Tips on Reading Credit Graphs

Video Transcript

"Hi, this is Jim DiVietri from Alight Home Mortgage in Lansing, Michigan on behalf of Expert Village. Another thing we're looking for on your credit report is good lines of credit, that you've made your VISA payment, you've made your Sears payment, you've made your car payments on time. All of these are called lines of credit and how long the line of credit. Usually you need a line of credit for at least twenty-four months, that you have paid good on it. All of these come together to show us and the mortgage companies that you're capable of making payments. That's what they're looking for and somebody that has proven themselves over a period of time. But also looking to see if you have a line of credit over twenty-five hundred dollars or at least twenty-five hundred dollars. At least one line of credit out of those three different credit lines that you have, these all help in, to distinguish whether you're a good credit risk or not. We have ways of helping you to take your, and fixing your bad credit. We may be able to, after pulling your credit, we may be able to focus you in on how to raise your credit score. One example I can use is my son. He didn't even know what his credit score was, he didn't know a lot about credit scores, he was nineteen, got a VISA card, couldn't pay it back, didn't have any other lines of credit. What we did with him is, we have had him, help to pay his VISA back, we opened up a, helped him, we co-signed for a car for him, we put him on one of our VISA cards as a co-borrower and so he was immediately established with lines of credit there. In the meantime he has bought a camera which he's making payments on and over the last year we've raised his credit score a hundred points by focusing in on this. If you don't know what's on your credit report and this isn't about credit reports, this is about mortgages but they affect each other hand in hand, you should have somebody pull your credit and find out what is there. Something may not even be yours."