Every lender would love to see perfect credit, but they also realize few prospective borrowers can meet such a high standard - and accepting "good" credit will allow them to make loans.

Lenders oftentimes permit some slack in credit activities. An example could be that within the past 12 months , a typical borrower might be allowed to have the following credit imperfections & still qualify for a mortgage at usual rates & terms:

• 1. Two (2) credit card payments more than 30 days late.
• 2. NO credit card payments 60 days late.
• 3. One (1) installment payment, such as a credit card payment, 30 days late.
• 4. NO installment payments 60 days late.
• 5. NO mortgage or rental payments 30 days late.
• 6. NO outstanding debts such as judgments.

Check with your local lending institution to learn their policies.

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