Buyers in the market should know the simple basics of credit--especially if they have talked to a Lender, a REALTOR, parents--or, if they are truly interested in buying a home.
Could it seem to a buyer that we may be a little -lofty, a trifle "holier than thou?"
I decided to come out of the closet and treat the world with a little transparency. I had a LOT more money in June of 2005 when we moved to the Gulf Coast 
and before I started my Real Estate Journey. No one made me tackle more classes than I had too--I simply felt that Pre- and Post Real Estate Sales Licensing classes were not enough--so I went all out.
My first year, being in the immediately post Katrina era was busy and productive. However, the next year I racked up advertising expenses that didn't bring a single solitary lead. Gee--guess what brought buyers? Internet, MLS, and -yep-signs. So, now I know this first hand in a very real way. My credit cards are loaded.
But, I am optimistic, even in these times. (Yes, I am aware that NAR/MAR/GCAR dues are coming up. Fortunately, I have a closing scheduled for December 12 because from here on out--I am paying cash/debit for all real estate expenses. 2009 should be very interesting:-)
So, this is what happened today. I finally took time to call Bank America. Did they really think I could ignore the fact that last month they increased my interest rate from 13.9% to 19.9%?
First, please give me a round of applause 
. I remained calm and in good humor (so did the guy on the other end). Here's how the conversation went...
Me: "Could you please help me see the logic BA had in raising my interest rate? I'm not late. I haven't been late (That required sacrifice and ingenuity from time to time). I haven't gone over the credit limit. The Public virtually bails out financial institutions and this is the treatment we get?
Him: "Your total debts are too high."
Me: "Well, how is raising my interest going to help me pay down my debts so that you respect me again?"
Pay Attention from here on...
Him: "You have a choice."
Me: "I do? What choices?" I expected something a little smart Alec--
Him: "You can keep charging and keep the rate at 19.9%, or not charge even 1 more time and we will bring your interest rate back to 13.9%. BUT--if you charge even 1 time after this conversation its back to 19.9.
Me: (I'm thinking this is a good deal. I don't want to charge any more anyway--the only reason I had charges last month was because of an impulsive decision to go see my sister after she had double surgery) "Okay. Its a deal. Thank you. Actually, Thank you VERY much!"
Then we worked together to make sure I didn't have any of those sneaky monthly debits on the card. I feel like I came out ahead. What do you think?
Moral of the story: Talk to your credit providers.
*Note: I also took time to review my credit report. In a way, it doesn't look that bad. Every single credit notation had "Paying as Agreed." I do have 3 credit cards near limits; but-assets such as a modest home paid off, etc are not reflected. So, I am not where I want to be, but I am not as bad as I may appear either. This time in 2009 I hope to follow this with a report of ALL paid off or substantially reduced.
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