FinLocker Blog

There is a lot of information that VantageScore provides at:   www.vantagescore.com   We’ll summarize it for you here. Visit https://portal.finlocker.com/pfm/credit-report to check out your credit score, your payment history, credit inquiries, active accounts, length of credit and more.     Your credit score is a VantageScore 3.0.    If you have not signed up for your complimentary credit score, you can start from your homepage in the credit section. What are these three-digit numbers called a credit score? A credit score is designed to help lenders gauge how likely you are to become 90 days or more late in making payments. But the real key to improving your score is to better manage your credit. A good score may mean you have easier access to more credit, possibly even at lower rates. But the real key to improving your score is to focus on managing your credit better. The consumer benefits of a good credit score go beyond the obvious. For example, underwriting proces

If you're struggling to make your mortgage payments due to a short- or long-term financial setback, or you have little to no equity in your home and want to refinance, there are options to help you stay in your home and avoid foreclosure. Remember that your lender wants to help you stay in your home! Reach out to your lender (the company to which you make your mortgage payments) to determine the best solution for your situation.    Contacting your lender as soon as you realize there is, or will be, a problem is the best decision you can make – and one that may help you keep your home. Your lender will work with you to determine if you're eligible for any of the following workout options: Refinance Forbearance Unemployment Forbearance Reinstatement Repayment Plan Modification If you're a service member, learn more about your mortgage relief options .

Mortgage Relief for Homeowners If you are experiencing a hardship such as job loss, income reduction, or sickness due to COVID-19 and you are no longer able to make your mortgage payment, your mortgage servicer is available to help with mortgage relief options, including: Payment relief through a forbearance plan offers a reduction or suspension of your mortgage payments for up to 12 months, offered in increments of up to six months Late fee relief during your forbearance plan period Repayment options following your forbearance, including a repayment plan to catch up gradually or a permanent loan modification that aims to maintain or reduce your monthly payment Additionally, foreclosure and eviction relief may be available through the federal CARES Act signed into law on Friday, March 27, 2020. Contact Your Mortgage Servicer: If you're concerned about your mortgage payments, take the first step and call your mortgage servicer—that's the company l

Excerpt From VantageScore, Low interest rates, a strong economy and the turn of the seasons are all causing the real estate market to heat up. More homes on the market bring more competition to buy the inventory that is out there. And one way to stand apart from other buyers who are vying for their dream home is to take steps to improve your credit score now. “Preparing your finances is a must before the busy real estate season,” says Barrett Burns, president and CEO of credit score model developer VantageScore Solutions . “Knowing your credit scores and making improvements is essential to getting the best loan at the best rates. This also makes you a more attractive home buyer, especially in a competitive market.” With limited time, you may think there’s nothing you can do to improve your score. Burns says that’s an incorrect assumption. While you can’t make dramatic jumps in just a couple months, there are several steps you can take that may influence your sc