My Credit Plan (MCP)
Family Financial Education Foundation
How It Works
Know Your Current Qualifications Before You Go!.
Offers More Insider Knowledge.
Provides Greater Opportunities to Lower Payments!
Want to know your mortgage qualifications and options before you look for a home?
Want to know if you can lower your interest rate and mortgage payment?
Qualifier offers several unique, valuable tools (not found anywhere else) to help you know your mortgage qualifications– based on your actual FICO Classic Credit Scores – the ones used by most lenders.
Once you have enrolled and had your credit report and FICO Credit Scores pulled through My Credit Plan, you can then go into the Mortgage Qualifier and discover your prospective loan qualifications for FHA, Conforming, USDA, and VA loans. Answer five quick questions and discover your qualifying amount based on those four loan programs. You can look at different terms such as 30-year, 20-year, 15-year and 10-year.
Second, Qualifier offers an idea of what interest rates / terms you can expect on a mortgage, auto loan or credit card. Based on hundreds of tables, the Mortgage Qualifier will let you know if you may face a higher interest rate because of your credit score and / or down payment.
You can see then if it is possible to lower your qualifying interest rate.
The Auto Loan Qualifier (coming January 2016) will help you know what interest rates and monthly payments to expect when you purchase a new car or refinance your auto loan. The Credit Card Qualifier (Coming January 2016) will let you know what interest rate and other terms to expect if you apply for a new credit card.
Finally, the insurance qualifier for home and auto will let you know if and how much more you are paying for homeowners and auto insurance premiums.
The process to answer your questions and find out your mortgage qualifications will take less than a minute. This is a phenomenal tool not found through any other source outside of a lender.
Qualifier is Different
Qualifier can possibly save you thousands of dollars. FFEF is proud to offer this unique program so that all prospective homebuyers become more aware of their mortgage options.
Prospective consumers can also review your auto loan qualifications and see if you can qualify for a lower interest rate, and even secure lower homeowner and auto insurance premiums. You may be able to make adjustments to your credit to hopefully qualify for lower interest rates.
This program is very cool! We want to help you lower your monthly payments.
Don't Be Misled
Many companies sell “Educational” Credit Scores and tools generated from their own internal formulas that try to mirror lenders’ FICO Credit Scores. These “Educational” Credit Scores are different from the actual lender’s FICO Credit Scores – they have no value or final determination of your credit rating by any lender.
These so-called “Educational” Consumer Credit Scores can be extremely misleading and are more often than not, higher than your FICO Credit Scores. These Consumer Credit Scores try to simulate your FICO Credit Scores, but they are rarely spot-on.
It breaks down like this. You are a college student and you track your grades. You finish the semester and the system reports that you will get an "A" in math, a "B+" in English and an "A-" in history. You receive your final grades and to your surprise, you got a "B-" in math, a "C" in English, and a "B-" in history. You felt misled and are significantly short of your expectations.
This is similar to the non-lender, “Educational” Credit Scores. They are commonly found to be 30 – 40 points off your lender’s FICO Credit Scores. That small difference can cost you thousands of dollars on a mortgage or an auto loan.
Once you have completed the mortgage qualifier, you can email your real estate agent the approximate amount of your mortgage loan qualifications. Remember, the Mortgage Qualifier is for educational purposes only. Notice: You still need to go to a lender to review your income qualification. There is a link on the Mortgage Qualifier to complete your mortgage application with one of the referred lenders.
The Mortgage Qualifier is a powerful tool. It will help you get a leg up on the home purchasing process by knowing before you search and make an offer for a home.
You can email your realtor of your estimated loan qualifications instead of waiting days to hear from a lender.
Need Help: We Have Solutions
The Qualifier provides accurate information not found with any other credit score improvement program. Using the Qualifier’s information, you can know if you need to spend some time working to improve your credit scores before you take out a loan or update your insurance policy.
Qualifier will let you know if you should expect to pay more because of lower credit scores. If so, My Credit Plan provides detailed solutions with the Analyzer and Planner to help improve your scores.
My Credit Plan is generated from some of the nation’s most respected credit score analysts in the country. My Credit Plan’s Qualifier, along with Analyzer and Planner, allow you to identify your negative issues, find potential solutions, and improve your credit scores by following the steps given.
You will know more about your credit rating than any other system or program. The more you know, the better off you can be.
A Lender’s Perspective
Qualifier offers a lender’s view of your credit standing. It grades your three FICO Credit Scores with a simple grade such as an A, B+, C-, or D+. This gives you a clearer idea of what to expect in general terms from your current credit qualifications for many types of loans and insurance.
It is also important to know what your FICO Credit Scores are. One point lower can cost you thousands on a mortgage or hundreds on an auto loan.
More importantly, it is better to know how lenders and insurance companies interpret your FICO Credit Scores. Through these grades and the corresponding guidance, you can become better aware of your actual credit standing.
Easy to Manage
Qualifier simplifies the process of tracking your credit rating and credit qualifications. Qualifier helps you qualify for lower interest rates and insurance premiums. It takes out the guessing of where you stand and simplifies the process of what to do.
We have certified credit counselors and professionals at FFEF who are specialized in the credit scoring system. We can walk you through your credit issues and provide you with an elevated level of understanding.
Let us help you with any of your questions.