When going thru foreclosure and late payment on mortgage, would my credit card company raise the interest rate

Posted on May 11, 2014 in Unique Loan Programs

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Question by RavensXXXV: Mortgage Loan?
When my Fiance and I go for a mortgage loan will they look at both our incomes and credit score? And what are the determining factors for a loan officer to give you a loan?

Best answer:

Answer by ga_rei_guy
If you are both going to be on the loan, hospital then both incomes will count. Critereia for a mortgage is dependent on the following:

* Credit Score – there are 3 credit bureaus and this thing called a FICO (Fair Issac) score. The closer your score is to 850 the easier the loan is to get and the better rate (lower interest) you will be offered.

* Debt to income ratio. If you earn $ 1, side effects 000 a month and have $ 750 per month in bills to pay, this site it will be tougher. Banks/mortgage companies like debt to income to be less than 50%, and would prefer 30% area.

* Don’t be getting new loans and don’t apply for new credit until after you have purchased your new home. These “inquiries” will bring down your credit score.

Look up your credit online now. You can get it done very inexpensively and know where you stand.

Hope that help

Give your answer to this question below!
Question by Kim: When going thru foreclosure and late payment on mortgage, sales would my credit card company raise the interest rate
We are in the 1st month of late payment that we plan to short sale or deed in leiu of foreclosure on our house. My husband heard at work that someone heard on the news, information pills credit companies can raise interest rates for the folks who are going thru late payment on mortgage. Is this valid, more about true fact that is happening now or not? I’ve heard that credit card company wouldn’t do that as long as we make minimum payment on the credit account and are in good standing.
???
Ok, I see that “yes” is the answer to my question. Now how about auto loan? If I get a auto loan now, would the lender of the auto loan can raise interest rate too once they see our FICO drops?

Best answer:

Answer by Dexter M
Credit card companies can raise your interest rates based on current credit history. And that is your whole credit history, not just your history with that credit company. Even if you never missed a payment with that credit card company.

If they pull your credit and see a negative hit of any type they can raise your rates, so it is absolutely true. There are a lot of little things that you can do that will cause them to raise your rates and its all in the fine print in that very long contract that you sign.

It pretty much sucks, but very true.

Add your own answer in the comments!

3 Comments

  1. Yes, they can raise your interest rates because they pull your credit behind the scenes, and they will see your credit score drop.
    Go here and stop it.
    https://www.optoutprescreen.com/?rf=t

  2. Wrong, if the credit company is aware of your money problems they can change the rate, they can also cancell your account and demand total payment.

    You shouldn’t even be using a credit card if you can’t pay it in full every month. And If you did pay it off in full every month you wouldn’t pay interest.

    And did you know that if your balance is not paid in full at the end of the month, all future charges incur interest from the date charged and not from the account date at the end of the month.

  3. It’s called Universal default…..screw up here and all your creditors “there” can slam your interest rates…..ouch