Why Do I Have To Have A Loan Or Mortgage?

March 1, 2015

 

 

Recently requested an increase on one of my credit cards and received the following turn-down notice:

 

 

 

Your FICO® Credit Score is affected by the Key Factor(s) below:

  • 1. % OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON REVOLVING ACCOUNTS:

    Your account balances are too high in relation to your accounts' credit limits.

  • 2. LACK OF RECENT INSTALLMENT LOAN INFORMATION:

    Your report shows no open or recently reported non-mortgage installment loans. People responsibly using different types of credit are generally less risky to lenders.

"

RE: #1 All of my cards have a zero balance, too recent to be evaluated I guess

 

RE: #2 I don't understand this one as my house has been paid off for many years and both of my cars have been paid off for a long time.    

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If you are fit the qualifications above then the VA loan may indeed be your best option for a loan. There is, of course, a lot of other information you will need to make a truly educated decision as to which loan type is right for you.

 

Qualified mortgage professionals are standing by to help guide you through this often confusing and intimidating task.

 

Call us today at 407-479-6010 or click here to contact a VA Loan 500 loan expert right away.

 

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