Tag Archives: loan pre-approval

Will charge offs on my credit affect my ability to take out a personal loan?

Posted March 8 by Tracy Becker (Credit Expert), Leave a comment

Q: In the past couple years, I have had 3 charge offs on my credit (one is a cable bill and the others are credit cards). If I pay them off, how much will they affect my credit and my ability to get a personal loan? Read More.

I just moved to NYC from outside of the United States, so I don’t have American credit. How can I build my credit so that I can buy a co-op or condo in NYC within the next two years?

Posted May 15 by Tracy Becker (Credit Expert), Leave a comment

Q: I just moved to NYC/the U.S. and it seems I have pretty much no American credit.  I am planning on buying a co-op or condo in NYC within the next two years. How can I build credit with a purchase in mind? Read More.

Is it best to pay a collection account on my credit right away?

Posted March 22 by Tracy Becker (Credit Expert), Leave a comment

Q: I found a collection account on my credit report and wasn’t sure what to do. I was going to pay it immediately but after listening to the radio show, I wasn’t sure if it was the right thing to do.  Please let me know. Read More.

Do your driving records affect your credit scores?

Posted February 21 by Tracy Becker (Credit Expert), Leave a comment

Q: I recently attended a Driver’s Ed course, and the instructor mentioned that your driving records could affect your credit. Is this true, and if so, how much does it affect it? Read More.

Why are two of my credit scores so much lower than the third?

Posted February 13 by Tracy Becker (Credit Expert), Leave a comment

Q: I ordered all three of my credit reports from Experian, Trans Union, and Equifax and I paid to buy my scores as well.  Please tell me why two of the three scores might be so different from the third?  Experian was a 740, Trans Union a 620, and Equifax was a 625? Read More.

My friend told me that having a high debt on anything on my credit would hurt me. I just got a new car. Is the fact that the balance due is high going to hurt my credit?

Posted January 31 by Tracy Becker (Credit Expert), Leave a comment

Q:  My friend told me that having a high debt on anything on my credit would hurt me.  I just got a new car. Is the fact that the balance due is high going to hurt my credit? Read More.

What is the right credit score to order before buying real estate?

Posted January 14 by Tracy Becker (Credit Expert), Leave a comment

Q: What is the right credit score to order before buying real estate? Read More.

Our son rents and is now ready to buy. Assuming there’s money for a co-op or condo purchase, which is advisable?

Posted January 5 by Dottie Herman, Leave a comment

Q: Our son rents in Manhattan and is now ready to buy. Assuming there is money for a co-op purchase or a condo purchase, which is advisable? He is looking at co-ops in the neighborhood he wants to live in. We live in NJ, own our own home and are not in the mindset of sharing in a corporation and have no experience with NY real estate. And yes, we are learning that condos are more expensive. We want to learn about co-op vs. condo so we can help him. Thank you for your professional advice. Read More.

If a buyer is looking to move quickly on a property, do they need to be pre-approved or pre-qualified?

Posted December 12 by Jan Scheck, Leave a comment

Q:  I’m a realtor in PA with a well known company, and we also have a mortgage company. You keep saying that you need to be pre-approved, not pre-qualified. Our lender says that it cannot be a pre-approval if a client is looking to move quickly on a property because pre-approvals need to go to underwriting, and underwriting is working on all the transactions in the works, which can be a time-consuming process. They of course check credit, get W2, and pay stubs. Read More.