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Posted: Tue May 13, 2008 9:36 pm Subject: Mortgage credit reviews

Hi,

I was wondering if mortgage lenders can review credit beyond the 7 years. I think I read somewhere that they can see your report for the past 10 years.

Thanks in advance.

Posted: Wed May 14, 2008 3:39 am Subject:

It is not that they can pull your report from the last 10 years. Your credit report is actually BETTER the longer it is. If it is good. Let's say you're 45 and have a 15 year history of established credit, that you've never defaulted on... credit cards, car loans, student loans, etc. That is HELPING your score.

The 7 and 10 years you are referring to is regarding the Credit Reporting Agencies (CRA's) removing BAD items from your report. They are required by law (the FCRA) to remove negative items in 7-7.5 years, as well as Chapt. 13 bankruptcy.

Chapt.'s 7, 11, and 12 bankruptcy will stay on your report for 10 years.

So the mortgage co. will look at your entire history, it's just that there would not be as many "bad" items on there after 7 years.

And if your credit history is filled with bad items, back to the first year or so you had credit, and they start to fall off, that decrease in length of credit actually HURTS your score. It may or may not balance out due to a "baddie" falling off your report.

Posted: Wed May 14, 2008 3:51 am Subject:

A mortgage creditor can pull what is known as a full factual and it will show entire credit history. This is covered in the FCRA.

Posted: Thu May 29, 2008 6:55 am Subject:

Cajun-
What is a full factual? Does this include items past the 7 year limit (or 10 yr for BK)?

Posted: Thu May 29, 2008 7:11 am Subject:

Hey... I was wondering if mortgage lenders look at anything besides your credit history? Bank accounts, how much savings you've got... etc?

Posted: Thu May 29, 2008 7:53 am Subject:

A full factual shows everything including any accounts that have fallen off due to age.It is usually a ten year look back.It is not usually pulled,but a mortgage application allows them to pull it.They will look into your total debt to income ratio,credit,net worth,house plans,land,& approx value of project upon completion.

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