What if credit scores did not exist?

As a pick-up from yesterday (click here) regarding why credit scores are so important I thought I would offer another side of credit scores:  What if credit scores did not exist?  Having worked with borrowers for more than a decade I can tell you that a credit score is a real data point that banks and lenders have to know to determine what type of risk a borrower might be.

A credit score is the result of many different factors including the following: Continue reading “What if credit scores did not exist?”

How much does my credit score really matter?

It’s amazing to me that many of the clients that come to us seeking a mortgage or loan do not know their credit score.  In fact, not only do they not know their credit score most of them have never even seen their personal credit report.  I find it amazing because your personal credit score is one of the core criteria that a bank or lender will use when deciding to approve your request for a mortgage or loan.

Continue reading “How much does my credit score really matter?”