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credit score: Bank vs Long Island New York Homeowner – When Does A Short Sale Benefit Both? - 12/27/11 03:51 PM
What is a short sale and who benefits from a short sale? Short sales used to be an infrequent type of real estate transaction, but with current economic conditions, more and more homeowners are opting for this type of sale. A short sale occurs when a homeowner sells their home for less than what is owed to the mortgage holder. There are pro's and con's for both the homeowner and the bank in a short sale.
Bank
There are several reasons why a mortgage holder, or bank, would agree to accept less than what is owed. A bank may benefit from … (0 comments)
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credit score: A Good Credit Score Can Get You An Affordable Home - 12/14/10 05:09 PM
As you know it is important to have a good credit score. A high score can help you qualify for loans with the lowest interest rates, auto insurance at the lowest premiums, and even beat out your competitors for that dream job.
However, having a good credit score is even more important today. That’s because homes across the country are at their most affordable levels in decades, but you won’t be able to qualify for a mortgage loan for one of these bargain-priced residences if you don’t learn how to keep good credit.
The most recent Housing Opportunity Index, a … (0 comments)
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credit score: Transform Your Credit Score with Precision Credit Action Report Tool - 07/14/10 11:31 AM
Most home buyers today are not aware of a report that is available to them through their lender that will allow them to take precise actions that will result in a significant increase in their credit score based on precise action taken on their part. Credit action reports are available at minimal cost through all three of the main credit repositories; TransUnion, Equifax and Experion.
In the past, it was a loan officer’s “best guess” as to which credit action would produce a credit score increase and then if it did, the amount of the increase was uncertain. These loan officers would … (1 comments)
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credit score: What Happens To Your FICO Score When Your Credit Card Limit is Reduced? - 09/01/09 02:03 PM
Approximately 1/3 of your FICO score is based on how much of your available credit you are using. This is called your "credit utilization".
The higher the utilization rate you have… the lower your credit score. The credit scoring models view this as you getting closer to maxing out your credit lines and becoming a higher risk.
Example.. If you have a $10,000 credit line and carry a balance of only $2,500 you have a credit utilization measure of 25%. If your credit limit is then cut by your credit card issuer to $5,000 then you jump to a credit utilization … (0 comments)
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credit score: Credit Scores: New Threats - 01/12/09 10:57 AM
A long-delayed update to the leading credit scoring formula is rolling out in 2009, offering a few advantages to consumers — and some serious new risks.
FICO 08, the latest version of the FICO scoring model, was initially supposed to be introduced in the fall but was delayed by lawsuits between its creator, Fair Isaac, and the nation's three main credit bureaus.
Fair Isaac says the new score will do a better job of predicting defaults than the classic FICO, which is used in more than 75% of mortgage lending decisions and by 90% of the largest U.S. lenders.
But FICO … (0 comments)
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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