Fixing Your FICO: It CAN Be Done...Here's HOW!

By
Real Estate Agent with Keller Williams Realty | Northern Virginia | 703.635.0388 0225 189802

Fixing Your FICO: It CAN Be Done...Here's HOW!   

As an observer of trends in the real estate marketplace, one that I believe requires immediate attention if the US economy stands a chance at recovery sooner rather than later - is the repair to low FICO credit scores to enable more Americans to spend on real estate.

With interest rates at their lowest since the beginning of 2011, opportunity is ripe for homebuying.  It IS possible within 90 days to get your scores back in shape for lenders to issue a mortgage preapproval.

A "credit care" program may be the answer to remediate a lower credit score.  They can assist with:

Erroneous and False Information Removal or Correction

Consumer Credit Report Consulting

Consumer Credit Score Consulting

Attention is PERSONAL, not at all automated

 

Your FICO credit score is baed on five different weighted factors:

-30% Available Credit - your credit limt minus the amount you owe for each account

-10% Number of Inqueries - records of inqueries logged when you apply for credit

-10% Type of Credit - mortgages, installment loans, revolving accounts, etc.

-35% Payment History - the record of your on-time and late payments

-15% Length of History - the time elapsed since each account was opened

 

COMMON CREDIT MYTHS

Paying off collections will help your credit score

Once you pay a collection, charge-off or tax lien, it no longer impacts your credit score

Using your credit cards often will increase your payment history and raise your credit score

Multiple inqueries pulled at once in the same industry will not have a negative effect on your credit score

 

Your credit score defines in part your ability to qualify for a loan of any kind (car, mortgage, personal loan), and with specific regard to a mortgage, it plays a large part in the interest rate a lender is able to give you.  Depending on the size of the loan, your interest rate can be the difference in hundreds of dollars in your monthly mortgage payment - and that may be the difference between a condo, townhome or single family home...in your neighborhood of choice.

To understand how credit care can help you become a homeowner (and take advantage of prices and interest rates BEFORE they go UP!), give Rusty Burdette a call today at 866.595.6313, or email him at Rusty@NationalCreditCare.com.

(Than call me to let me know how I can help you buy your next Northern Virginia home!!)

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Virginia Loudoun County
Tags:
fixing your fico it can be doneheres how

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Rainmaker
1,838,660
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Encouraging post on FICO being key to our recovery ! Thanks !

May 19, 2011 05:19 AM #1
Rainer
51,121
Ann Bellamy
Hard money lending for investors in NH and MA - Tyngsboro, MA

This is very helpful, I have bookmarked.  Thanks for posting.

May 25, 2011 12:40 AM #2
Rainmaker
1,518,442
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Good information. I think some view a credit score as some big mystery! It does takes work to get a top credit score and keep it!

May 25, 2011 12:48 AM #3
Rainer
278,088
Lisa Moroniak
Keller Williams Realty | Northern Virginia | 703.635.0388 - Leesburg, VA
SFR - Short Sale & Foreclosure Certified

Hi Michael - thank you for making the time to comment!  Credit is truly a part of the "big picture" of our recovery...dare I say even globally given so many other economies follow in the steps of the US.

May 25, 2011 01:23 AM #4
Rainer
278,088
Lisa Moroniak
Keller Williams Realty | Northern Virginia | 703.635.0388 - Leesburg, VA
SFR - Short Sale & Foreclosure Certified

Hi Ann, it definitely takes someone preprared to "pull their head out of the sand" and commit to the credit recovery process.  Good luck with your own folks who are looking to turn themselves around this year!

May 25, 2011 01:24 AM #5
Rainer
278,088
Lisa Moroniak
Keller Williams Realty | Northern Virginia | 703.635.0388 - Leesburg, VA
SFR - Short Sale & Foreclosure Certified

Hi Gary! Unfortunately many don't realize the value of good credit...until they really need it :)!

Have a GREAT day!!

May 25, 2011 01:25 AM #6
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Rainer
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Lisa Moroniak

SFR - Short Sale & Foreclosure Certified
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