- 2018 Posts

  1. FHFA Conforming Loan Limits 2019
  2. How 2018 Market Trends Will Affect Wisconsin Buyers
  3. No Money Down Home Loans Appleton Oshkosh Green Bay Wisconsin
  4. Benefits of using FHA for your home loan
  5. Benefits of being a homeowner
  6. Wisconsin local lender vs online lender
  7. Home Loan Pre-Approval
  8. No Money Down Home Loan
  9. Serve and Support Loans
  10. Debt Consolidation and Cash Out

+ 2017 Posts

+ 2016 Posts

+ 2015 Posts

Credit Scores

December 08, 2016

Credit scores tell banks and lenders your credit worthiness. How much have you borrowed in the past? How much is outstanding, and how long you have had credit. Here at GSF, we can often get approval on loans with credit scores as low 600. Wondering how your score is determined? Here's a little insight!


Lenders use this report to determine if you can handle the new payment, or if you are too high of a risk. Lenders also consider if the debt is secured, meaning a loan on a physical object, or is it unsecured, like a credit card- and not tied to any one object. Unsecured debt is a much higher risk, because borrowers have nothing to lose should they stop paying. It is often far easier to qualify for secured loans, because you have an interest in the loan- you want to continue living in your home or driving your car. Lenders know people are far less likely to stop paying on their home than say, a credit card.


Credit reports also show each creditor you with which you have opened credit, the date your credit line was opened, how many on-time payments you have had (anything paid in less than 30 days) and all late payments (payments made 30 days or later than the due date).


Credit reports also show any public records like foreclosures, bankruptcies, tax liens, and collections. Your score is determined by many factors, but total debt, secured vs. unsecured and late payments are especially impactful.



Ron Meyer
GSF Mortgage Corporation
300 Patriot Dr.
Little Chute, WI 54140
(920) 788-9608
NMLS #222688 & 1018