Some Ideas on Second Mortgage You Need To Know

Bank loan prices are likely to be more than primary home loan prices. For example, in late November 2023,, the present ordinary 30-year fixed mortgage passion rate was 7.81 percent, vs. 8.95 percent for the ordinary home equity finance and 10.02 percent for the ordinary HELOC. The variation schedules partially to the finances' terms (bank loans' repayment periods have a tendency to be much shorter, generally two decades), and partially due to the lender's danger: Must your home fall under foreclosure, the lender with the second mortgage lending will certainly be second in line to be paid.

It's additionally likely a much better option if you already have an excellent price on your home mortgage. If you're not sure a 2nd home loan is best for you, there are other alternatives.


You then obtain the difference in between the existing mortgage and the brand-new mortgage in a single swelling amount. This option might be best for someone who has a high rates of interest on an initial mortgage and wishes to take advantage of a decrease in prices because after that. Nevertheless, mortgage rates have risen greatly in 2022 and have continued to be elevated considering that, making a cash-out refinance much less attractive to lots of property owners.


Bank loans give you accessibility to pay up to 80% of your home's value sometimes but they can likewise cost you your residence. A bank loan is a financing taken out on a residential or commercial property that currently has a home mortgage. A bank loan offers Canadian home owners a way to turn equity into cash, however it likewise indicates paying back 2 lendings concurrently and possibly shedding your house if you can't.

5 Easy Facts About Second Mortgage Described

You can make use of a second home loan for anything, consisting of financial obligation payment, home remodellings or unanticipated expenditures. You can access possibly huge quantities of cash up to 80% of your home's appraised worth. Some loan providers might allow you to qualify also if you have bad credit score. Since a bank loan is protected by your home, interest prices might be less than an unsafe financing.




They may include: Administration charges. Assessment charges. Title search charges. Title insurance policy costs. Lawful fees. Rate of interest prices for bank loans are often more than your existing home mortgage. Home equity financing rate of interest can be either dealt with or variable. HELOC prices are constantly variable. The additional mortgage lending institution takes the 2nd position on the home's title.


Lenders will check your debt rating during the credentials procedure. Generally, the greater your credit scores score, the better the lending terms you'll be provided. You'll need a home assessment to establish the present property value. If you're in demand of money and can pay for the included prices, a 2nd home loan could be the appropriate step.


When buying a 2nd home, each home has its very own mortgage. If you get a second home or financial investment property, you'll need to look for a new home loan one that only relates to the brand-new property. You'll have to certify, pass the mortgage cardiovascular test and, most importantly, provide a down settlement of a minimum of 20%. Your first home you could look here can play other an aspect in your new home loan by enhancing your possessions, affecting your debt service proportions and perhaps even providing several of the funds for your deposit.

Not known Facts About Second Mortgage

A home equity finance is a lending secured by an already mortgaged home, so a home equity funding is truly just a kind of bank loan. The various other primary type is a HELOC.


A home mortgage is a financing that uses real estate as security. Thus, in the context of household properties, a home equity lending is identified with a home loan. With this wide meaning, home equity fundings consist of residential initial mortgages, home equity lines of credit history (HELOC) and bank loans. In Canada, home equity lending commonly especially refers to 2nd home loans.

While HELOCs have variable rates of interest that alter with the prime price, home equity lendings can have either a variable price or a fixed rate. You can borrow approximately a combined 80% of the worth of your home with your existing mortgage, HELOC and a home equity finance if you are obtaining from a financial organization.


As an outcome, exclusive home mortgage loan providers are not limited in the amount they can financing. The higher your mixed finance useful reference to worth (CLTV) ends up being, the higher your passion rates and charges end up being.

Rumored Buzz on Second Mortgage

Some liens, like real estate tax lien, are senior to other liens regardless of their day. Therefore, your current home loan is not affected by obtaining a 2nd home mortgage given that your primary mortgage is still very first in line. Refinancing can bring your 2nd home mortgage to the senior placement. Hence, you might not re-finance your home loan unless your bank loan loan provider accepts sign a subordination contract, which would certainly bring your primary home mortgage back to the elderly setting.


If the court concurs, the title would transfer to the senior lending institution, and junior lien holders would just become unsecured creditors. However, a senior lender would certainly ask for and receive a sale order. With a sale order, they have to sell the home and make use of the proceeds to satisfy all lien holders in order of standing.


Therefore, bank loans are much riskier for a lending institution, and they demand a higher passion rate to change for this added risk. There's also an optimum restriction to just how much you can obtain that thinks about all home loans and HELOCs protected versus the property. You will not be able to re-borrow an added 100% of the worth of your home with a second mortgage on top of a currently existing home loan.

 

Equipping Yourself With Financial Understanding: What You Required to Know Prior To Requesting Lendings

Understanding the ins and outs of numerous loan kinds, decoding the effect of passion rates, comprehending the nuances of lending terms and conditions, and realizing the weight your credit scores rating carries are all vital components that warrant focus. By diving right into these essential elements, you can browse the car loan application procedure with confidence and guarantee that you are outfitted to make sound financial selections. How to find a Online Payday Loan.

Sorts Of Car Loans

Understanding the different types of financings available is crucial for making educated economic decisions. When thinking about obtaining money, people must recognize the options at their disposal to select one of the most suitable one based on their demands. One usual kind of car loan is a home mortgage, generally made use of for purchasing property. Mortgages include differing terms, interest prices, and settlement schedules, so debtors should very carefully assess each aspect prior to devoting. Personal financings are one more widespread choice, providing a round figure that can be utilized for different purposes, such as debt loan consolidation or home enhancements. Furthermore, pupil finances cater to those going after higher education and learning by using funds to cover tuition and associated expenses. Understanding the differences between these sorts of loans, as well as others like vehicle car loans or small organization finances, can help people navigate the loaning procedure with confidence and choose the alternative that straightens ideal with their economic goals. Being informed about the various kinds of finances makes certain that consumers can choose that positively influence their financial health.

Understanding Passion Rates

Having a firm grasp on the kinds of car loans available is crucial when thinking about monetary choices, especially when it comes to examining just how passion rates effect loaning expenses. Taken care of rate of interest rates continue to be consistent throughout the funding term, providing predictability in regular monthly settlements.


Lenders generally consider factors such as the lending amount, settlement term, customer's credit history rating, and dominating market prices when establishing the interest price used. By being educated regarding passion prices and their ramifications, individuals can make even more educated choices when using for financings, inevitably saving money in the long run.

Lending Terms

When taking into consideration finance choices, borrowers must thoroughly assess the conditions to make certain a complete understanding of the financial commitments included. Lending conditions detail the specific details of the arrangement between the borrower and the lending institution. These include the finance amount, rates of interest, payment schedule, fees, fines for late repayments, and any kind of other appropriate conditions. Comprehending these terms is important as they determine just how much the debtor will ultimately pay and the imp source consequences of not satisfying the agreed-upon problems.

Rate of interest rates are a substantial component of funding terms and can differ based on the kind of car loan and the consumer's credit reliability. It is crucial to carefully read and understand all terms and conditions before signing a financing arrangement to stay clear of any kind of shocks or economic difficulties in the future.

Influence of Credit History

Credit history play a critical role in identifying the rate of interest and finance choices readily available to consumers looking for monetary assistance. A credit rating is a mathematical depiction of an individual's credit reliability based on their debt history. Lenders utilize this score to analyze the risk of providing money to a debtor. Generally, a higher credit report shows lower threat for the lender, causing more positive car loan terms such as reduced rate of interest and higher funding quantities. recommended you read Conversely, a lower debt score may lead to greater rates of interest, more stringent terms, and even denial of the finance application.


Maintaining a great credit rating is vital for accessing inexpensive credit. Borrowers can improve their credit score ratings by making prompt settlements, maintaining credit history card equilibriums reduced, and avoiding excessive financial obligation. Consistently keeping track of one's credit score record for mistakes and addressing any problems immediately can additionally aid increase credit history. How to find a Online Payday Loan. Understanding the influence of credit rating on car loan alternatives encourages people to take control of their financial health and make informed decisions when making an application for car loans.

Loan Application Process

Browsing the procedure of applying for a car loan entails a number of key actions that customers need to carefully comply government loans with to boost their possibilities of safeguarding financial help. Whether it's a personal financing, mortgage, auto funding, or organization loan, understanding the purpose of the funding will aid you select the ideal one.




After gathering your files, it's time to shop around for the finest finance terms. If accepted, assess the terms of the loan thoroughly before accepting to ensure you understand all obligations and repayment terms. By following these steps diligently, you can navigate the car loan application process with confidence and enhance your possibilities of safeguarding the economic assistance you need.

Conclusion

In final thought, it is critical to encourage oneself with economic expertise before making an application for fundings. Comprehending the sorts of lendings available, rates of interest, terms, in addition to the impact of credit history, can aid people make notified decisions. By being well-informed concerning the loan application procedure, consumers can boost their opportunities of safeguarding positive car loan terms and managing their finances properly.

 

Maximizing Your Loaning Prospective: Tips for Taking advantage of Loan Opportunities

The world of car loans can be a complicated and occasionally daunting one, with different chances providing themselves in various types. It all starts with a thoughtful examination of one's economic standing and a proactive state of mind towards leveraging finance possibilities.

Analyzing Your Financial Scenario

Upon starting the trip to make the most of finance chances, it is vital to start by completely evaluating your present monetary circumstance. Comprehending your monetary standing is the cornerstone of making informed choices when it involves obtaining money. Start by evaluating your revenue, costs, possessions, and obligations. Calculate your debt-to-income proportion to see just how much of your earnings goes in the direction of repaying financial debts. This ratio is a vital metric that lenders think about when establishing your qualification for a lending.

In addition, take a close consider your credit report. A great credit rating can open doors to far better finance offers with reduced rates of interest, while an inadequate credit history might limit your alternatives or result in greater borrowing costs. Evaluation your credit scores record for any mistakes and work on enhancing your score if required.

Researching Financing Choices

To properly navigate the landscape of finance opportunities, complete research right into numerous funding alternatives is vital for consumers seeking to make educated monetary decisions. Carrying out thorough research includes discovering the conditions offered by different loan providers, recognizing the sorts of financings available, and comparing rate of interest to recognize the most favorable choices. By diving right into the specifics of each lending product, customers can get insights into payment terms, costs, and potential penalties, enabling them to pick a funding that lines up with their monetary goals.


Furthermore, investigating financing alternatives permits consumers to analyze the credibility and credibility of loan providers, guaranteeing they select a reputable institution that provides clear and trusted solutions. On-line sources, such as economic comparison sites and customer reviews, can supply beneficial details to help in the decision-making process. Furthermore, seeking advice from with monetary advisors or lending policemans can offer individualized guidance based upon private situations. Ultimately, thorough study equips borrowers to make educated choices when choosing a funding that suits their demands and monetary capabilities.

Improving Your Credit Rating

After completely researching finance options to make informed economic decisions, debtors can now focus on boosting their credit rating to enhance their total loaning capacity. A higher credit history not just boosts the possibility of finance approval however also enables same day cash loans consumers to access finances with far better terms and lower rates of interest. To enhance your credit rating, begin by getting a duplicate of your credit report from major credit score bureaus such as Equifax, Experian, and TransUnion. Testimonial the record for any errors or discrepancies that could be negatively impacting your score, and promptly address them by contacting the credit history bureaus to fix the errors.

In addition, make certain that you make prompt repayments on all your current debts, as settlement background is a substantial consider identifying your credit history. Aim to maintain your credit card equilibriums reduced and avoid opening up multiple new accounts within a short duration, as these activities can lower your rating (Online payday loans). By showing responsible economic habits and proactively working to improve your credit rating, you can considerably enhance your loaning potential and safeguard a lot more beneficial car loan opportunities in the future

Comprehending Car Loan Terms

Understanding finance terms is important for borrowers to make educated financial decisions and effectively manage their loaning responsibilities. Finance terms incorporate various facets such as rates of interest, repayment routines, fees, and penalties. Passion prices can dramatically affect the complete amount repaid over the lending term. Consumers need to recognize whether the passion rate is taken care of or variable, as this can influence their monthly settlements and overall price. Additionally, recognizing the payment routine is essential to ensure timely repayments and stay clear of default. Some finances might have prepayment penalties, which debtors need to consider if they plan to pay off the finance early. Costs, such as navigate to this website origination charges or late settlement charges, can additionally include in the price of loaning. By thoroughly comprehending these terms prior to agreeing to a financing, borrowers can make sound monetary decisions and avoid possible pitfalls. It is advisable for debtors to carefully review and compare lending offers to select one of the most desirable terms that straighten with their economic objectives.

Developing a Settlement Strategy

Having a clear grasp of lending terms is basic for consumers seeking to develop a well-structured settlement plan that straightens with their monetary objectives and minimizes possible threats. When the lending terms are recognized, the next action is to establish a repayment method that suits the debtor's economic abilities. The initial consideration needs to be establishing a reasonable timeline for settlement. This involves analyzing revenue resources, budgeting for routine settlements, and bookkeeping for any kind of foreseeable changes in monetary circumstances. Furthermore, prioritizing high-interest financings or those with strict settlement conditions can assist lower overall financial obligation worry in time.


If difficulties arise in meeting settlement commitments, notifying the lender early on capitalone auto can open up possibilities for renegotiation or restructuring of the funding terms. Eventually, a well-thought-out settlement plan is important for satisfying lending commitments properly and maintaining a healthy and balanced monetary account.

Conclusion

In final thought, taking full advantage of loaning capacity calls for a detailed assessment of monetary status, study on finance alternatives, improvement of credit scores, understanding of loan terms, and the development of an organized repayment plan (Online payday loans). By following these actions, people can make the most of funding opportunities and accomplish their monetary objectives properly

 

Optimizing Your Financial Options With Hard Money Loans: Key Advantages Explained

Checking out the world of monetary alternatives frequently leads people and services to think about tough cash loans as a critical device for leveraging opportunities and protecting resources. As we delve right into the vital advantages of tough cash car loans, a clearer picture arises of exactly how this method can open a world of possibilities for savvy borrowers (Hard Money Loans GA).

Quick Financing Approval Process

Successfully browsing the rapid financing authorization process for hard money loans is essential for making the most of monetary opportunities. Tough money financings are recognized for their quick approval procedure contrasted to conventional bank car loans, making them an appealing option for consumers looking to protect funds rapidly. Among the essential benefits of tough cash finances is the capability to access funding rapidly, permitting capitalists to take advantage of time-sensitive possibilities in the actual estate market or other endeavors.


To expedite the financing approval procedure, borrowers ought to guarantee they have all the required documents all set, consisting of property info, economic declarations, and a strong exit method. Working carefully with a respectable hard money lender that specializes in swift authorizations can additionally streamline the process and enhance the opportunities of safeguarding funding without delay.

Collateral-Based Finance Options

When thinking about collateral-based finance options, customers have to thoroughly review the assets they can utilize to secure financing. Hard Money Loans GA. Collateral plays an essential duty in these types of fundings, as it acts as a type of security for the lender in case the debtor defaults on the financing. By offering important assets such as realty, automobiles, or tools as collateral, debtors can usually access bigger financing amounts, advantage from reduced passion prices, and improve their chances of approval, also if they have less-than-perfect credit rating


One considerable advantage of collateral-based lending alternatives is the lowered danger for lenders, which can translate into much more beneficial terms for borrowers. Additionally, these fundings normally have faster approval procedures contrasted to typical small business loan, making them an appealing choice for individuals and companies looking for fast funding. Nevertheless, it is necessary for debtors to consider the potential repercussions of back-pedaling a collateral-based car loan, as it might result in the loss of the vowed possessions. By weighing the advantages and dangers carefully, debtors can make enlightened choices when leveraging their assets for funding needs.

Versatile Repayment Terms

Flexible repayment terms are a vital feature that can offer customers with better financial versatility and control over their financing commitments. These terms use a personalized approach to repayment timetables, enabling consumers to tailor their payment prepares to match their one-of-a-kind monetary situations. With difficult cash loans, debtors can frequently work out the repayment terms based upon variables such as capital forecasts, expected earnings streams, or the timeline of a certain task. This degree of versatility can be specifically beneficial for real estate capitalists or entrepreneur who may experience ever-changing revenue or call for a settlement strategy that straightens with the timing of a home sale or job completion.


Moreover, versatile payment terms can also aid debtors handle unforeseen financial obstacles extra properly. In case of unforeseen conditions such as a short-term money flow lack or a sudden expenditure, customers might have the choice to adjust their settlement schedule to suit these modifications without dealing with significant fines. In general, find out here the capability to tailor repayment terms can encourage borrowers to browse their financial responsibilities more tactically and adapt to altering conditions with greater convenience.

Accessibility to Diverse Debtor Profiles

Offered the differing economic conditions and needs of debtors, tough money lendings give access to diverse consumer profiles, allowing individuals with unique monetary histories to safeguard funding for their projects. Unlike traditional loan providers that often have stringent requirements and extensive authorization processes, hard money loan providers are much more versatile in reviewing potential consumers. This versatility permits a bigger variety of people to get fundings, consisting of those with non-traditional earnings resources, independent people, or people with less-than-perfect credit history.


Additionally, hard cash loan providers are a lot more curious about the worth of the building being used as collateral rather than the discover here borrower's credit rating history. This concentrate on the asset being financed opens possibilities for consumers that may not satisfy the strict requirements of conventional lending institutions however have beneficial property possessions. Ultimately, the access to diverse debtor profiles through hard cash financings increases the possibilities my company for individuals to money their projects and investments, no matter their financial background.

Expedited Closing Treatments

Successfully improving the closing procedure, tough cash lenders supply expedited procedures that benefit borrowers looking for prompt funding services. Unlike traditional financial institutions that might take weeks or perhaps months to accept a funding, hard cash lending institutions can speed up the closing procedure significantly. This speed is particularly useful for genuine estate capitalists seeking to secure homes promptly or individuals looking for instant funds for improvement tasks.

One vital element adding to the increased closing procedures of hard money financings is the concentrate on the collateral building's value as opposed to the debtor's credit history. By stressing the asset's worth, loan providers can make quicker borrowing decisions based on the residential property's potential instead than extensive credit history analyses. Additionally, hard money lenders commonly have extra versatility in their underwriting standards, enabling a much faster analysis of the lending application.


Furthermore, the structured documents needs of tough cash loans contribute to the expedited closing process. While traditional car loans may entail substantial documentation and verification procedures, tough cash fundings normally need much less paperwork, lowering the time needed for authorization and financing. This efficiency in shutting procedures makes difficult money financings an appealing choice for customers seeking fast access to financing.

Verdict

To conclude, tough cash fundings provide a fast funding authorization procedure, collateral-based funding alternatives, adaptable settlement terms, access to diverse customer profiles, and quickened closing procedures. These key advantages make tough money lendings a useful economic choice for individuals looking for different borrowing options. By making best use of these advantages, borrowers can successfully safeguard the funding they require for different property investments or service endeavors without the constraints of standard lending needs.


Hard money lendings are understood for their fast approval procedure compared to standard financial institution fundings, making them an attractive choice for customers looking to safeguard funds quickly. Security plays an essential function in these kinds of finances, as it serves as a type of protection for the lending institution in instance the borrower defaults on the finance. In addition, these car loans typically have quicker authorization procedures contrasted to conventional financial institution loans, making them an appealing choice for individuals and companies in demand of quick funding. While conventional fundings might include considerable paperwork and confirmation procedures, tough money loans generally require less documents, decreasing the time needed for approval and financing.In conclusion, difficult cash car loans offer a fast funding approval procedure, collateral-based financing alternatives, versatile settlement terms, accessibility to diverse debtor accounts, and quickened closing treatments.

 

Empower Your Financial Future With the Perks Supplied by an Online Payday Advance Solution

In today's dynamic financial landscape, browsing unexpected costs or capital spaces can be a difficult endeavor for many individuals. There exists a device that can use a lifeline in such circumstances - on the internet payday loan services. These services provide a variety of advantages that can empower people to take control of their economic future and address pressing financial needs properly. From structured application procedures to customized payment choices, the benefits of using online payday advance loan expand past mere comfort. By checking out how these services can offer a tactical advantage in managing economic uncertainties, individuals can pave the way towards an extra secure and secure financial expectation.

Quick and Convenient Application Refine

The on-line cash advance car loan services supply a swift and hassle-free application process, catering to the immediate financial demands of individuals. To use for an on the internet payday loan, people commonly require to fill out a simple on the internet type, giving basic individual and monetary details.


Additionally, on the internet payday funding services usually do not call for comprehensive paperwork compared to typical fundings, making them a convenient alternative for those seeking prompt economic aid. The on-line platform enables debtors to send their applications from anywhere with net access, getting rid of the demand for in-person visits to a financial institution or lending organization. On the whole, the quick and practical application procedure of on the internet cash advance services makes them a useful solution for people dealing with immediate monetary difficulties.

Accessibility to Funds in Emergency Situations

Throughout unforeseen financial crises, on-line payday advance services provide quick accessibility to much-needed funds, providing a reputable service for people encountering emergency situations. When emergency situations strike, such as abrupt medical expenditures or immediate car repair services, having accessibility to instant funds can make a significant difference in attending to the circumstance immediately. Online payday advance solutions succeed in providing fast and hassle-free options to individuals seeking urgent economic help.


The streamlined procedure of looking for an on-line payday advance loan guarantees that funds can be accessed expeditiously, typically within a matter of hours. This fast access to funds establishes on the internet cash advance solutions apart from typical loan provider, where prolonged approval processes might delay the receipt of funds when time is important. By leveraging the convenience and rate of on the internet payday advance loan solutions, individuals can navigate unexpected financial obstacles with higher simplicity and confidence, recognizing that help is conveniently offered when emergencies occur.

Flexible Repayment Options

When taking into consideration on-line cash advance services, borrowers appreciate the adaptability provided with numerous repayment alternatives. These flexible repayment options accommodate the varied economic circumstances individuals may deal with. One common payment choice is the automated deduction from the debtor's checking account on the assigned due day, making sure timely repayments without the headache of hand-operated deals.


Additionally, some on-line cash advance funding get more solutions allow customers to demand extensions or rollovers in instance they are unable to repay the funding on schedule - Easy to find a Fast Online Payday Loan. While this can incur extra charges and interest, it gives a security web for those facing unexpected financial setbacks




Furthermore, consumers might have the alternative to pay or make partial repayments off the car loan early without incurring prepayment charges. This flexibility encourages people to manage their funds according to their unique scenarios and budgetary restraints.

No Credit Scores Inspect Called For

Credit history checks are not required when requesting on-line payday advance, simplifying the approval process for people with varied financial backgrounds (Easy to find a Fast Online Payday Loan). This function makes on-line he has a good point payday finances available to a bigger series of applicants, consisting of those that may have an inadequate credit score background or no debt history in any way. By removing the demand for a credit scores check, on the internet payday advance loan solutions concentrate extra on the candidate's existing employment condition and earnings degree to assess their capacity to settle the car loan promptly


For people who have struggled to safeguard traditional fundings because of their credit rating, the alternative of no credit check cash advance gives a beneficial possibility to deal with immediate economic demands. It allows these people to access funds promptly and without the included anxiety of a credit scores check impacting their application approval. Additionally, the lack of a credit score check can quicken the financing approval procedure, supplying quick accessibility to much-needed funds during emergencies or unforeseen expenses.

Improve Financial Security

The absence of debt checks in the online cash advance finance application process not just expands access but likewise plays a significant duty in enhancing individuals' economic stability. By eliminating the barrier of a standard credit rating check, online payday advance loan solutions give a feasible economic tool for people that might have restricted credit report or previous credit score problems. This access permits people to address economic emergencies or unexpected expenses quickly, without being prevented by a poor credit report.


Additionally, the structured repayment timetables of on-line payday financings can assist people in budgeting and managing their finances extra efficiently, promoting jumbo mortgage rates lasting financial security. By using on the internet cash advance financing solutions sensibly, individuals can take positive steps towards safeguarding their financial well-being.

Conclusion

To conclude, making use of an online payday advance loan solution can empower people to handle their monetary future properly. With a quick and practical application procedure, accessibility to funds in emergencies, versatile settlement options, and no credit rating check needed, people can boost their monetary stability. This financial device offers a practical option for those seeking instant financial support.


To use for an online payday finance, people commonly need to fill out a basic on-line form, offering fundamental personal and monetary details.Moreover, on-line cash advance financing solutions usually do not need substantial documents contrasted to traditional car loans, making them a convenient option for those in need of prompt economic aid. By removing the requirement for a credit check, on the internet cash advance loan services concentrate more on the applicant's current work standing and earnings level to assess their capacity to settle the car loan on time.

For individuals who have struggled to protect typical lendings due to their credit history, the alternative of no credit report check cash advance fundings gives a valuable possibility to deal with instant monetary demands. payday loan places in my area. By eliminating the obstacle of a traditional credit history check, online cash advance finance solutions provide a practical financial tool for individuals who might have limited credit scores background or past credit history concerns