fico scores: Does a Good Credit Score Mean Mortgage Approval Today? - 12/17/12 03:37 PM
Raleigh – They bought a home in 2002 with nothing but a good credit score and their word as to how much they made.  Can they today?  They thought so.  Surprise.
Umberto and his wife Taylor owned their own business.  They were doing well and wanted to move up.  They found the home they wanted without worrying about the mortgage.  That’ll be easy.
They signed a contract to buy the house with a healthy down payment.  Next was application for a mortgage.  Their FICO credit score was over 700 – so far so good.  The first shock was learning that the … (3 comments)

fico scores: Revealed Today Techniques of High FICO® Score Achievers - 11/12/12 03:14 PM
No theory and no advice on how to achieve a high FICO® score.  Today we look at results of study of actual high achievers.  One surprise:  They’re not perfect.
Since higher scores can save borrowers thousands of dollars over life of a loan, myFICO® (an arm of FICO®) conducted a study of techniques of people with the highest credit scores in the nation.  So study comes from reputable source.

Background:
= FICO® Scores range from 300 to 850
= Highest achievers have scores of 785 or greater
= 50 million people, approximately 25% of people with credit scores, are considered … (3 comments)

fico scores: Raleigh Report: Why FICO Was Created - 09/27/12 09:15 AM
FICO was not created to sell you credit scores.  It was not created for you at all.  You weren’t even supposed to see it.  If this is true, why was it created?
To answer this question we have to enter our time machine and go back in time.  Once, folks lived in small towns and many were farmers.  Mostly they paid cash.  Credit, when available, was approved/disapproved by someone they knew and knew them.  Then the world changed.
People moved to cities and many worked in mills.  Mostly they still paid cash.  Credit, when available, was approved/disapproved by someone they did … (0 comments)

fico scores: Find a Good Credit Repair Company in Raleigh NC - 09/24/12 10:01 AM
Randal and Constance have an opportunity to buy a special house at a “personal price” from Randal’s uncle, but their FICO score is too low.  What can they do?
Randal’s uncle is moving from Raleigh to Arizona and must sell the house now.  Randal and Constance decided to hire a credit repair company that promises to remove negative items from their credit.  Enter Snake Oil Slim.
Snake Oil Slim charges a pretty penny, but it’s worth it.  After all, deals like this do not happen very often.  The house has a layout they love, its been meticulously cared for and the … (0 comments)

fico scores: Raleigh Lady Protects Her FICO Score Should She Divorce - 07/26/12 01:11 PM
Ex doesn’t make court-ordered payment and Katherine’s FICO score is ruined (her story here).  Could Katherine have protected herself when house was purchased?
With benefit of time travel we look in on Katherine and her husband, Thurman, at a happier time in their lives.  They’re in love, want a home of their own and not thinking of protecting themselves in case of divorce.  The lender isn’t in love.
Outrage at Katherine’s plight exploded when I published blog.  Our empathy for her caused us to look at situation from Katherine’s eyes at that point in time.  Still reeling from devastation of divorce, … (2 comments)

fico scores: FICO Credit Score Trumps Divorce Judge in Raleigh - 07/23/12 07:31 AM
I have it in writing.  The judge decided my ex was responsible for those debts.  The bum didn’t pay and FICO lowers MY credit score.  Why?  I just don’t get it.
Katherine was totally blindsided when her FICO credit score took an unexpected beating.  Her ex didn’t make payments the divorce court decreed he had to make.  The initial shock gave way to rage and then a feeling of complete helplessness.
-- Blindsided because she believed the judge presiding over her divorce had the legal power to decide who got what and who paid what.
-- Rage because Thurman did it … (103 comments)

fico scores: What's Not in Your FICO® Score Raleigh? - 07/12/12 05:11 AM
FICO scores are critical to your ability to buy a home.  Let’s clear up some misconceptions/urban legends and look at what’s NOT used to calculate your score.
US law forbids the use of race, color, religion and sex when calculating your score.  Did you know it also prohibits using…
-- Marital status
-- Receipt of public assistance or
-- The exercise of any consumer right under the Consumer Protection Act
Not prohibited is use of your age.  Some scores may consider age, but FICO doesn’t.  Where you live also not factored in.
What about job information?  Lenders consider some items … (20 comments)

fico scores: FICO Penalty for Chasing Best Rate on Credit Cards - 06/12/12 06:17 AM
Leigh had the family finances under control.  Her husband bragged on her.  Little did they know that chasing the best credit cards rates would cost them dearly.
They wanted to buy a house.  They had run up a lot of debt on their credit cards when Leigh’s husband Bill had a car accident.  The bills piled up when he couldn’t work for months.  Leigh took time out of work to care for him for the first month.  The interest was killing them.
They wanted that house.  They worked hard taking all the overtime they could.  In addition, Leigh kept hunting for … (2 comments)

fico scores: Little Known Facts on Removing Negatives from Credit Reports - 04/26/12 09:03 AM
The credit bureaus don’t want you to succeed.  Removing negatives reduces value of their credit reports since they now lack information their customers want.
In spite of the credit bureaus’ stance on this issue, the question remains “Can you remove negative items from your credit reports?”  Sometimes.  Little known facts about credit reports and credit scores complicate results.  Let’s check in with Lillian.
A collection appears on Lillian’s credit report.  She wants it removed.  She plans to dispute the debt.  Will she succeed?
-- Dispute of accurate information doesn’t work.  Process created to challenge errors only.
-- One exception: Creditor doesn’t … (2 comments)

fico scores: What Impact Do Unpaid Property Taxes Have on My FICO Score? - 04/23/12 12:52 PM
Curt’s mother owned a house but he was on the deed.  His mother didn’t want the house and planned to walk away.  How can Curt protect his FICO credit score?
Neither Curt nor his mother lived in the house.  The house belonged to his mother.  She placed Curt on the deed when she bought investment properties.  Curt’s name was not on the mortgage so his concern revolved around the unpaid property taxes.  Both their names appeared on tax bills.
Short term Curt was ok.  Counties don’t routinely report delinquencies to the credit bureaus.  Long term situation could result in negative impact … (14 comments)

fico scores: My Student Loan is in Default – So What Can They Do to Me? - 04/12/12 01:07 PM
It didn’t work out like she planned.  No high-paying job after college to help pay off a ton of student loans.  So what could they do to her anyway?
Misty was having lunch with Lisa and Eula.  Feeling overwhelmed with her finances, Misty started talking about her student loans.  Is it true that since everybody was behind nothing would happen when she didn’t make her payments?
Lisa had an experience last year.  She and her husband wanted to buy a house.  They didn’t have enough money for a large down payment, so they explored government loans.  This is what they learned:
… (3 comments)

fico scores: How NOT to Raise your FICO Credit Score - 04/05/12 09:11 AM
Jason and April had been turned down for a FHA mortgage.  April was overwrought, but Jason had an idea.  He knew how to raise his FICO credit score – or did he?
After being turned down for a FHA mortgage, Jason stopped at Joe’s.  Like many good bartenders, Joe provided a listening ear.  Plus Joe knew a lot.  He knew how the world worked.  Did he have any ideas for turning this situation around?  Dispute the delinquent accounts he said.
Jason wanted to know how this would help.  He would lose the disputes since he had been delinquent.  It doesn’t matter.  … (0 comments)

fico scores: The Real Skinny on Being an Authorized User on Credit Card - 03/22/12 07:13 AM
Confusion still exists on difference between jointly holding a credit card versus being an authorized user.  Recent changes add to confusion.
Are there similarities between joint ownership and authorized user?  Yes, your credit score is affected either way.  This is why being an authorized user on a credit card became popular.  Parents would add their children as authorized users to build up the children’s FICO credit score.
When parents held the credit card jointly, they were both equally responsible for the debt on the card.  This includes charges by the children added as authorized users.  The children were not held responsible … (4 comments)

fico scores: Credit Scores Are Not Free – Here is an Alternative - 02/13/12 04:28 PM
Credit Scores Are Not Free – Here is an Alternative
 
Is Randy’s credit good enough to buy a house?  He found that credit scores are not free – just credit reports.  So how can Randy know?  Seth’s alternative.
 
 
Since mortgage lenders use FICO scores, this is the one Randy needs  to know according to Seth.  Alternative to buying your score involves calculating your score.  Result will show Randy a range of credit scores so he will know if he is in the game.  Two basic rules:
 
 
1.  Get your credit reports.
 
 
NOTE:  AnnualCreditReport.com is the … (0 comments)

fico scores: How to Remove an IRS Tax Lien from Your Credit Reports - 01/12/12 08:49 AM
 Raleigh – It’s standard procedure – negative items stay on your credit report after they’re paid off.  Can IRS tax liens be an exception to this rule?  You bet!
 I’m going to tell you how to remove an IRS tax lien from your credit reports once they’re paid.  This will improve your FICO credit scores.
 Lenders, FICO and the credit agencies don’t like this one little bit.  Why?  Because they depend on credit scores to help predict who will/won’t pay back money borrowed.  Tax liens are considered very predictive.  If borrower won’t pay Uncle Sam, who will they pay?
 So, why … (3 comments)

fico scores: Refinance Home – How Credit Tightening Works - 10/13/11 10:37 AM
Raleigh – Mortgage lenders skittish on refinance home – How credit tightening works.  What borrowers face when applying for mortgage.  FICO only part of story.
Adina and Donald feel pinch from running up credit card debt.  With rates at historical lows, refinancing seems like good idea.  Concern over stories that credit tightened caused them to ask around.  With few details available, they approached Neddy the Nerd.  Neddy read everything, remembered everything and happy to share what he knew.
Neddy pointed out that different loan programs had different requirements.  Generally, the tightening works like this:
Point #1:  FICO scores higher.  Some government … (0 comments)

fico scores: Company Goes Belly Up and Impact on My FICO Credit Score - 10/10/11 07:05 PM
Raleigh – Can't cancel credit cards when company goes out-of-business.  What could Harris do?  What is impact on my FICO credit score?  Is it bad?
 
Harris proposed to Louanne.  She said yes.  Now they started planning for the future.  They wanted a house of their own.  Harris and Louanne requested copies of their credit reports.  Two credit card accounts were with companies that no longer existed.  Asking around provided confused looks.  Nobody seemed to know.
 
Expecting the worse and on the verge of giving up, Harris decided to pay Neddy the Nerd a visit.  Neddy read everything and remembered … (0 comments)

fico scores: When & How to Take Action to Improve Your FICO Scores - 10/03/11 01:16 PM
Raleigh - When & How to Take Action to Improve Your FICO Scores.  When is as important as how.  Most Americans get when wrong which makes how much harder.
Leatha Zamarripa's speech to her public speaking class starts now.  Listen in.
Getting what you want in today's world often requires good credit my father said with some frequency.  So when & how should you take action to improve your FICO score?
Rule 1:  Work on your credit score today and every day.  My grandfather, a farmer, didn't plant corn at harvest time.  Don't choose to improve your credit when you need … (0 comments)

fico scores: Is a FICO Score Under 640 the Kiss of Death in NC? - 09/12/11 04:39 PM
Victoria and James have been turned down twice because their FICO score was under 640.  Is a FICO score under 640 the Kiss of Death in NC?  Maybe – Maybe Not.
It was one of those blisteringly hot days we had a number of this summer.  The heat index was at 110 degrees.  I was sitting at my desk doing nothing (like that really happens) when Victoria and James came into my office.  They looked like whipped puppies.
Victoria was pregnant.  She and James desperately wanted to buy a home.  Turned down by two lenders they decided to try just one … (2 comments)

fico scores: Moving Can Have Negative Effect on Your FICO Credit Score - 09/08/11 08:52 AM
Garrett never missed a payment.  He was surprised to learn that moving can have a negative effect on your FICO credit score.  Why?  The surprising answers.
Garrett was fastidious about his FICO credit score.  He checked his score frequently.  This is his story.
A big opportunity presented itself.  He was offered a job that wasn't just a boost to his career; it came with a sizeable raise in pay.  Hard to turn down more money.  The only drawback was it included a move to another state.  Too good to pass up – he moved.
After moving and settling into his new … (4 comments)

 
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Kathy Godin

Raleigh, NC

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Raleigh Mortgage Gals

Address: 5561 McNeely Dr, Suite 202A, Raleigh, NC, 27607

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