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Blog entries tagged with "credit score":
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With the increased tightening of the credit markets, it is becoming more and more important to have a strong credit rating when purchasing a home. After years of helping my clients restore their credit by offering Credit Tips Prior To Purchasing A Home and helping clients track down creditors, I have now … (3 comments)
I recently had a client come to me who wanted to buy a home. He had less than perfect credit and felt it might be hopeless to take advantage of this buyer's market any time soon. I introduced him to a company that specializes in Credit Restoration. United Credit Education Services helped him … (0 comments)
Unless you have recently purchased a home or refinanced the home you're currently living in, you may not be aware that insurance companies, not just lenders, are now looking at credit scores. According to the Insurance Information Institute (a non-profit organization, www.iii.org), insurance companies have learned that a person's credit history … (0 comments)
What follows is a brief synopsis of the differences between a FORECLOSURE and a SHORT SALE and their affects on certain issues.
We are seeing more and more buyers and sellers frustrated as mortgage companies refuse loans based on bad or even low credit. This devastates buyers who see their dream of buying a home and participating in the American Dream smashed. Sellers who have not asked if the buyer is qualified either … (0 comments)
Barry Habib, Chairman of Mortgage Success Source, was recently interviewed by Fox Business News and he was asked about inproving your credit scores. You can see the interview here.
Oh, you know I love to hear that, but what if you can't help them? Last week when I got this call, I was really looking forward to helping this client, but it turns out they might have needed to see a psychiatrist rather than me.
While it has always played a big factor in the approvability and/or interest rate assessed to a mortgage, recently, credit scores have taken on an even bigger role in the mortgage process. Fannie Mae is now incorporating Loan Level Pricing Adjustments based SOLELY on a borrower's FICO score! A credit (FICO) score … (1 comments)
As most of you know, credit scores range from 300 to 850, and lenders place a significant amount of weight on the score when making lending decisions. Consumers that score over 700 are typically charged lower rates than normal, while those under 600 are charged higher than normal rates.If you haven't … (0 comments)
Yes that is right, Free!! I have been bombarded by credit repair companies lately. They will give you referral fees, promise to improve credit scores and even remove foreclosures and bankruptcies. Let me say first, this isn't my first blog on the subject and may not be the last.
•1. DON'T APPLY FOR NEW CREDIT OF ANY KIND. Including those "You have been pre-approved" credit card invitations that you receive in the mail. Every time that you have your credit pulled by a potential creditor or lender, you lose points from your credit score immediately. Depending on the elements in … (0 comments)
As we continue to experience credit challenges in today's market, it's important to be able to educate your clients as much as possible. And some of the most common misunderstandings out there revolve around credit scores. So here is information you can pass along to your clients in a concise, easy … (3 comments)
Credit Scoring in Canada
There’s several myths and misinformation about credit scoring. Here are some facts that may help you to know how your score is calculated. The credit score, also referred to as a “FICO score,” or “Beacon score” is a mathematical formulae created by Fair, Isaac and Company. … (0 comments)
Guest blogger Sarah Scrafford, provides us with a quick overview on the difference between regular and reverse mortgages.
Credit scores have always been important, no matter what a person was buying. They are more important now than ever; especially to someone considering a home purchase.
Summary: A former condo owner describes losing his condo to foreclosure and asks how defaulting on a home equity line of credit will affect his credit score. Will defaulting on a HELOC affect his credit score after the condo foreclosure? What are the ramifications of a foreclosure on credit and obtaining … (2 comments)
We are getting a lot of inquiries from renters who are seeing very attractive home prices in this downturn in the real estate market. Many of these folks are young people who have just finished their education and are starting to get established in their working lives and careers. What some … (0 comments)
Use a Mortgage Broker to finance real estate. It is no secret in the business that brokers will find the best mortgage at the best rates. In some cases they will beat the best deal you can get at your own bank.
The first and most important step in purchasing a home is securing financing. This is especially true today, in the light of tightening credit standards and risk-based pricing.
Most individuals who own credit cards annually check their credit scores with the three agencies; Equifax, Experian, and TransUnion. While these scores are important in obtaining credit, loans, and lower interest rates, there seems to be several credit score myths that need to be debunked.
Foreclosures in Imperial County: July 2008 a New High Record MonthBy Frederic A DinIn my entry from three months ago the number of Notice of Trustee Sale and Notice of Default both listed as Foreclosures set a record during the month of April 2008. You can read that post here: http://activerain.com/blogsview/494587/Imperial-County-Foreclosures-Hit 
OK, Fannie Mae (FNMA) is at it again. As of 10/1/08, they are raising the cost of loans for borrowers. They are doing it two ways. First, they are increasing costs on their matrix of "risk based" pricing model (see below), which means that if you do not have a 40% … (5 comments)
Excerpt from "Credit Justice: Are Your Credit Scores Treating You Fairly?", by Daniel J. Poulos
The Lesser of 3 Credit Evils: Short Sale - Foreclosure - Bankruptcy
Which has the worst impact on credit scores?
ForeclosureForeclosure is a legal process (in most states) that results in the lender regaining title to … (1 comments)
"One big factor that's changed mortgage lending is widespread use of automated underwriting software, which is required for lenders to be able to sell loans on the secondary mortgage market. This software takes certain things into account, like credit scores, that weren't considered before." - Mark Steele, President of Howard Hanna … (1 comments)
In today's market, where daily changes are normal and expected, it is necessary for buyers to understand what it takes to buy a home. There are at least ten things you must know in order to be a knowledgeable buyer. Here are the first five of those ten things. The next five will be included in … (0 comments)
The difference between a credit report with a score of 700 and a credit report with a score of 580 could result in a payment of $300 per month or more when purchasing a home of $500,000 or more. If you are like me, then you are undoubtedly curious about how … (1 comments)
Scoring your Credit - How's your FICO?
Topics in The Zoller Group's monthly real estate newsletter, REALTY NEWS UPDATE, include the following:
The lending industry is tightening and credit scores are making a BIG difference. Interest rates are higher for anyone with scores under 740.... yes you read it right 740. Some lenders are making rate adjustments for anyone under 740. Let's dig deeper, the buyer with less than 20% down can get … (8 comments)
All you need is 3 alternate tradelines such as phone bills, rent receipts or any type of bill in your name showing that you have paid on time in the past 12 months. Its better than having bad credit. I am a realtor and also work with a direct Bank. It … (0 comments)
I had been talking with one of my lenders the other day about ways to help my clients improve their credit scores and he shared with me something that I thought was a great for everyone to use.
I researched Lawrence Kansas area Property Investment Clubs to see who had Lawrence Kansas Real Estate Investment meetings and found that there just weren't any that met any more (one listing was found but they disbanded). 
Here is a little advice for anyone looking to get a copy of the credit report before they start the whole application process.
Buyers and potential buyers: You need to know that you can get free access to credit reports as part of a settlement on a class action lawsuit against TransUnion, one of the 3 major credit reporting agencies.
How Is Your FICO?
When does credit repair cross the ethical line and become falsification of a credit report?
Mortgage by Randy
"Too many consumers still don't get it when it comes to credit scores." Source: Credit Scores Remain Misunderstood by Broderick Perkins.
Your credit score is comprised of:
Credit repair is a million dollar industry with a lot of scams. Finding
a loan with poor credit isn't hard, getting a decent interest rate can
be. When you clean up your credit
report you end up saving hundreds, if
not thousands, of dollars in interest charges. 
Originally posted at www.StCloudEdina.com/blog:
Building Your Credibility
There is nothing that can underestimate the value of a good credit score. Whether you are buying a home for the first time or considering borrowing money for any given reason, your credit score is very important and plays a key role in determining whether or not you … (0 comments)
There are five factors that comprise your credit score. They are listed below in order of importance, just as an underwriter would look at the score:
With lending criteria tightening up, and more lenders in the non-conforming arena going out of business, understanding your credit score is more important than ever. So what is your credit score based on?
Hi all,
If you or one of your clients need to bump up a credit score easily and QUICKLY...go to www.optoutorescreen.com and sign up to stop receiving credit card apps and junk mail via snail mail. It ALSO helps the Environment with less junk mail!
Every time you get … (8 comments)
Do you know your Credit Score?
What is all this about Credit Scores??
By Doug Crowe www.dougcrowe.com
… (0 comments)
In a mortgage lender's eyes, a good credit score translates into lower interest rates for home-shopping borrowers. The higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher … (0 comments)
For this and other GREAT blog posts, please view our real estate BLOG at www.DaytonsDirt.com.
Whats My Credit Score ?? What is a Credit Score ?
A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the credit worthiness of that person, which is the perceived likelihood that the person will pay debts in a timely manner. … (0 comments)
Atlanta Real Estate - Buying a Home
5 Common First-Time Home Buyer Mistakes1. They don't ask enough questions of their lender and end up missing out on the best deal.2. They don't act quickly enough to make a decision and someone else buys the house. 3. They don't find the right agent who's willing to help them through … (0 comments)
Most of my current and prospective clients are concerned about our economy in general and "myconomy" in particular. They have heard all the bad news and some of the good. They watch as gas prices dig deeper and deeper into their pockets, and they wonder if now is the right … (0 comments)
Obtaining Credit Information and Correcting Errors
Fair Isac Corporation (FICO) has tweaked the formula they use in their widely used and popular credit score model known as FICO. These changes took place in March of 2008.
Hiring Talent with Bad Credit - Would You Do It?by Lisa Wells
… (10 comments)
The Real Place to Go for
FREE CREDIT REPORTS!
We've all seen the TV Ads for the free credit reports but are they really free. I haven't checked out all of them but I did check out freecreditreport.com. They do offer free credit reports but you must sign up for a … (0 comments)
The importance of good credit is a fact of life. Banks and credit card companies decide whether to lend you money and what interest rates you will pay based on your credit score. Be prepared to examine past choices and, if necessary, to change your money habits. 
What You Need to Know About Your Credit (FICO) Score
This question is asked often when I have people apply for a new mortgage and with good reason. You might believe that if your payments were made on time that should give you at minimum, a good credt score.
Not Always True!
Credit scores are composed of multiple pictures of your … (9 comments)
Over the past decade, consumer advocates have worked hard to help consumers better understand what credit is and how to handle it in order to improve their credit positions.A recent quiz on credit, released by Credit Plus, a Maryland-based credit services firm, can help consumers better understand other issues that can … (1 comments)
A multi-headed debt monster has been unleashed, I'm sorry to say this beast has arisen with a ravenous appetite. The use of debt is and will always be an important instrument for consumers to understand and use properly, however, in recent years this country has experienced an explosion in the amount … (0 comments)
So you think you’re ready for your own piece of the American dream – ready to have a place you can call your own? Maybe you’ve had it with the noisy people in the apartment above you. Or maybe you’re tired of writing out rent checks month after month and you … (0 comments)
In recent weeks, mortgages quietly became harder to get. Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. Underwriting software used by brokers and loan officers is issuing fewer approvals than at the end of May.
My first floor duty last October brought in a rental client. Thus began a long relationship with the Housing Opportunities Commission (used to be called Section 8). The renter reported that she had a voucher that paid a certain amount of her rent but she had problematic credit. Who would care, … (7 comments)
Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education.
If you understand how the system works, after all, you can make it work to your advantage.
One terrific place to start your research is at myFICO.com. Published … (0 comments)
The concept of credit started back in 1956 with two men named Bill Fair and Earl Isaac. Fair, a mathematician, and Isaac, an engineer, founded the Fair Isaac Company; otherwise, known to us today, as the FICO score. This credit system has standardized the way the financial industry extends "credit".
Buying a home is one of life's most exciting times and it is one of the biggest personal investments a person will ever make so why not get better prepared? The more prepared you are in the beginning, the less overwhelmed you will be. Learn the steps in the home buying … (0 comments)
For years, the Veterans Administration has allowed "Jumbo" VA loans; it's just that hardly anyone knew about them. The current VA loan limit with zero down, is $417,000, matching the conforming loan limits set by Fannie Mae and Freddie Mac. But the VA does make allowances for VA loans above that … (0 comments)
*Pay all accounts on time and make sure you do not go past 30 days late*Avoid allowing any accounts to go into a collection status*Never max. out your credit cards*Keep you balances to <40% of your credit limit on revolving credit *Establish a history of credit and do not close old accounts
I actually have access to loans which are not based on your credit score.