So you are looking for your dream home. Did you know your credit score will affect your ability to qualify for the best home loan rates and home loan products? Specifically, a lower credit score might lead to:
- A higher interest rate
- Higher closing costs
- Higher private mortgage insurance (PMI)
That's why it's important for you to understand what a credit score is and how your financial activities directly influence your credit score.
The History of Credit Scoring
The credit scoring system used today was designed in the 1950s to help lenders determine how well consumers can repay a loan in a timely manner. Over the decades, laws have been enacted to establish and maintain transparent credit scoring and reporting practices.
For example, the Fair Credit Reporting Act in 1971 established guidelines for fair practices regarding the use of credit scoring. In addition, the Fair and Accurate Credit Transactions Act ...
First Reliance Bank announces the addition of Tracey Hill as director of treasury services. In this role, Hill will be responsible for developing and managing the bank’s commercial deposit relationships across the bank’s footprint. A certified treasury professional (CTP), Hill’s background includes close to 30 years of experience in treasury management, operations and sales with banks located in Charlotte, N.C. In addition, his experience includes the formation of a treasury services platform for a community bank, which provided him the unique perspective from the ground up on how to design and implement cash management solutions for small businesses. “Experienced treasury service bankers like Tracey are a trusted resource for our business customers,” said David Barksdale, North Carolina president, First Reliance Bank. “He is extremely knowledgeable about the available banking products and skilled at identifying the most effective options for managing cash. Tracey’s ‘do what it takes’ mindset to customer service ...
