not, creditors will make a deal with you and accept payments, for instance, of 30% to 40% of outstanding balances that show up on your credit report. 

If, however, taking on the task of making your credit as clean as possible is overwhelming to you, there are bad credit counselors that do this for a living.  When choosing such a counselor, look at colleges, military bases, credit unions and banks as they also can provide bad credit counseling.  Otherwise look at local housing agencies or other nonprofit organizations as they gain funding from donations, the government and sometimes even creditors, so their services can often be provided at little or no cost to you.

 

If you are ever promised that you’re bad credit can be erased or that you can be given a new Social Security Number, run, don't walk!  Bad credit takes time and effort to be rectified, and there is no legal way of obtaining a brand-new Social Security Number when it comes to being rid of your bad credit.

 

If you are interested in obtaining a copy of your credit report, you can get one free each year at http://www.annualcreditreport.com.

If you are interested in obtaining a loan to buy your next (or first) Tulsa, OK home, please let me know and I will get you in touch with an excellent lender here in town.  You can also search all available Tulsa, Oklahoma homes (and surrounding areas) for sale on my website, 24 hours a day, 7 days a week!