Credit Profiles

Find your credit profile:

Mortgage lenders look at a variety of factors when making the decision to lend money which generally include:

Credit and payment history
Employment
Debt
Income
Assets
Property type
Property value and loan amount
Circumstances that might have caused late or missed credit payments

These factors taken together form a credit profile for the borrower.

To assist them in evaluating an application in a consistent manner, lenders often assign grades to the credit profiles of their borrowers. While there is no industry standard that defines credit grades, letter grades from A through D are often used. Countrywide generally lends to customers in the "A", "Premier" and "A-" profiles. However, we can sometimes help borrowers who have previously been in the "B", "C", and "C-" and "D" categories qualify for better quality, higher credit grade loans.

Need To Raise Your Credit Score?

If you have been told by other lenders that you have "bad credit", you can safely assume that there is a need to improve your credit score. If you need a home loan to purchase a house, or want to get cash-out of your home equity, raising your credit score can become a crucial first step.

Fortunately, credit profiles aren't rigid and unchanging – and a low score because of a missed payment or two, or high debt compared to your income, needn't prevent you from being approved for a home loan. At Countrywide Bank’s Full Spectrum Lending Division, we understand that there are problems that can lead to a person being labeled by other lenders as having "bad credit." But often that label is a reflection of the lender's own inflexibility or inability to offer a full spectrum of loan options. We want to help you understand credit and give you tips on how to raise your credit score. You may actually qualify for a prime loan, and don’t even know it.

How Can I Improve My Credit Rating?

There are many things you can do to improve your credit. From fixing factual errors on the credit report, to changing the way you manage debt, to maintaining a good payment history…with a little effort, you can certainly raise your credit score. By understanding what factors are considered by lenders, you can have a better idea of what you need to work on to start rebuilding your credit and maintaining it.

At Countrywide, we know "bad credit" is typically a temporary problem. We also know that many people who think they have less than perfect credit actually qualify for a prime mortgage. Call Countrywide today to discuss your mortgage options with one of our helpful Loan Consultants.