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The credit score the lender uses is the middle one of the three reporting agencies. [Spam removed]. Often, FICO Credit score is not the actual issue for not getting pre-approved. A low FICO score reflects problems lenders don't like to see. The actual problem is usually late payments that show on the credit report in the last 12 months and excess debt raising your debt to income ratio above 40-50%. Sometimes late payments in the last 12 months can be excused, if they can be explained (i.e. I was in the hospital in a coma). Talk to the lender to see what they think. Normally a single late of 30-days is not reported or considered. Excess debt is an issue such as having more than 30-50% owed on any one credit card when compared that to the cards maximum limit. So if the card has a $10000 limit, you would not want to owe more than $3000 (30%) on that card. Be sure to ask. Also talk to the lender before paying off or paying down a credit card or debt to be sure it gets reported the right way on the application. Lenders generally don't want your debt payment to exceed 40-45% of your monthly gross income as shown on your W-2, and 1099s and pensions. (if you are paid cash under the table and there is no paperwork at the IRS, that amount does not count). [Spam removed] does a good job for self-employed borrowers and those that have no credit score (i.e. no credit cards) if you can demonstrate steady income. My best advice is to give the lender on the first call all your history (the good, the bad, the ugly) , bankruptcy, late payments, job loss, divorce. This way they know how to structure you loan application and who to get to fund it in the end. Don't withhold anything. Loren Hoboy-Realtor [Hyperlink removed. See Good Neighbor Policy]
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