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Know your credit score before you apply
Chase will order a copy of your credit history as part of your application process.
- Before you apply for a mortgage, it can be a good idea to review your credit report to make sure it accurately reflects your current credit situation, and to address any errors that may be there.
- Resolving issues in advance can help you avoid potential delays during loan processing.
- If you're thinking of buying a new car, a boat or other big ticket item, you may want to wait until after your mortgage has closed before taking on any new loans.
- As a potential homebuyer, you generally want to avoid creating any changes in your credit profile during the home-buying process.
You can obtain your credit score from a number of different reporting services. Here are some of the leading companies that can provide you with a copy of your credit report, often free of charge.
Equifax
Website: www.equifax.com
Phone: 1-800-525-6285
Experian
Website: www.experian.com
Phone: 1 888 397 3742
TransUnion
Website: www.transunion.com
Phone: 1-800-680-7289
What credit scores mean
Your credit score, also known as a "FICO" score (named after the Fair Isaac Corporation, which calculates the scores), is typically translated into a "grade' by a lender. Much like the grading system used in schools, lenders often categorize scores as A, B, C or D, with A being the most favorable. Here is a general guide for how lenders may interpret your score. These figures are for reference only. Each lender will typically have its own system for interpreting scores, based on their individual preferences and experience working with borrowers.
| Grade | Credit Score |
|---|---|
| A+ to A | 670+ |
| A- | 650 |
| B+ to B- | 620 |
| C+ to C- | 580 |
| D+ to D- | 550 |
| E | 520- |
Source: Mortgage-X, an independent information service.
Dealing with less-than-perfect credit
When assessing your financial picture, be as honest and thorough as possible — that's the best way to secure the mortgage that's right for you.
- If you have less-than-perfect credit or have had credit problems in the past, remember that your credit score is simply one factor that we consider.
- There are mortgages for just about every buyer and need, so there's a good chance that you will still be able to qualify for a mortgage, even if you have less-than-perfect credit.
- Your Chase loan officer will help you find the best option for your personal situation.
In general, the higher your credit score is, the less documentation you may need to provide to your lender.
