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Welcome!
Chrysler
Home Mortgage Corporation
1524 VOLVO PARKWAY
CHESAPEAKE, VIRGINIA 23320
Call 800-350-8279
Contact
US
Chrysler
Home Mortgage, is the first choice for a Virginia
mortgage. From our home base in Chesapeake Virginia,
we have helped many potential homebuyers, regardless
of their credit situation, obtain the home of their
dreams, at a payment they can afford. We have also helped
many homeowners refinance their existing mortgage and
lower their monthly payments. We offer a wide variety
of mortgage programs. Check out our mortgage calculator
and see how much we could save you. If you want a Virginia
mortgage or just want to know what the current Virginia
mortgage rates are, give us a call at 800-350-8279 |
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Understanding
Credit Reports and Credit Scores |
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Three large bureaus control America’s
credit information: Experian, TransUnion, and Equifax.
Experian, the largest, maintains approximately 100 million
credit files, processes over 35 million credit reports,
and services hundreds of thousands of business subscribers.
Banks, lenders, and nearly all businesses that extend
credit pay a fee to obtain credit reports and credit
scores.
Why? How you handled your debts in the past is a good
indication of how you’ll handle future loans. Subscribers
can also use your credit file to verify information
on your credit application.
In short, lenders use your credit history and credit
score to evaluate the amount of risk involved if they
approve your loan.
What’s On Your Credit Report? |
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Identification
information: your full name, your last
two addresses, social security number, date of
birth, and place of employment. |
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Detailed information
on listed accounts: name of the issuer,
the date the account was opened, original balance
(or credit limit), the current balance, and the
current status of the account. |
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Public record information:
Bankruptcies, tax liens, judgments, foreclosures,
divorces, and other public filings. |
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Credit report requests:
Whenever someone requests a copy of your report
it is recorded and remains on your record for
up to one year. Too many inquiries may cause a
prospective lender to question why you were turned
down so often – even though there are many possible
reasons for inquiries. |
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Consumer statements:
You may challenge or explain any credit entry
in your file with a 100-word maximum statement. |
How Your Score is Calculated:
Your credit score is one of the main factors any lender
will use when deciding whether to approve your loan.
The three large credit bureaus use a ranking system
called a FICO® score. For instance, the Equifax
scoring system ranges from 300 to 850. The higher your
score, the better the risk you’re considered, and the
more likely you are to receive loan approval. Curious
where you stand? The average person has a score of around
700. (Statistically, individuals with scores less than
600 will default on a loan approximately 50% of the
time.)
Lenders use other factors, of course, to determine credit-worthiness,
but your FICO® score is a commonly used tool that
almost all lenders rely heavily on. What does it mean
to you? People with higher FICO® scores get better
rates on loans than those with lower scores.
Your score is broken down into five categories:
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Credit history |
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Amount currently owed |
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Length of credit history |
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Type of credit used |
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New credit obtained |
Each category carries a different weight. The
most important categories are your credit history (how
well you’ve done in the past), and the amount you currently
owe. It makes sense: if you’ve handled debt well in
the past you’re a good risk to continue doing so, and
how much you currently owe can greatly affect your ability
to make payments on new loans.
Why You May Be Denied Credit:
A low credit score is one reason you may not qualify
for a loan. Here are some others:
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Delinquent
credit obligations: Late payments, bad
debts, or legal judgments make you a greater risk. |
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Incomplete credit
application: If you forget important
information, or make an error on your application,
major discrepancies between your application and
your credit file will raise a flag with a prospective
lender. |
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Too many inquiries:
Creditor inquiries are noted on your report whenever
you apply for credit. As few as four inquiries
in six months may be considered excessive. Lenders
can assume you’re trying desperately to get credit
and are being rejected frequently. |
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Errors in your file:
Credit bureaus handle millions of files, and they
make mistakes. The only way those errors can be
found and corrected is if you review your credit
file for accuracy ? and take steps to correct
errors you find. |
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Insufficient credit
file: Your credit history may be too
short for the type or amount of credit you requested.
(For instance, if you’ve never had a loan or credit
card before, it may be difficult to quality for
a home loan.) |
Your credit score is only one component of the final
decision. Your income, employment history, assets, liabilities,
and numerous other factors play a significant role in
the decision to offer credit ? and the terms under which
you receive that credit. Your Chrysler Home Mortgage
broker, choosing from a number of different lenders
and packages, can help you find the right loan for your
specific needs. |
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