Transunion did a study recently that revealed some pretty interesting facts. There were many who just defaulted on their mortgage only, which gives us some insight into how people think. Those who had mortgage debt only still defaulted, but they were still considered less of a risk than those who had credit card debt. Those who had mortgage and revolving debt were considered more of a risk than those who didn’t. Those who defaulted on the mortgage only were a better risk for banks, because that is all they had open.
The Numbers on Delinquencies
There are several levels of delinquency when it comes to debt in general. There are those who are 30 days late, 60 days late, and 90 days late and then even worse, those who are more than 90 days late. The sooner you try and get your credit corrected, the better off you are. The sooner you get your credit fixed you can get approved, and with a reasonable explanation. Don’t assume that because you fell on hard times that the bank will approve you, but it’s worth a shot. You can learn more about what is required when you go to www.fhaloansnow.net.
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