Credit Scoring Tips...Things I just Learned after years in the Business!

Reblogger
Real Estate Agent with Keller Williams, Princeton, NJ

Here are some great tips on protecting your credit score.  Many I was not aware of, how about you?  What do you do to protect your credit?

Original content by Joan Cox DRE# ER40011786

Often times we have clients that would like to purchase a home, but have had some negative circumstances happen in their lives, and they ask us -- can be buy?

Disclosure --- I AM NOT A LENDER, CREDIT REPAIR COMPANY, ETC.      I am a Realtor, and learned a few things today that I didn't know, and thought I would share!   If you have more detailed questions, I have several great lenders to ask!

 

Credit

Foreign buyers usually do not have credit.   Have them open a couple credit cards before they come to purchase a home.

There are many scoring models - Personal (you pull your own credit), Mortgage, Credit Cards, and Insurance.   They all have different algorithms, and could be as much as 100 points different.    I always thought when you got your credit score, it was the same anywhere.

This is a big one --- if you lose your credit card, or report a fraudulent charge, and are issued a new card --- you need to request the history to be transferred, especially if it had long history.     They do not always do this.    Payment history amounts to 35% of your FICO score, so this one could make a big difference.

Check this out

We have always been told to shred credit card applications, but now the thieves are getting smarter, and we now need a "cross-shredder" to be sure they cannot tape these applications together and submit them.

When electronically signing (at the department/grocery store), add a date to your signature.    The biggest problem with credit/debit card thefts is from the clerk on the other side of the counter.    When you add the date, they cannot reproduce your signature again.

If you want to "opt-out" of credit card offers - call 888-567-8688.    When you call, this will be good for 5 full years.   If you want a lifetime opt-out, this needs to be done my snail mail.

Security Freeze - blocks anyone from checking your credit, except those you currently are doing business with.    If a loved one died, unfortunately there are smart thieves out there watching the obituaries and collecting social security numbers.     Each reporting bureau has its own Security Freeze, and each should be contacted.

There was so much learned in just two hours today --- this is just a small portion, and will share more on another post!

 

 

 

 

 Joan Cox, GRI,ABR,CRS,CNE,e-Pro      Denver Real Estate

A Denver Metropolitan Realtor     

If you would like to get on my email newsletter list and keep up with the Denver metro real estate market - please email me, and I will add you to this list!    Also, if you are moving into Denver and request additional information, please email me or call!             720-231-6373

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Comments (7)

Cherimie Crane
Cherimie Crane & Associates - Beaufort, SC

Katherine,

These are truly great tips. I am going to pass this along to my agents and clients. Thank you!

Nov 04, 2010 01:21 AM
Richard Wilson
Cherry Creek Properties, LLC - Colorado Springs, CO
Town or Country, in Colorado, we do it all.

Hey Katherine,

Thanks for sharing.  Credit scoring is mystery to most people, sometimes I wonder if it is designed to be that way.

Nov 04, 2010 01:28 AM
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Wow-these are some great tips to keep ones credit score up high. Pay off debt and live below your means.

Nov 04, 2010 01:33 AM
Kathy Kenney
Keller Williams, Princeton, NJ - Robbinsville, NJ
Realtor - Princeton & Central NJ Homes for Sale

Follow Joan's blog, as she has promised to share more tips!  Pay off debt, that's my goal!

Nov 04, 2010 01:50 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Katherine - thank you for the re-blog.    The company was Advantage Credit, that cannot be contacted directly, but thru a lender.    Check with your lender to see if this company is available for a Lunch N Learn.   It was very informative!

Nov 04, 2010 04:20 AM
Kathy Kenney
Keller Williams, Princeton, NJ - Robbinsville, NJ
Realtor - Princeton & Central NJ Homes for Sale

Thanks, Joan, I'll do that!

Nov 04, 2010 04:28 AM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Kathy -- I had no idea about not transferring credit history, I need to go call my bank on this. Thanks!

Nov 15, 2010 03:22 PM