Bad Credit Mortgages

Credit Score Information for Subprime Mortgage

ERATE services Northern California and Southern California for conventional mortgages as well as subprime loans. In the subprime or nonprime world, the credit scores are very important. Your credit score and credit grade are factors in determining the rate you receive when you purchase or refinance a home.

Equifax, Experian, and Trans Union are the three major credit bureaus.

Equifax Tel # 800-685-1111
Experian Tel # 888-397-3742
TransUnion Tel # 800-888-4213

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According to Credit Repair by Robin Leonard and Deanne Loonin, the key to improving credit scores is to remove negative information.

  1. Out-of date information:
    - lawsuits, paid tax liens, accounts sent out for collection, criminal records (but not criminal convictions), late payments and other information older than seven years
    - Bankruptcies older than ten years

  2. Incorrect information:
    - incorrect name, address, phone number, Social Security number and/or employment information
    - bankruptcies not identified by the chapter number
    - accounts not yours or lawsuits in which you were not involved
    - incorrect account histories – such as payment history
    - duplicate accounts
    - closed accounts that still show open
If there are errors to your credit report, then take the following steps:
  • Complete a request for reinvestigation form or send a letter listing incorrect items and explanation to correct error.
  • Credit bureau must investigate issue within 30 days upon receipt. Send follow-up letter after 30 days of no response.
  • If credit bureau can’t remove information, then contact creditor (ex. Customer service deparment, president, or CEO).

 

Note: Credit bureaus are not obligated to make any changes.

One of the key things to remember when trying to repair your credit is knowing what to pay off first. The secured debts should be high priority since they are linked to an item for collateral. The item is anything of value that the creditor can take if you don’t repay such as a house. There is no collateral for unsecured debts. Student loans and alimony/child support payments should be top priority for unsecured debts since creditors can use aggressive collection tactics.

Secured debts – have collateral
  • Mortgages and Home Equity Loan (HELOAN) or Home Equity Line of Credit (HELOC)
  • Cars, boats, tractors, motorcycles, planes, RVs
  • Personal loans from finance companies
  • Tax liens, judgment liens, mechanic liens and child support liens
Unsecured debts – no collateral
  • Credit card purchases
  • Gas
  • Student loans – more priority
  • Bills from doctors, dentists, hospitals, accountants, and laywers
  • Alimony/child support – more priority
  • Rent
  • Utility bills

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state




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