Protect Your Financial Health & Credit During COVID-19 ... Take These Steps Now
Your physical health and mental well-being must always be an important focus. The grave challenges posed by the current COVID-19 crisis, make that even more true ... But it's not only your physical and mental health that should remain of concern. Your financial health is important as well. COVID-19 has delivered some severe financial health challenges to many Americans' doorsteps. Those include loss of employment, job furloughs, layoffs, diminished wages (and more) that have taken a real toll. No amount of handwashing or wearing of masks protects your financial health. That has to be accomplished in other … (6 comments)
Arriving Summer of 2020: The New FICO 10 Scoring Model Here's What to Expect ...
Hotter temperatures aren't the only thing that will soon be rolling in. A hot new FICO Scoring model will also make its entrance at some point during the upcoming summer months ... A new credit scoring model isn't that surprising of a development. Since its inception in 1989, FICO Scoring has evolved and changed many times. This new and latest version, called "FICO Score 10 and FICO Score 10 T", is to be released to credit bureaus this coming summer or early fall. It will feature some broadened elements to the calculation of credit scores. The latter … (25 comments)
fico scores: What Christmas Credit Score Wishes Came True in 2015?
- 12/30/15 04:15 AM
Tracy Becker, President of North Shore Advisory, Inc. of Elmsford, NY and AR member ... provides some valuable information for consumers that receive a Credit Score from their Credit Card company ...
Tracy's post is especially important and timely for those consumers hoping to apply for a mortgage in the near future, as it certainly contains information that will be pertinent to them. And most likely their lender will be discussing this very topic with them at that time.
Bottomline: Those applying for mortgage must know and understand that the FICO Score used by their lender is … (4 comments)
One of the biggest mistakes I see potential Home Buyers make occurs right at the very beginning of their home buying transaction. Time and time again, I see this same mistake being made. What is it?
They wait too long to have their credit and credit scores checked by a Mortgage Lender ...
During the process of mortgage pre-qualification, many questions get asked. Among those questions are those pertaining to the applicant's credit and credit scores. This isn't surprising at all, given the enormous importance credit plays in mortgage lending.
What is surprising to me though, is NOT the number of those applicants that don't know their credit scores. Nope. It's the sheer number of those people that think they DO ... and then are totally wrong. It turns out they truly … (28 comments)
Pretty much everyone knows the children's story about "Goldilock and the Three Bears". It's become almost mandatory reading for any child and their family and it's been made repeatedly into children's movies too. You most likely know the storyline. But just in case, the tale goes that a little girl named Goldilocks enters the home of "The Three Bears" and wanders around testing things out in their house. Precocious little thing, this Goldilocks. Goldilocks is a picky little thing. Something she tries is always too this or too that. Too big ... too small ... too cold ... too … (5 comments)
In today's challenging financing world and real estate market, you must make sure you are working with the right professional and possess the right equation to reach a successful conclusion to your real estate transactions. Whether it be enhancing your credit scores, refinancing, or buying a new home, these main elements remain the same. I can't overemphasize the importance of credit to this equation. Your credit is the foundation on which everything else is built. Have a poor foundation of credit, and your transaction ...your finances become fragile or crumble completely. Intelligent credit design is all important, so seeking … (9 comments)
fico scores: NOW May Be the Time For Changes To Be Made to the Equation for Credit Scoring ...
- 07/11/10 09:13 AM
For many reasons, more and more often I am talking to those wishing to become home buyers that simply ... and I'll be kind ... have challenging credit histories to work with. Whether through problems of their own making, or as a result of the housing and financing crisis, many people simply do not have credit scores that even begin to allow them to think about purchasing a home anytime soon. And, if that is the case ... maybe, just maybe ... we need to start thinking about the long term ramifications of this situation for the individual ... … (20 comments)
fico scores: FICO SCORES ... How They're Arrived At ... How They're Affected by Short-Sales, Foreclosures, & Bankruptcies
- 05/06/10 05:46 AM
It is pretty much understood, that if in foreclosure or going through a short-sale, credit scores are going to take a hit. What has not been clearly understood ... is just how much of a hit is felt? Until recently, there had not been much of a barometer or "method" known for calculating or determining how these delinquencies would affect a FICO score. Fair Isaac has recently revealed a little bit of information as to how they calculate that. Explaining the five components that make up a FICO/Credit Score might prove helpful here. If they are known, the results of foreclosure, short-sale, and bankrurptcy will be better understood. First … (78 comments)
fico scores: Credit Scores Down! Will Prospective Buyers Be Denied?
- 04/22/10 11:49 AM
I have been in contact and working with a prospective client for well over a year while he and his wife were tackling some credit issues. This couple took it upon themselves to gear-up their home search once again and have actually found a property they are interested in purchasing. After being in the works for so long a time, I obviously had to run an updated credit report to start the purchase process again. To my surprise ... because I had been assured that the correct measures were being taken to improve scores ... the new credit scores came in lower. A monthly mortgage payment … (18 comments)
fico scores: Conventional Loans Versus FHA - The Pendulum Swings
- 04/10/09 11:11 AM
Historically, there has always been a rise and fall in popularity of particular lending programs. An example of this can be proven with the Adjustable Rate Mortgages (ARMs) that were so popular just a short time ago and are so terribly unpopular now. Merely whispering their existence makes heads spin, something akin to Linda Blair in the Exorcist. Now it is true that in many many cases, these ARM programs were promoted and utilized in lending situations that were definitely wrong or ill-advised. Some of the current mortgage predicament can be directly linked to their flagrantly inappropriate usage, but the unpopularity that currently surrounds them doesn't alter or disprove the fact that … (16 comments)
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