What is an authorized user? Think of an authorized user on your credit card like an honored house guest: They’re welcome to use your credit card account whenever they like, but don’t have any of legal obligations to the credit card company. The idea behind [...]
Have you ever wondered why there are several versions of your credit score? Maybe you obtained a free credit report only to find that your mortgage lender came up with a completely different score. How can this be? This is because not all credit reporting [...]
Fannie Mae and Freddie Mac, are actively seeking ways to better underwrite self-employed and "gig-economy" mortgage applicants. What is the Gig Economy? The gig economy consists of workers who are self-employed, small business owners or entrepreneurs that do not have the traditional income and W-2s [...]
The higher your credit score, the easier it will be to secure a personal, student, business loan or mortgage. The credit score required for you to qualify for a mortgage will vary depending on the loan program. For example, Michigan FHA loans (which are meant [...]
Michigan Mortgage Lender Discusses Collections, Charge Offs and Profit & Loss Charge Off and Profit & Loss (P&L) A charge-off is where debt is no longer an asset to the creditor and instead is considered a business loss because that debt has been determined uncollectible. A [...]
