Consumer Reports Via E-Mail!Consumer Reports Via E-Mail!Real Estate Questions And Answers!Monthly Newsletter For Homeowners!
Buying Or Selling Tip Of The Week!Money-Saving Financial Calculators!Go to the table of contents!Click Here To Return To The Home Page
A new edition every month! July 2014 Electronic Real Estate Newsletter
Know Your Score
Getting Your Credit Back In Shape
Choosing the Right Pool For Your Home
Make The Most Of Your Cooling System
What You Should Know Before You Buy Or Sell
Protect Yourself During Summer Storms
Strategies for Tough-Sell Homes
Find The Listing Agent Thatís Right For You
Real News
  Credit Matters
 
 

Know Your Score
Credit scores give lenders the most precise credit information on an individual as possible, allowing lenders to make lending decisions based on solid information. Because lenders use these scores as factors in decision-making, your credit score may affect your ability to buy a new home.

In general, the higher the score, the better your application for credit will look to a lender. Of course, lenders will also review your income level and employment history when making their decisions.

For years, these credit scores were shrouded in mystery. Now, you can get your credit score, the number from 0 to 800 that records a snapshot of your credit rating, with just a few strokes of your keyboard and a nominal charge.

To start, log onto www.myfico.com. This address takes you to the web site of Fair Isaac Corporation, the credit scoring system that's most frequently used. You will be charged a fee to access your score online. The site provides information on credit scoring, a sample credit score report, a glossary and a list of frequently asked questions.

Before obtaining your score, you'll need to register by providing personal information. Then, you'll be asked questions that will verify your identity. You'll then create a password-protected profile and choose a method of payment.

Once you've completed these steps, you'll see your credit score, along with information on the factors that are affecting your score most.

Overall, the factors that affect credit scores are payment history, debt, length of credit history, amount of new credit and credit mix. Payment history is the most heavily weighted factor. People with lower scores (from 0 to 499) are most likely, statistically, to default on loans, file for bankruptcy or make very late payments on debt. The amount of debt you carry is the second most-heavily weighted factor.

Remember that your credit score is a current snapshot of your credit history. This score can change gradually over time. Past credit problems will have a lower impact on your score as time passes.

Along with your credit score report, FICO offers tips on paying off debts with high balances quickly and steps to building a good credit history. Some tips are common sense: You should pay your bills on time, keep the balances owed as low as possible and try to limit the number of credit applications you make.

If you're planning to purchase a home, you should discuss your credit score with your lender. He or she may have more tips for improving your credit score, repairing a bad credit rating and increasing your home purchasing power. We can recommend loan officers for you to work with, just give us a call.

 
 
 
 Credit Matters, Part 2
 

Getting Your Credit Back In Shape
So what if your credit score is under the weather? You can build up a better history in just a few years.

First, make sure the report is accurate. Is your Social Security number and date of birth correct? How about your name and address? You don't want to take the fall for someone else's credit mistakes. If you find a discrepancy, report it to the credit agency.

Now is the time to pay your bills on time, and in full, paying careful attention to your rent check and mortgage payment. Staying put at your current address looks good, too.

Close any open credit accounts with a zero balance. If you haven't used a card, ditch the account.

Limit the number of credit accounts you use, perhaps to just one major bank card, a gasoline card and one department store. Pay all of these bills on time and in full. (Remember, just because you have these cards doesn't mean you need to use them often.)

Be wary of anyone who advertises quick fixes for your bad credit. You can accomplish the same objective, for free, over time.

 
Educated Consumer Program Sign up for market updates and premier customer care!
F. Name
L. Name
E-mail

Are you interested in:
Buying? Relocating?
Selling? Financing?
Recommended Reading:
Smooth
Contact me for your FREE report! Click here to get your free e-report for information on this topic!
Contact me for your FREE report!
Should you have any questions regarding any
of the issues covered in this article, feel free to
Ask Your Own Question
and we'll respond to you personally.

Ask Your Own Question

Know Your Score
Getting Your Credit Back In Shape
Choosing the Right Pool For Your Home
Make The Most Of Your Cooling System
What You Should Know Before You Buy Or Sell
Protect Yourself During Summer Storms
Strategies for Tough-Sell Homes
Find The Listing Agent Thatís Right For You

Return to top

Ask Your Own Question


Buyer E-ReportsSeller E-ReportsReal SearchReal ValueReal Q&AReal News
Real TipsReal ToolsReal HotlineReal ShowingInfo CenterHome

Site optimized for MS Internet Explorer 4.0 (or above) and Netscape Navigator 4.0 (or above).
Site best viewed at 800x600 resolution.

Copyright 2012, Gooder Group, RAINMAKER LEADS ONLINE.
Absolutely no part of this page may be reproduced or distributed without written permission.
All rights reserved by Gooder Group, Fairfax, Virginia, (703) 698-7750.
enews/enews61.html