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Can banks make as much money on someone that knows there Credit Score? The answer typically is no. If you are in the market to make a purchase, and need one of the following types of loans:

1.car
2.house
3.equity loan
4.remodeling
5.Installment loan

Pay close attention to what I am about to discuss. Let's face it, who makes the most money, an educated individual, or an un-educated individual? I am for certain we all know the answer to that. The banks do not want you to know your credit score, because that is your ticket to negotiating your interest rate and fees on loans you apply for. Since I am a lender, I know this first hand, but the difference is I disclose it. Now if you are applying for a mortgage, lenders are required to provide Credit Score information Disclosure. This form discloses your scores with all 3 bureaus. Once it is disclosed to you, and you have not made the effort to learn you credit score beforehand, you probably did not come into that application with the negotiating skills needed to get a better interest rate, lower fee's, etc....... Interest rates and fee's on loans are all negotiable. The interest rates and fee's are usually lower if you are educated about your credit worthiness. Until recently, the non disclosure of Credit Scores was a major disadvantage to the consumer. Now that you have access to your credit report online, with scores; you can go into any banking establishment armed to negotiate your interest rate and fees.

An educated consumer is a consumer that will pay less for just about anything you buy. So when you get a copy of your Free Credit Score Report, you will join millions who know, even though the banks don't want you to know.

About the Author: Mike Clover is the owner of http://www.my720fico.com . My720fico.com is the one of the most unique on-line resources for free credit score reports, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

# posted by cgocbjeg : 6:03 PM  0 comments

These days with the mortgage industry being the way it is, mortgage brokers and loan officers may be finding it tougher and tougher to close deals for people with poor credit.

Although avoiding poor credit mortgage leads all together may not seem like such a bad idea these days for some loan officers, all may not be lost.

If you are willing to reconsider the purchasing of mortgage leads with poor credit, here are a few things to look for.

For starters, look for a mortgage lead company that allows for you to view your mortgage lead before you buy it.

Also, make sure the mortgage leads you buy are fresh mortgage leads. Avoid the recycled mortgage leads because the information will be dated and inaccurate.

Most mortgage lead companies have a comment section on their mortgage leads. The comment section allows for the consumer to get a little more specific so a loan officer such as yourself will have a better understanding of their needs.

By having the ability to view a mortgage lead in its entirety including a comment section, you will be able to get a good handle on the customers situation, what their needs are and wether or not you believe you have the resources to help them.

For instance, if the customer lists their credit score in the comment section of the mortgage lead, you will have a very clear idea of what you will be working with and if you have lenders available to go to should you buy the mortgage lead.

If the customer posts a comment such as In foreclosure, the bank is coming tomorrow, need help fast, You will know that it is too late to help this person and to avoid buying the mortgage lead.

In short, viewing a mortgage lead with a comment section can give you the best indication as to whether or not you have the resources available to you to help the person.

As you already know, the LTV plays a huge role when it comes to a financial institutions decision as to whether or not they will fund the loan.

So look for the mortgage leads where the customer has a lot of equity in their home. This will help soften the blow when it comes to poor credit, or at least help their chances of being approved.

Another thing you can do is expand your resources, seek out the wholesale lenders who will still consider working with poor credit.

I realize finding these lenders will be tough, but the more tools you have to work with and the more lenders you have relationships with, the more deals you will close.

Jay Conners has more than seventeen years of experience in the banking and Mortgage Industry. He is the owner of http://www.jconners.com, a mortgage marketing and resource site for loan officers. He is also the owner of http://www.callprospect.com, a mortgage lead company specializing in fresh leads.

# posted by cgocbjeg : 3:28 AM  0 comments