FAQ

Credit Scores

9 questions

How does my credit score affect my mortgage?

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Your credit score helps lenders evaluate your ability to pay back your loans, based on your borrowing history. The higher your credit score, the better rates you’ll be able to get. This can lead to significant savings over the life of your mortgage.

How can I get my credit report?

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While there are many online resources, Loan Cabin does not endorse any one in particular. The Federal Trade Commission offers more information, including how you can get one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Please visit this link for more info: https://www.ftc.gov/faq/consumer-protection/get-my-free-credit-report

What is a hard credit check?

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For a “hard credit check” we use the median score from Transunion, Experian, and Equifax. This signifies to credit bureaus that you are interested in opening a new line of credit, and will have a small impact on your credit score (usually less than five points).

What if I don’t recognize a credit line that’s listed on my report?

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In many cases, credit lines have unrecognizable labels. If you’ve reviewed and accounted for all your debts and still think a credit line is incorrect, please schedule a call with your Loan Consultant. We cannot resolve the problem without getting more information from you.

How do multiple credit checks work?

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If you are shopping around with different lenders, credit bureaus will typically only dock your score once within a 30-day period, no matter how many mortgage lenders do a credit check. That means if you’ve already done a hard credit check with another lender but want to switch to Better, it won’t impact your score.