What if I Have Issues With My Credit?

It doesn't have to rule your life.

Isn’t it about time someone realized that the setbacks and misfortunes in your past shouldn’t determine your future? When it comes to re-establishing your credit, we believe that all you need is a starting point and a second chance. When a credit report throws us some curves, we’re experts at hitting them out of the park. Let us help you get the loan you need to meet your financial goals.

A Lynmar Lending Group loan can help you begin to rebuild your credit by giving you options to:

• Get pre-approved quickly so you know where you stand.
• Get extra cash from the equity in the home you already own.
• Consolidate high interest and credit card debt.
• Close with full, limited or stated income documentation.

What You Need to Know About Your Credit

Getting a loan can be a nerve-racking experience if you don’t know where you stand with your credit. Here are some key points about credit reports and scores and the role credit plays in the loan approval process. 

What is a Credit Report?

Credit reports are issued by consumer credit reporting agencies. These reports disclose your credit accounts (credit cards, department store cards) and your payment history (if you have paid these accounts on time), outstanding debts (mortgage loans, auto loans), liens and judgments of public record, such as bankruptcy and foreclosure.

Once you authorize Lynmar Lending Group to obtain your credit report, your Loan Officer will be available to review it with you line-by-line.

Why is Credit Reported?

Your credit history gives lenders an idea of your ability to pay back a new loan or credit card. Credit histories provide information related to how many times certain bills have been paid on time vs. how many times bills may have been paid late. In addition, credit histories provide information related to maximum balances over time, as well as current balances. At Lynmar Lending Group, your credit history helps us to better understand the types of loans you might qualify for (including special products) based on your credit score.

What is a Credit Score?

Your credit score is used to assess how likely you are to pay back a loan. Your credit bureau score is based on the data available from your credit report. The score is not intended to measure a borrower’s income or assets.

Credit scores (generally referred to as FICO scores) range from approximately 111 (no credit score) to 850 (high credit score), and are available through the three national credit repositories (Equifax, Trans Union and Experian). FICO stands for Fair Isaac Company.

How is a Credit Score Determined?

Payment History - Includes items such as how you have paid existing and previous credit accounts, the existence of bankruptcies or foreclosures in your recent past, as well as the total amounts past due overall.

Amount Owed - Your Amount Owed relates to the outstanding balances on specific accounts, as well as the total number of accounts you currently have.