When deciding to grant a loan, banks take three things into consideration — INCOME (how much do you earn a year?); CREDIT (how responsible are you with the money you earn and money that you borrow?); and EQUITY (how much value is left in your house after you take out the mortgage you are applying for at present?).

This “banking trinity” is referred to as “ICE” among those in the mortgage industry. And although banks are often thought of as cold-hearted, the truth is that they just wantto get paid for loaning money. They lose money if you default on a loan. They do not want your home. They just want their capital back – with interest.

The middle initial “C” is probably the most important letter in the “ICE” equation. Your credit score is a crucial factor because it will determine how much of a risk you are to the bank. Banks loan money based on risk. The less the risk, the less they need to charge for the money that they loan. Impaired credit obviously raises a red flag when it comes to applying for a loan.

MoreMortgage.Com can help you improve your credit score even as we work on your loan. While waiting for the title, appraisal and other documentation, we can actually work with you to increase your credit score! And with awesome software like Rapid Rescore we can fix your credit in days as opposed to months!

More Mortgage.Com specializes in CREDIT REPAIR. Your credit is evaluated by a system called a FICO score. A FICO score is a credit "grade" that was developed by Fair Isaac & Co. (hence, the term FICO). A credit score attempts to condense a borrower’s credit history into a single number. The system is amazingly accurate, and an individual’s FICO score is gospel to all lending institutions. As a matter of fact many employers now pull a perspective employees credit just to see that they are leading a “normal” life.

“Big Brother” of Orwellian fame has long arrived, and your credit score is just one more way of his knowing your every financial move. Pay a credit card payment late just once in two years and it will stain you for at least a year. Pay a mortgage late just once and that “sin” will sit on your report for two years.

A typically decent FICO score ranges from 620 to 660. A higher score will grant you certain adjustments for a better rate, whereas a lower score will “cost” the borrower by having to borrow at a higher rate.

A lower score could be augmented by a lot of equity and a lot of income, and a fantastic score of 790 could be offset by a trickle of equity and low income. There are many creative loan programs designed to meet the particular needs of individual borrowers. And because MoreMortgage.Com is a direct mortgage lender, we have hundreds of different programs— and we provide those programs at a direct lender price, which could save you anywhere from a half point to three points on your loan.

At MoreMortgage.Com we will run your credit, talk to you, LISTEN to you, and then place you with the program that best suits your needs, and gives you the best possible rate. We can even write in our own "exceptions" on your file to our own underwriters, based on the strengths of your history, and create a program just for you. A typical exception might be an explanation for a late credit card payment based on illness.

We can also offer recommendations on how to improve your FICO score so you qualify for a better program. What’s more, we take the time to explain all the details behind how the scoring works, so you understand exactly what mortgage companies look for when determining any borrower’s loan qualifications.

Credit Problems? MoreMortgage.Com Can Help.

At MoreMortgage.Com, you needn’t be embarrassed to admit to credit problems. We find it always pays to be honest up front, and that you have nothing to lose and everything to gain. After all, the more information we know about you, the easier it is for us to qualify you for the best possible loan. It’s the first step towards helping us help you increase your FICO score.

While it is difficult to increase your score over the short run, here are some tips to increase your score over a period of time:

• First and foremost - pay your bills on time! Late payments and collections have a serious impact on your credit score.
   
• Second - try not to not apply for credit frequently. Having a large number of inquiries on your credit report can worsen your score. This is unfair but it’s reality. The more inquiries a person goes through is, supposedly, an indication that he or she has been rejected for credit elsewhere.
   
• Third - reduce your credit card balances. If you are maxed out on your credit cards, this will affect your credit score negatively. The best thing is to just pay down your balances. If that’s not possible, you are better off opening another card or two and transferring balances to something with a lower percentage rate, and working those down.
   
• Even if you feel you don't "need" credit, you should establish credit history by getting a credit card in your name, using it, and paying the bill in full promptly when it arrives in the mail; this also shows that you know how to write out a check and pay a bill.

What MoreMortgage.Com can do to repair your credit report.

After we pull your credit, we will fax you a copy and go over the report with you - verifying the credit cards, car loans, credit lines, and present mortgage that you have.

If there are any errors on your report we can contact the three major credit bureaus to correct the matter, and make sure that any past problems that were already corrected are recorded as being fully resolved. You may also contact them yourself:

Equifax (1-800-685-1111)
Trans Union (1-800-916-8800)
Experian (1-888-397-3742)

Each one has it's own procedures for correcting misinformation promptly. Often, we can have the matter removed from your credit report, along with the history of negativity. That will allow you to maintain a much higher score. It may also save you a year or more of waiting for negative matters to fall off.

So contact MoreMortgage.Com where we give you… More money. More service. More peace of mind. And a better credit score!