Explain Away A Credit Problem

Okay, the recent mortgage pull back has made it harder than ever to get a loan with credit blemishes. The lenders are simply overreacting to such things. That being said, you can still explain away problems on occasion. If you had some massive event that caused the problems, a lender will usually exclude the problems from that time period. For instance, let’s assume you were in a bad car accident and in the hospital for three months. You may have missed credit card payments during this period. A lender will look the other way on such things. Please note, being unemployed is not an excuse.

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