Patrick is a professional in the lending industry of the highest integrity. His relationship-based approach to servicing his clients has left a lasting approach on the individuals that I work with every day. He has many years of experience in his areas of expertise and has been an invaluable resource to both me and my business. I highly recommend his services.
In The News...
The Institute for Supply Management released its findings for the U.S. service industry and for the third consecutive month there was a contraction in one of the largest segments of the employment picture. The non-manufacturing index rose to 40.7 when...
As a key component in evaluating you as a credit risk, lenders use this information to see if you have missed payments, carry high balances, or are in other ways over extending yourself financially.
The following categories are a general guideline to borrower creditworthiness (these are general guidelines only - other factors may be included in your credit evaluation and the approval process):
Excellent Credit
Credit scores of 720 and above
5 trade credit lines (credit cards, auto loans, mortgages) each having been open for at least 24 months
All accounts have been paid as agreed
No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
Low current credit balance relative to maximum available credit limit
Minimum number of credit inquiries
Very Good Credit
Credit scores between 680-719
5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
All accounts have been paid as agreed
No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 7 years
Low current credit balance relative to maximum available credit limit
Minimum number of credit inquiries
Good Credit
Credit scores between 620-679
5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
Most accounts have been paid as agreed, with only occasional late payments
No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
May have significant current credit balance relative to maximum available credit limit
Several recent credit inquiries
Fair Credit
Credit scores between 580-619
3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
Most accounts have been paid as agreed, with only occasional late payments
No public record of bankruptcy, foreclosure, serious past due accounts, or collections within the last few years
May have significant credit balance relative to maximum available credit limit
Several recent credit inquiries
Poor Credit
Credit scores 579 and below
One or more accounts have not been paid as agreed
May have had a bankruptcy, foreclosure, serious past due accounts or collections
High number of recent credit inquiries
Proportion of revolving balances to revolving credit limits is too high
Direct Mortgage Solutions
9 Heywood Avenue
Melrose, MA 02176
Phone (781) 296-7257
Fax (781) 620-0919
