Mortgage Broker - Roseville California

MAC Real Estate Services ( Since 2003) 

Desi Loan Broker .com 

broker@macloans.net

 Text/Call: 916-917-2393

Mortgage Broker Near Me Find a local mortgage broker

Let's improve your FICO score. How? Here are few tips.

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How you can file a dispute?

How you can improve your FICO scores?

How you can FREEZE your credit report for free?

How you can check your FICO score free?

 

Good CREDIT = Low Interest Rate (Car Loan, Home Loan, Business Loan & Credit Cards)

 

Self Credit Repair Tips

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  • What is Credit/FICO score?

    Your credit score is a three-digit number, usually between 300 and 850, that's based on the information in your credit report.

     

    700 or higher is generally considered a good credit score, while 800 or higher is excellent.

     

  • 2 tips to improve your FICO score starting today 

    1. Set up "minimum auto payment" on your all credit accounts to avoid the late payment.
    2.  Use only 30% of your credit limit. Example: If your credit card limit is $10,000, then use only up to $3300. 

     

  •  What is Free Annual Credit Report?

    FREE Credit Report. Federal law (FACT ACT) allows you to:

    • Get a free copy of your credit report every 12 months from each credit reporting company.
    • Ensure that the information on all of your credit reports is correct and up to date.

    visit: www.Annualcreditreport.com

     

    3 steps to your free credit reports - Annual Credit Report.com.

     

     

  •  Experian Credit Score -FREE

      No impact to your score

    Checking your own credit won’t lower your credit scores.

     

     Get Your Free Credit Score (No Credit Card Required) | Experian

  • Equifax Credit Score: $1

    7-Day $1 Trial — Feel Free to Cancel Anytime.

    Checking your own credit will NOT harm it.

     

     

    Get your $1 3-Bureau credit report with your 7-Day trial.

    If you don't cancel during the trial period, you will be charged $19.95 per month. Feel free to cancel at any time; no partial month refunds.

     

    visit: www.equifax.com 

  • Transunion Credit Score: $29.95

    The credit scores provided are based on the VantageScore® 3.0 model. Lenders use a variety of credit scores and are likely to use a credit score different from VantageScore® 3.0 to assess your creditworthiness.

    Subscription price is $29.95 per month (plus tax where applicable). Cancel anytime.

     

    visit: www.transunion.com 

  • Dispute Process with  Experian

    Free Experian Dispute Form

    dispute-form.pdf (experian.com)

     

    To dispute an item on your Experian credit report by mail, print and fill out the online dispute form, which asks for information to verify your identity and allows you to note the specific items you're disputing and why you think they are incorrect. Then mail that form to Experian at P.O. Box 4500, Allen, TX 75013.

     

    The dispute and investigation process cannot take more than 30 to 45 days, and most investigations are completed within a few weeks. Once the credit reporting agency has completed the investigation process, it is required to provide you with written results within five business days.

     

  • Dispute Process with  Transunion

    Disputes are an important tool to take control of your credit health. Managing your information is fast, easy, free and secure through the TransUnion Service Center.

    visit: www.transunion.com 

  • Dispute Process with  Equifax

    Dispute information on your Equifax credit report

    File or check on the status of a dispute for free.

    visit: www.equifax.com

  • Transunion - FREE credit freeze

    What is credit freeze?

    If you want a free option to block lenders from checking your report in order to open a new account.

     

    Is it free?

    Yes. You can add or access your Credit Freeze at any time for free on the TransUnion Service Center.

     

  • What Is a Bad Credit Score?

     

     On the FICO® Score  8 scale of 300 to 850, one of the credit scores lenders most frequently use, a bad credit score is one below 670. More specifically, a score between 580 and 669 is considered fair, and one between 300 and 579 is poor. 

  • What is lender requirement for FICO score for a mortgage?

     

    500 FHA (with 10% down payment

    580 FHA (with 3.5% down payment)

    580 USDA

    620 CONVENTIONAL

    620  VA

    700 JUMBO

     

    Source: Experian.com

     

  • How is FICO score determined by the credit bureaus?

     

    1. Payment History: 35%

    2. Amounts Owed: 30% - As your credit utilization ratio increases, your credit score may drop and lenders may see you as a potentially risky borrower.

    3. Length of Credit History: 15%

    Accounts you choose to close in good standing (meaning with no late payments) remain on your credit report for as long as 10 years

    4. Credit Mix: 10%

    5. New Credit: 10%

     Hard inquiries on the same type of loan made within a short period of time (two weeks to be safe) and consider them as one inquiry.  Note that hard inquiries made in relation to credit card applications don't get this same treatment: Each inquiry is considered separately, and can have a bigger impact if you apply for several cards in a short time span. Your credit will usually decrease less than five points for an inquiry, and if you keep up with your bills, your score will typically rebound within a few months.

     

     

  • How much does a credit check affect your scores?

     

     

    When a company checks your credit report when you apply for new credit, such as a credit card or a loan, the process is called a "hard inquiry." This credit check remains on your credit for 2 years but has a short-term impact. After a few months, the impact to your credit scores should start to decrease. If you have multiple credit checks, outside of rate shopping, the impact to your credit scores could be greater.

     

     

    Inquiries remain on your credit report for two years

  • How to file a dispute on your credit report?

     

     

    Ways to dispute Information on Your Credit Report - Experian

    TransUnion and Equifax have their own processes for disputing credit reports, but Experian provides three methods for submitting disputes:

    • Online: Get access to your Experian credit report and initiate a dispute at the Experian Dispute Center (more on that below). There is no cost to you for using this service.
    • By phone: To initiate a dispute by phone, you'll call the number displayed on your Experian credit report. If you'd like to have a copy of your credit report delivered to you by mail, call 866-200-6020.
    • By mail: You can dispute without a credit report by writing to Experian, P.O. Box 4500, Allen, TX 75013. (Printing out Dispute by Mail instructions can streamline the process; you can also scan the completed form and submit it electronically to Experian.com/upload).

     

    How to file dispute with Transunion ?

    Dispute 

     

    EQUIFAX DISPUTE

     

    Dispute information on your Equifax credit report | File or check on the status of a dispute for free.

     

     

     

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  •  Don't close a credit card. why?

     

     

    • Closing a credit card will reduce your available credit, which can increase your credit utilization ratio and cause your score to decrease. Another way that closing a credit card can impact your credit score is by reducing the length of your credit history. A closed account in good standing will remain on your credit report for 10 years and will continue to benefit your credit score. Closing your credit card may initially drop your scores—but it'll be temporary, and your scores will rebound as you continue healthy credit habits.

     

    Source: Experian.com

     

  • How long  collection accounts stay on credit report?

     

     

    You can't get a correctly reported collection account removed from your credit report early.

    Even if you pay off the debt, the collection account will stay on your credit report for up to seven years. The timeline depends on when your debt first went delinquent, not whether you still owe the money.

     

    However, if you notice an error with the collection account, you can file a dispute with each of the credit bureaus to have the account corrected or removed from your credit reports.

     

    The original delinquency date is when your account first became 30 days past due

  • Identity Theft

     

                                      IdentityTheft.gov

  •  Should I Dispute a Collection Account?

     

     

    If the debt and the collection account in question are valid and correct, there's no basis for submitting a dispute. However, if you believe information about the collection is inaccurate, you have the right to dispute your credit report. Find out more information on how to dispute credit report information. Here are three instances when disputing a collection account might make sense:

    • The collection account is not yours. If you find a collection account on your credit report for a debt you don't recognize, contact the creditor or submit a dispute with the credit reporting agency that maintains the credit report it appears on. It could be the result of an error or identity theft. Once disputed, the company that reported the collection will investigate and, if it turns out not to be yours, the entry will be removed from your credit report.
    • The collection is expired. If more than seven years have passed since the debt originally became delinquent, you can submit a dispute asking to have the entry removed.
    • The collection is paid but it shows a balance. If you pay off a debt that is in collections, the collection account on your credit report should show a zero balance. File a dispute if the account continues to show an unpaid balance, since paying off a debt in collections may reflect positively to lenders and on your credit score, and may be a requirement for certain lenders.

    Recovering From Collections

    Seven years may seem like a long time to carry collections information on your credit report, but while you're waiting for it to expire, focus on managing the collections process, paying off your debt and working on good credit habits. Checking your Experian credit score and free credit report regularly can help you spot any new issues and track your progress.

     

    experian.com

     

  •  What is credit Lock?

    Credit Lock is the service provided by Credit Bureaus  to keep your credit file locked to prevent identity theft.

     

    •    Receive alerts if someone tries to access your file.
      •  
      All credit applications in your name are blocked.
      •  
    • Easily unlock when you're ready to apply for credit.
      •  
    • Insurance companies and potential employers can still access your file.

     

     

  • What is $1M identity theft insurance.

     

    Eligible members receive up to $1 million of zero-deductible identity theft insurance coverage upon enrollment, which covers the following:

    • Unauthorized electronic fund transfers (EFT)
    • Lost wages
    • Private investigator costs
    • Legal defense fees

    * Our identity theft insurance is underwritten by insurance company subsidiaries or affiliates of American International Group, Inc. (AIG). The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

    Source: Experian.com

  • What is TransUnion credit freeze?

     

    It’s absolutely free to freeze and unfreeze your credit, and it won’t affect your credit score

    Click here for Transunion Credit Freeze Link

     

     

  • What is the difference between Hard Inquiry and Soft Inquiry?

     

     

    Hard Inquiry

    • Occurs when a potential lender obtains your credit information in connection with a credit application
    • Can be seen by lenders
    • May impact your credit score

     

     

    Soft Inquiry

    • Occurs if you pull your own credit report using a monitoring service or get it directly from the credit reporting agency
    • Can also occur when a company you already have a business relationship with pulls your report before they make a marketing offer to you, or if a potential employer checks your credit when you apply for a job
    • Can only be seen by you
    • Won’t impact your credit score

     

  •  What are credit repair red flags?

     

    Many services offered by credit repair companies are available to you directly through TransUnion for FREE. Not all credit repair companies are bad, but some may be trying to take advantage of you. You can learn more about credit repair organizations and what to do if you’ve been misled by visiting the Federal Trade Commission website below.

     

    Report to FTC - click here

     

    Here are some signs a credit repair organization may NOT have your best interests in mind:

    They…

    • Guarantee results
    • Demand payment up front
    • Have you dispute accurate information
    • Advise you to ignore credit reporting agencies
    • Don’t explain your rights to you
    • Ask you to lie
  •  What is EQUIFAX security freeze?

     Step 1: You place a credit freeze on your Equifax credit report.

    Step 2:  Your security freeze restricts access to your Equifax credit report for the purposes of extending credit in your name.

    Step 3: When you want to apply for credit, you can temporarily lift or permanently remove your security freeze.

     

    Click here for Equifax 

  • How I can get a free Equifax credit report?

    .

  • What information is in a credit report?

     

     

    Ever wondered what information goes into your credit report, and what to look for as you’re reviewing it? A credit report is a summary of your unique financial history. The three nationwide credit bureaus collect and maintain a history of your credit activity as reported by the lenders and creditors you have accounts with. Your credit report includes important information about you, including:

    • Personal information, such as your name, Social Security number, aliases or former names, current and former addresses, and sometimes your current and former employers;
    • Account information, including payment history, account balances and limits, and dates the accounts were opened or closed. This includes credit accounts that may be in your name such as credit cards, mortgages, student loans, and vehicle loans;
    • Bankruptcies and accounts in collections; and
    • Inquiries, which lists the lenders and other companies that have accessed your credit report.

    As you look at your credit report, keep the following in mind:

    • In the personal information section of your credit report, is your name listed accurately, and your address up to date?
    • In the account information portion of your credit report, are the accounts listed complete and accurate?
    • If any of the information is inaccurate or incomplete, it is important to contact the lender or creditor that issued the account, or the nationwide credit bureau that issued the credit report.
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FAQ

  • What is average credit card debt and credit card interest in California now?

    $7000 as of Sept 2023. The average credit card interest is 28.05%. Source: Forbes 

  • IRS :  What are primary home tax deductions?

    1. Mortgage Interest.
    2. Mortgage Points
    3. Property Taxes
    4. Residential Energy Credits - solar electric / small wind turbines / solar water heaters / 
    5. Not deductable: Mortgage Principal / Down Payment Costs / Home Repairs / Utility Costs / Homeowners Association Fees/ Home, fire or flood insurance / Mortgage Insurance    
    6. IRS Guide for Tax  Deductions
  • Can we use NEW rental income to qualify for a mortgage?

    Yes. Different lenders has different loan programs. Contact us to learn more about it.

  • What is average new car payment in 2023?

     Average new car payment is $725 Source: cnbc.

  • What is average student loan debt in US?

    $28.950

  • What is the population of Califonia?

    With over 39 million people (according to July 2022 Census Bureau estimates), California is the nation’s most populous state—its population is much larger than that of second-place Texas (30 million) and third-place Florida (22 million).  Source: ppic.org

  • What is 40 year bank statement mortgage?

    Our’s Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.

  • Is it a good idea to refinance your mortgage?

    First, check your credit cards, car loan, student loan & shelter requirements. Then go with your gut feelings to either keep multiple payments or one payment which is possible by paying off all the debt into a mortgage loan. Use your home equity as your bank during this tough economic time.

    Be ready for the another refinance when rates will be lower again in future. 

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Better Business Bureau

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By #1 US Lender - UWM

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By Association of Independent Mortgage Experts

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By Association of Independent Mortgage Experts

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By Association of Independent Mortgage Experts

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By Association of Independent Mortgage Experts

Contact Us

.....

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Phone:
+1-916-516-1116

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Email:
broker@macloans.net

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Address:

MAC  Real Estate Services
140 Diamond Creek Place, Suite 140

Roseville, CA 95747

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NMLS / DRE:

DRE 01800662

NMLS 347022

Company NMLS 1133016

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