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Credit
All things credit score and personal finances.
Will applying with Beeline affect my credit?
In Step 4, before finalizing your purchase or refi-ready approval, we review your credit history and any debts you have. It typically has a small impact on your credit score — 3-5 points or less. According to FICO, this small impact is restored in just a few months.
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What is a hard credit check?
Your credit history is checked any time you apply for credit. In order to be accurate upfront and avoid changes after, we prefer to perform a hard credit history check, which typically has a small impact on your credit score — 3-5 points or less. According to FICO, this small impact is restored in a few months. A hard credit check uses the middle of three credit scores to help determine how much you can borrow and at what rate.
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What credit score do I need to get approved?
Honestly? There is no magic number, and not all home loans depend heavily on your credit history. The best way to find out for sure is take 15 minutes and complete the 5 steps. Even if you’re not quite ready yet, you can see exactly where you’re at without investing a ton of time.
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How do I contact the credit bureaus?
Find them here: Equifax: 1 866-349-5191 equifax.com/personal/ TransUnion: 1 800-916-8800 transunion.com/ Experian: 1 888-397-3742 experian.com
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How do multiple credit checks work?
If you’re applying and shopping around with a few lenders, your credit score will only be affected once by a hard check in a 30-day period. Put another way, the bureau recognizes that you’re shopping for credit when it sees you applying for the second, third times and won’t keep nibbling away at your credit score. The bottom line? If you need to shop around, then shop hard and fast because dragging it out over months will negatively affect your score.
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Is my credit score too low to apply?
A good thing about applying with Beeline is that you can invest very little time for a whole lot of certainty, and know where you stand. So the best way is to spend 15 minutes completing the 5 steps to a purchase-ready approval. If your credit score is above 620, we’re confident we can help you. If you're buying or refinancing an investment property, the minimum credit score is 660.
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How does my credit score affect my home loan?
Your credit history, together with other aspects of your financial profile, helps a lender to assess whether you’ll be able to comfortably afford to repay what you borrow. A higher credit score makes it easier to get a lower rate and vice versa, which can make a big difference over the life of the loan.
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What happens to the credit score if I’m buying with a co-buyer?
If you have a co-buyer, we use the lower of the two scores. For this reason, if you’re not relying on the second person for some of the down payment or income funds, it may make sense for the person with the better credit score to apply. That way you can have more favorable loan terms. Even if you do it this way, you can still have both names on the title.
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How do you choose which credit score to use?
We check the three major credit bureaus — Experian, Equifax and Transunion, and use the middle of the three scores. If you have a co-buyer, we use the lower of the two scores.
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What if I think my credit score is incorrect?
Contact the credit bureaus directly if you have a question about your score. Equifax: 1 866-349-5191 equifax.com/personal/ TransUnion: 1 800-916-8800 transunion.com/ Experian: 1 888-397-3742 experian.com
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How can I get my credit report?
The Federal Trade Commission has a free resource where you can request your credit report ftc.gov/faq/consumer-protection/get-my-free-credit-report. You can also request it directly for free from Transunion, Equifax, or Experian. As a borrower, you can request a copy of the report we use to make our decision — just ask your Loan Guide for a consumer copy.
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What if I don't recognize a credit line that's listed on my report?
It’s pretty normal that some lines in your credit history are difficult to recognize, but if after reviewing, you feel there is an error, contact your Loan Guide and they will help address the problem, as the error could be affecting the loan and rate you can get.
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Why do you need an explanation for the cash I'm taking from this loan?
The loans we work with need that info for reporting purposes. For example, cash taken for home improvements is used as an economic growth factor.
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How will pulling my credit affect my score?
In Step 4, before finalizing your purchase or refi-ready approval, we review your credit history and any debts you have, which happens any time you apply for credit. It also means we are accurate upfront and avoid changes later. It typically has a small impact on your credit score — 3-5 points or less. According to FICO, this small impact is restored in just a few months.
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Do past civil judgments disqualify me?
Probably not, all we need is confirmation that they’ve been paid and a note explaining the circumstances.
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Why is the credit score you show different from what I see when I look mine up?
There are different scoring models for different credit vendors. Mortgage lenders have a different model than auto or credit card vendors, and all models are different from the consumer version which you have access to. For more detailed info visit www.myfico.com.
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Will late payments on my credit disqualify me?
Not necessarily, the loan programs we use review your credit history and determine eligibility based on your whole profile.
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Is it worth having my credit pulled to apply if it affects my score?
Yes, it typically has a small impact on your credit score — 3-5 points or less. According to FICO, this small impact is restored in just a few months.
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I don’t like entering my social security number online, can I call you with that information?
Sure! You can call us at (800) 550-6602.
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Do collections on my credit report disqualify me?
Not necessarily, the loan programs we use review your credit history and determine eligibility based on your whole profile.
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I placed a freeze on my credit due to identity theft in the past, what should I do?
Call the credit bureaus and have a temporary lift on the freeze so we can retrieve your credit info. Here are the credit bureaus details: Equifax: 866-349-5191. TransUnion: 800-916-8800. Experian: 888-397-3742.
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Can’t you give me a quote without a credit pull?
Unfortunately we can’t. Without reviewing your credit, we don’t know if you’ll qualify for the rates we offer. Knowing what a rate is, without knowing if you qualify for it, will not be to your advantage when searching for a home or refinance. Plus, realtors want to know that you actually qualify for a home loan when they start the shopping process with you.
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Will a previous personal bankruptcy, chapter 7 or chapter 13 disqualify me?
Not necessarily — different loan programs treat those situations differently. Typically if they happened more than 3 years ago, you may qualify.
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Will a chapter 11 bankruptcy disqualify me?
Probably not. A chapter 11 bankruptcy is a business transaction and not a personal bankruptcy.
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My current address is different from my credit accounts, which address do I enter?
Enter your current address — if you’ve been there less than 2 years, we’ll ask for your former address. This should give us enough information to match you up with your credit profile.
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Will a previous foreclosure, short sale or deed in lieu of foreclosure disqualify me?
Not necessarily — different loan programs treat those situations differently. Typically if they happened more than 2 years ago, you may qualify.
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I have a dispute on my credit report, does that matter?
Maybe, sometimes our system can issue an approval with an active dispute. Sometimes we have to get the creditor involved — your Loan Guide will take a look at it and let you know what to do.
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I don’t have any credit/liabilities can I still apply?
Yes, we have a couple of loans that can use ‘non-traditional credit’. We’ll basically create a credit profile for you using obligations you currently manage, like rent or a cell phone payment.
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What happens if I don’t have a credit score?
We have a couple of loans that can use ‘non-traditional credit’. We’ll basically create a credit profile for you using obligations you currently manage, like rent or a cell phone payment.
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