HOW IS YOUR CREDIT?

The other day, I came across an article in “The Wall Street Journal” of November 30 – December, 2024 titled “Know the Score on Fair Isaac”. The article pointed out that “Fair Isaac’s shares have been among the top performers in the S&P 500 over a decade, returning in excess of 40% annualized. Quite impressive. And all of this starts with a simple question,  «Do you know how is your credit?». This is one of the first questions we ask potential borrowers.

Credit scores are a critical part of decision making. They affect loan-to-value (LTV), as well as the interest rate, and even the ability to qualify for the mortgage. Nevertheless, in most cases we find solutions. When one of the partners had bad credit, we used the other to qualify for the mortgage; however, both of them were on the title. In another case we found a lender, who was able to lend to a couple by issuing a loan to the wife apart from her husband, who had a low credit score, but had income. Yet in another situation, the client decided to delay running her credit report until she paid down her credit card debts.

Every case requires a different solution. To find what it is, we need to order our own credit report, which is acceptable to the lenders and costs about 70 dollars, since the reports offered for free do not report scores. The credit report shows three sources, and the lenders use the middle number, regardless of the source. Please contact me by phone or email for free evaluation before you decide to get a mortgage.

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

Cell: (415) 225-7920
Email: [email protected]

NMLS #205637
DRE #00874630