NJ First-Time Home Buyers

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Credit Scores and Reports: How Long is My Credit Report Good For?

Credit Scores and Reports

How Long is My Credit Report Good For?



Credit Scores and ReportsCredit reports expire 90 days from the date the credit report was pulled, this is for both purchase and refinance transactions.  For construction and construction-to-permanent financing a credit report is valid for 120 days. This is important to keep in mind as often the time-frame from the day of credit pull to the day of the transaction's closing can easily be over 90 days.

In many cases a new credit report pull will not alter a mortgage approval, but it is possible to have a credit score go from great to not-so-great, or in a worse case scenario, the credit score could drop to a point where a mortgage approval is not possible.

Additionally, if a credit score drops, than the loan can suddenly become very costly. This is not necessarily a lender charge, but a pass-through charge from Fannie Mae. 

There really is no substitute for a sound education in the credit scoring model. Those who take note ahead of their mortgage approval to restore and maintain their credit will save $1,000's, even $10,000's in interest and fees.

For additional information regarding credit scoring and credit restoration, take some time to read through the articles below. As always, if you have any questions feel free to send an e-mail or call!

 

 

 

 

Credit Links

 

Credit Scoring - What Makes Up My Credit Score? (1 of 6)Credit Scoring System

Credit Scoring - Payment History (2 of 6)

Credit Scoring - Balances (3 of 6)

Credit Scoring - History (4 of 6)

Credit Scoring - Mix of Accounts (5 of 6)

Credit Scoring - Inquiries (6 of 6)

 

 

 

 

 

Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:

Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail

 

 

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Treasury Mortgage - 550 Bridgeton Pike, Mantua, NJ 08051 - 1810 Springdale Road, Cherry Hill, NJ 08003

Licensed by the NJ Department of Banking and Insurance

Comment balloon 18 commentsRichard & Carol DeGrace • November 25 2009 10:42PM
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