If you’ve been trying for credit lines lately it’s a smart idea to check your credit record. Perhaps you’ve been using a pay day loan service such as Quick Quid or one of the other banks who pass on your payment history to the credit bureaus once a debt is settled. Even though you haven’t had any credit lately, it’s still sound practise to be certain details held by the the main credit bureaus is correct to guarantee your credit rating does not suffer.

You should always take a look at your credit history at all of the main credit bureaus as some will have different info than others.

If you find anything that shouldn’t be on your report then make sure they know immediately and find out where the source of the false data is before it can become a major concern.

Often it will only be a mistake that the credit company has made and that explains why it is important that you check with all of the major credit bureaus and not only one. It may be the one that you didn’t check that had the wrong info that may prevent you from getting the credit you apply for when you need it.

If the ‘error ‘ turns out to be an issue with identity theft then you will need to contact all of the credit bureaus and take advice from their fraud department.

They will place a flag on your file that will let anyone who is looking for info from your credit report know that you’ve been a victim of fraud.

The alert will also make it clear to you when a bank or lender is having a look at your file and if this is happening when you are not requiring it for any money transactions then it could be as the identity thief is hoping to get cash in your name.

Alerts sometimes last for 90 day but this period can be extended if you need it to be.

When finance company sees the person attempting to get the credit isn’t you they are going to deny the application and will tell the authorities about the identity thief trying to get finance fraudulantly.

Be sure to check out Payday Loans to find out how these types of loans can effect your credit rating or check out Identity Theft Deterrent and find out how to protect yourself from this type of fraud.

Perhaps the most common problem in today’s mortgage industry is a low loan-to-value ratio. This is the percentage of the loan total compared to the overall value of the property. For example, if you currently have a balance on your first mortgage of $200,000 and the appraisal comes back with a value of $250,000 then your loan-to-value ratio (LTV) is 80%. For a conventional loan, lenders require a minimum of 5% equity or a maximum LTV of 95%. Of course, the problem is that over the past 2 years a lot of areas of the country have seen properties decline in value by 10 to 20% or more causing many homeowners to have a high LTV ratio. Even if they are under 95%, many homeowners still find themselves having to settle for higher interest rates, PMI payments, or both.

Another common reason why mortgage applications get denied is an issue with the borrower’s credit report. A lot of attention is paid to the FICO score, which will have to be at least 620 with most lenders and over 720 to get the best interest rates. Very often medical collections show up on credit reports without the applicant having ever been notified by the medical company or their insurance company. The balance of a medical bill will simply be sold to a collector who will immediately contact all 3 credit bureaus.

Lenders will require that all collection accounts be satisfied prior to closing and a lot of times it could take months before an applicant is able to pay it off and get it removed from the credit bureaus. Also, if there are any other issues such as late payments, liens, and high balances, it’s best to take care of it ahead of time because lenders won’t accept updated credit reports once they are pulled for an application.

Also, a reason to get denied is if the applicant’s debt to income ratio (DTI) is too high. The DTI is a simple calculation which begins by first taking the total of all applicants’ gross monthly income before taxes. For example, if a married couple makes $40,000 and $50,000, respectively, then their gross monthly income would be $7,500 ($90k/12). Often overlooked, insufficient reserves can prove to be the difference between a closed loan and a denial. What most people do not know is that most lenders will require at 2 months of reserves for loans with loan-to-value ratios over 80 percent. This can be a large amount of money. For example, if the loan amount is $300,000 the principal and interest portion of this, depending upon the interest rate, can be as much as $1,600.

Perhaps the most infuriated mortgage applicants are those that receive a “subject to” appraisal. This means that the appraisal report and the value for the property is subject to certain conditions being completed, typically repairs to the property. These days, each detail of a property’s appraisal is scrutinized and the repairs needed could seem trivial to a potential borrower, but most lenders will refuse to close on a loan until appraiser’s conditions are met.

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