credit score: Credit Inquiries and Your Credit Score - 07/21/13 11:00 AM

It is time to talk about credit again.  In just the last 2 days I have had three phones with questions about credit inquiries and how they impact your credit score.  This is probably the most frequently asked question I receive from individuals whether they are buying a home or not.  
Here is my answer: 
One credit inquiry will NOT negatively affect your credit score.  Even several mortgage inquiries within a 30 day period will not negatively affect your credit score.  It is assumed that if you are in the market for a new home, you will be shopping for the … (32 comments)

credit score: 5 More Things To Know About Credit Scores - 09/21/11 07:08 AM
Building your credit score can take a lot of work, but sometimes doing the wrong thing will sabotage your efforts.  Here are five other items you need to take into consideration when working to improve your credit score.

First,  DO NOT pay old collections until you have established that this will not affect score. Many creditors will revive an account if not careful. This should be handled but after you get the score into range of qualifying for a mortgage.  Nothing is worse than taking a 4 or 5 year old collection and making it current!
 
Second, you can … (7 comments)

credit score: 5 Things To Know About Credit Scores - 09/20/11 12:12 PM
These are the first 5 things to know about credit scores.  

First, you must  know the score.  You must know where your score is now to determine if you are going to be considered credit worthy.   The 3 digit number generated by the three credit bureaus will range from 300-850.  The number will tell the lender how likely it is that you may default on the loan.  You are entitled to a free copy of your report from each of the bureaus each year.  This is the first place you want to start.  To get a free credit … (4 comments)

credit score: 640 Credit Score for FHA, Maybe, Maybe Not - 07/20/11 11:06 AM
 
For the longest time, the investors seemed to keep moving up the minimum credit score for an FHA mortgage.  We started at a 580, then 600, then 620 and most lenders now have a minimum requirement of 640.  For the quite some time, it looked like we were headed to a minimum middle credit score of 660.  But that seems to be on the back burner now.  It should be noted, that a borrower with at least a 661 middle credit score will receive the best interest rate as they are not subject to the risk-based pricing.
 

 
 
There are … (4 comments)