Real Estate News From Around The World February 12, 2012

What Is "Good" Credit? Question: What is "good" credit? Answer: While lenders would love to see perfect credit, they realize that few prospective borrowers can meet such a standard. That's a good think for lenders -- otherwise no one would be able to make loans. If not perfect credit, how about "good" credit? Lenders generally allow some slack in credit activities. With the past 12 months, a typically borrower might be allowed to have the following credit dings and still qualify for a mortgage at usual rates and terms: Two credit card payments more than 30 days late. No credit card payments 60 days late. One installment payment, such as a credit card payment, 30 days late. No installment payments 60 days late. No mortgage or rental payments 30 days late. No outstanding debts such as judgments. Written by Peter G. Miller. © 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices. Click here for a printer-friendly version of this article. Click here to translate this page to another language. Copyright © 2012 Realty Times. All Rights Reserved. Send Us Your Comments