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Let's test your credit knowledge with 5 everyday situations. All else being mortgage broker traduction francais who would have better credit? She makes sure that she pays off her balance every month. She only makes the minimum monthly payment require by Visa. Credit bureaus receive their information from Visa once a month as they do from all credit issuers.
As a result, credit bureau companies cannot determine if the credit balances are paid in full or just partially. This man pays for everything with cash and does not have debt or credit cards of any kind. Net worth is not reported to credit bureaus. In fact, without any debts, Client A's credit history would be bare and thus he would have a very difficult time trying to get a mortgage at all. Client B would have a fairly easy time trying to get a mortgage.
She has had good credit for years but has recently closed all her debts and lumped everything into a single brand new loan. Income is not reported to credit bureaus, so the incomes listed in the question are a red herrings. Client B has recently closed all her credit cards and other loans thus mortgage broker traduction francais reducing her credit history mortgage broker traduction francais a very short period. You should never close all your credit mortgage broker traduction francais at once like that.
If you wish to close a credit card make sure your new credit card has been active for many months. He has never missed a payment on the mortgage and has absolutely no other debts or credit cards. This person uses their debit card frequently. They have missed one monthly payment 8 months ago. They had some minor missed payment 3 years ago. Mortgages in Canada are not reported to credit bureaus. I don't know any official reason why.
They are reported to credit bureaus in the USA. Client A would be nearly invisible to the credit bureau and thus it would be assumed that he mortgage broker traduction francais bad credit. No credit equals bad credit. He would find it very difficult to get a mortgage. Client B would not have a problem. In a marriage or common law relationship, it is very important that each mortgage broker traduction francais has their own credit since a mortgage will not be reported to either of their credit bureaus.
This woman declared bankruptcy 6 years ago and was discharged for bankruptcy 5 years ago. She quickly made up for the missed payments upon mortgage broker traduction francais from vacation and has never missed a payment since.
This woman travels for work and is out of the country a lot. As a result, she has a splattering of missed payments spread over the last 4 years. Her latest missed payment was 3 months ago.
This is a trick question. Client A would undoubtedly have a better credit rating. However, banks will forgive a bankruptcy but never a missed payment after a bankruptcy and that is what she has. Thus, client A would find it very difficult to qualify for a mortgage despite her high credit rating. Client B would not find it too difficult to get a mortgage. About Us Blog Confused By Your Rate Options? Contact About Us Blog Language: Blog Are you ready to become a mortgage broker?
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