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REOs and Credit Scores

By
Real Estate Agent with Transaction Realty 500 Reno, Nv.

I recently changed insurance companies.  As part of the process they ran my credit score.  It came back lower than I expected.  In the notes section it said that I had applied for too many credit accounts recently.  This surprised me since I have not applied for any new credit in a long time.  Then it came to me.  Every REO gas, electric, water, trash company is a new credit account.  Every listing has been 3-4 new credit accounts.   

Billie Hillier
http://702IsHome.com - North Las Vegas, NV
Savvy Home Realty Solutions

OH WOW!

This is crazy how the real estate marketing reaches into areas you would never expect!

Sep 28, 2009 03:57 PM
Richard Dolbeare
Inactive - Wailuku, HI
Living the Hawaii Lifestyle

Ouch!  I hadn't thought of that and it's an awful thought!

Sep 28, 2009 06:49 PM
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Matt,

There's one to keep in mind.  I don't think most agent would have even considered that.

Sep 29, 2009 05:18 AM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

That will definitely leave a mark... not something most agents think about when pursuing REO listings.

Sep 29, 2009 06:25 AM
David Jirasek
Jirasek Realty, LLC - Temple, TX
ALC, CCIM

Since I am the broker, my agents let me take responsibility for utility accounts. Hum..... maybe I shouldn't!

Nov 23, 2009 12:15 PM