August 28th, 2009
Posted by Larry Cragun
The importance of Your Credit Score
Credit Scores are an important factor in mortgage loans but many consumers are unsure about what causes them to receive that score.
How Your Credit Score is Determined
The typical score model for mortgages are FICO Scores. They are determined by five main categories:
- *35% is based on your payment history. (Including all accounts)
- *30% is based on the amount you owe creditors. (Especially revolving accounts with high balances)
- *15% is based on how long you have been using credit. (The longer you have a good payment history, the better)
- *10% is based on your applications for new credit. (If you are loading up on credit it may damage your score)
- *10% is based on your ‘mix’ of credit. (Numerous finance company accounts may lower your score)
How Your Credit Score Is Compiled
The data used to compile credit scores is based on information reported by creditors to Equifax, Experian, and Transunion. It does not include information about income, race, sex, or religion.
Maintaining a Good Credit Score
There are key factors to maintaining a good FICO Score:
*Pay your bills on time (Even one late in the past 12 months can do significant damage)
*Keep balances low on revolving accounts (Accounts with balances over 30% of the credit limit may lower your score)
*Don’t ‘credit surf’ (Frequent credit application or balance transfers may lower your score)
*Review your credit file at least once per year (This enables you to determine any errors or fraud)
How to Correct An Error on Your Credit
If you feel there is an on your file, contact the creditor in question and request an investigation. You may also dispute the item with the bureaus at the addresses below:
Equifax
P.O. Box 105873 Atlanta , GA 30348
Transunion
P.O. Box 1000 Chester , PA 19022
Experian
P.O. Box 2104 Allen , TX 75013
To remove your name from solicitation mailing lists, call the Direct Marketing List Opt-Out number @ 888.567.8688. One call is valid for all bureaus. This is different from the Do Not Call list. Follow these tips, and you should be on your way to maintaining a good credit file!
August 21st, 2009
Posted by Larry Cragun
– i just read this interesting article from Reuters & thought I’d share it with you. Pace of U.S. existing home sales fastest in 2 years Fri Aug 21, 2009 11:51am EDT By Lucia Mutikani WASHINGTON
– I ran accross this article today and Just felt like sharing it. For many, this Economic Speed Bump has shaken the faith in their belief in the American Dream. Some who bought in and thought they were
– Record Jump in Existing Home Sales Reported … I have generally conducted myself as a glass half full kind of guy for most of my life. Understandably, the last two years have tested my resolve in
– As we begin to see ‘fall’ decorations in stores, our thoughts in September should go to tips for safety in September, since it is “Safety Preparedness’ Month”! Washington
– I’m going to steal a page out of the book of my colleague Scott Cowan. He ran a series on his blog of his favorite videos, posting a new one each Friday. Totally devoid of any creativity, but
– Part 2 of a series on short sales: A subsantial number of homes in Issaquah are to be classified as Short Sales. Agents must now identify in their MLS listing information if the sellers lender must
– Social Media is advancing at breath taking speeds… Facebook, MySpace, Twitter, Blogs, Etc. For some it seems like just so many more ways to waste time on the internet, for others it is the wild west
– 2 of the fantastic homes I have listed for sale will be held open this weekend. 918 Lummi Drive on Fox Island (98333) is the best value per square foot for view homes on Fox Island. If you are wanting a
– Well, today is Friday, and it pretty much wraps it all up for us! Thursday morning, sharply around 6 a.m., Greg sat up and pointed out the window – “Oh My God! Oh My God!” I bolted up
– “When the wind changes direction, there are those who build walls and those who build windmills.” Chinese Proverb Shortly after I wrote “Solar Power – The Perfect Remodeling Project of
– I just listed a great home for sale in the Gig Harbor gated community of Saratoga. Saratoga is right off of the first exit after the Tacoma Narrows Bridges on HWY 16. This gorgeous home is perfect for
– I bet you have heard the terms “glucosamine,” “chondrotin” and “MSM,” and “boswellia” a lot. In this blog, I am going to explain what these powerful resources are…and how we can use them to improve the
– Another long day! But a great one! We had to change hotels, had a great breakfast first at a very French style bistro in Chelsea, yum yum! Interesting cab ride through Manhattan, dread lock rasta man whom
– Question: “Should I offer a “paint and carpet” allowance instead of actually doing the work?” JA: Homesellers- I feel for ya. When you’re getting your home ready for market, the
– If it were up to you, would you allow Fred Meyer to expand in Gig Harbor? Well, currently, it’s not up to you. The Gig Harbor City Council has decided for you to not allow the $30M expansion on the
– Whowhee… NYC is one jumpin’ kind of town, little green bills keep jumpin’ right outta my wallet!! I believe Rio and I could have walked well over 15 miles over the course of yesterday.
– First It Was Family Circle, Now It’s Seattle Magazine OK, as a resident of Kenmore, WA it’s strange to have “my fair city” show up on the radar screen of any major publications.
– A year ago last month I started blogging under the name of edmondsundressed at the time I didn’t know if I had it in me to blog. Another fellow blogger told me just to write about what I was
– This weeks Green Links Las Vegas takes a look at Green Colleges. Blythe Copeland writing for treehugger has a list of the top ten College Environmental Programs. If you have a student who’s
– Sometimes it’s hard to think of things to write. Good thing pictures of Gig Harbor can say so
