credit: Debt to Income Problems? Credit Tip of the Day!
- 02/19/08 12:32 AM
DTI is a common problem and I get several calls from mortgage officers asking questions on it. What should I have the client pay? First and foremost I would have them pay on the credit card debt. Paying this down will not only help the DTI but also help the FICO score. I have had several questions that state "What if we have the client refinance one of his auto's lowering the payment?" This will help the DTI a little bit but the score very well could drop. You have an additional inquiry and you also have a new account with … (5 comments)
credit: FICO Score "Credit Tip of the Day"
- 02/18/08 01:10 AM
Credit Tip of the day is on the FICO Score! Your credit score is based off of 5 different areas: 35% Is your Payment Histroy 30% Is your Amounts Owed 15% Is Lenght of Credit History 10% Is new credit 10% Is types of credit in use. If you are trying to help a customer quick you may want to look at the "Amounts Owed". This is one way you can help your customer get a quick increase in the score if you are close to the FICO Score you are requesting. I have seen a score jump 30 points just by paying off credit cards. You can … (4 comments)
credit: Mortgage Referals
- 02/15/08 07:42 AM
O.K. folks! I have signed up 12 people sent to me from mortgage officers today! Come on.....give em to me. Lets get these people fixed and in a house. Its Friday and I am ready to change someone's life! What mortgage officer out there needs some free help closing some customers? GOD I LOVE MY JOB! … (4 comments)
credit: I get this question "alot" on services!
- 02/15/08 04:46 AM
Why would anyone use a credit repair company when they can do it themselves? Good question! Lets discuss this thinking. Credit is absolutely necessary for most people to live the life they want. There are (and I know some of them) mortgage officers, loan officers, and real estate agents doing credit repair out of their back office. Let me ask this: If you wanted to learn to play golf would you hire a mechanic who just plays in his spare time to teach you or would you hire a golf pro. Point is you can also do surgery on yourself but I would not suggest you … (2 comments)
credit: Credit Tip of the Day!
- 02/15/08 01:30 AM
We have all heard people talking about authorized users on a credit report. Truth is it does not work anymore. It will not effect the score in a positive manor as it did in the past. The credit reporting agencies have revamped the scoring models so that an authorized user will not impact the score. The best thing is for customers to get a revolving in their own name so that it can be used as a good trade to increase the score. If you are dealing with a Credit Restoration company that does not assist you in setting up new trades then shame … (2 comments)
credit: Please advise me on this:
- 02/13/08 07:31 AM
I am employed in the credit repair industry. I have seen both sides of the fence. I have mortgage and loan officers that are calling me on a weekly basis to get their potential customers to me and I have talked to mortgage officers that run as fast as they can the other direction when they see me coming. Why do they do this? I can't hurt the customers credit. In 99.9% of the cases we increase the score and also remove bad items from the report and assist in adding good items back to the report. How can this be … (5 comments)
credit: I need loan and mortgage officers and real estate agents!
- 02/06/08 05:22 AM
I AM NOT SELLING LEADS! RMCN does in the neighborhood of about 500 clients per month. 90% of the people in credit repair are looking to refinance or get into a new home. The other 10% just want better credit. We have a very aggressive advertising program and when we get peoples credit fixed they are always asking "Do you have someone you can refer me too?" We work in ever state with the exception of South Carolina. I need some business associates to who I can refer clients for......wait for it.....its coming.....FREE! All I ask is that you are reputable, … (4 comments)
credit: How high can a customer expect a score to improve in credit repair?
- 02/06/08 12:58 AM
Nobody can give you a number when you ask them how much a score should go up. Any company that does this is lying. There are alot of factors in credit scoring. Your revolving accounts need to stay under 30%. Anything over this will actually start dropping yoru score. How long these accounts have been in review is also a huge factor. Fact is we have been doing this over 10 calendar years and our average is around 80 points. We have in alot of cases raised scores over 100 points but the customer has to take some responsibility in opening … (1 comments)
credit: How do I know who to trust in credit repair?
- 02/05/08 08:50 AM
This is an excellent question. It is a question that I am asked on a daily basis. The answer is don't trust anyone. Make a company earn your trust. Ask alot of questions. How long have they been in business? (ask for actual calendar years) How many employee's do they have on staff? Do they lease a building or do the have roots planted deep in the community? Are they working out of a back office in there home? How many clients do they service per month? Are they registered with the Secretary of State? Are they bonded with a recognized surety company. Do … (2 comments)
DTI is a common problem and I get several calls from mortgage officers asking questions on it. What should I have the client pay? First and foremost I would have them pay on the credit card debt. Paying this down will not only help the DTI but also help the FICO score. ;)
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