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Realtors The credit score is like a power tool in your garage! You do not use it that often, but when you need some big thing to happen in your life, you cannot do it without a good Credit Score.
An average Credit score is between 600 to 700. You can live with such Credit Score, but it will cost you hundreds and maybe thousands more per month in extra credit cost.
The top reason your credit score is low is that you are close to max out your credit limits on your credit lines. Credit companies are smart. When you buy a car, they are thinking the car value most likely goes down. The effect on you credit is like you just maxed out a credit line. There is a trick to fix it. You can buy the car with full financing and after a month, pay 30%-50% of the loan. This way it looks like that you are not maxing out that credit line. The other related issue is how many credit cards you have and how much you put on them. As a rule of thumb, you should not put more than 30% of the credit limit on each card. If you have one or two credit cards only and you have maxed out any of them, sometimes it is wise to get another credit card with high credit limit and transfer some of the balances from the maxed cards. You cannot get more and more credit cards and do this all the time. Too many credit cards also will affect negatively your credit score. You should avoid having more than five active credit cards. At some point you have to stop consuming and spend as much as you make. You are better off, doing it on your own than maxing out you credit limits, so that credit cards companies force you to do so.
If your credit score is very low, for example lower than 600, then you should look in derogatory section of your credit report. There are chances that you have some collection and/or judgments from the past. Fixing these types of problems are taking long time. The best thing, you can do, is getting a letter from collectors and creditors stating the collection items were a mistake. The second best ting is to pay off the amount of the collections to collector companies and ask them to send you letters verifying the full payment of collections. Then you send a copy of these letters to Experian, Transunion and Equifax separately. These three companies are official companies in charge of deciding your credit scores. Unfortunately you have to wait about two months for these companies to reflect these letters in your credit reports. You have to wait up to one year for full recovery of your credit score.
As we saw before, buying a car or other consumer products on credit will have a negative effect on your credit. So do not spend so much on consumer goods a few months before you want to purchase a home wait until a few months after closing of escrow when you are sure that with new situation you can still afford them, despite your new mortgage. Buying a home will have the opposite effect on your credit, it pushes it up, but in most cases you need the high credit score before buying a house. Ok, you can refinance, but that’s different story.
Surprisingly too few credit cards or buying things with cash all the time also can hurt your credit. The credit system is build upon the idea that if a person borrowed money and paid it back, this person can be trusted to pay back other loans and debts as well. So if somebody buy everything with cash and never use and line of credit, there is no way for credit companies to score his credit. Having bad credit most of the time is much better than having no line of credit. A line of credit should be in used for one year and at least be $1500 credit limits. You have to posses at least two such line of credits to build up your credit. Anything that you purchased on credit, even if you did not put it on credit, counts like a line of credit. So if you have a car payment, you need one credit card to comply with this requirement. If you do not want to pay interest rates, just use your credit card and pay the balance at the end of the month. This way you have the best from two worlds. You did not pay interest rate and you improve your credit score for the day you need it.
The other issue that can affect your credit is too many companies running your credit. To avoid this pitfall, you have to let a real estate broker who does in-house lending, as wholesale lender, shopping around for loans for you. This way he runs your credit only once, and banks that work with this broker will take his word about your credit score and do not run in again and again.
I have to mention that majority of the problem loans, which are causing problems for people, have been originated by mortgage brokers without a real estate broker license. That is not surprising, because there are no educational requirements for these type mortgage broker without RE License. They will start a loan business when the climate is good and shut down their business a few years after when the climate is bad. Real Estate Brokers are different, they stay in business for decades and they cannot afford to sell bad loans to consumers. They are afraid to lose their broker licenses and get bad reputation so they lose some of their main home selling business. So be aware of these seasonal mortgage brokers, without the real estate broker license. You can take this one step future and only with Realtor Brokers.
Now you know how to improve your credit score. Just do it now, because tomorrow might be too late and you want to use your credit score for a big project in your life. Realtors
With constant market changes, some of the facts presented might not be applicable any more..
Isn't it nice to deal with knowledgeable client. When honest brokers start to write, less people fall for the crooks. So start make your clientele informed..
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