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lwpat, Attorney
Category: Business Law
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Experience:  Attorney with over 35 years of business experience.
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I was told I had bad credit but yet the bank of america approved

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I was told I had bad credit but yet the bank of america approved me for a home loan. How can that be? My source for the bad credit were all 3 credit rating companys
Submitted: 7 years ago.
Category: Business Law
Expert:  lwpat replied 7 years ago.
"Bad credit" is a relative term. That does not mean that you will not be approved for a loan but it does mean that your interest rate may be higher than someone else with "better" credit. Here I agree your credit cannot be all that "bad" since you were approved. You may also be in some type of government assistance program where the banks have been told to start loaning money. You can rebuild your credit by paying on time. You are alos entitled to a free credit report once a year.

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