Mortgage and Lending with Lending4UNow/Rapid Mortgage
I have a presentation on Thursday morning to 20-25 business professionals about the importance of maintaining a very good credit score. Your credit score goes well beyond the mortgage rate world. Did you know that only 65% of America have a credit score above  650?  More importantly, only only 40% of America is above a 750, which is considered the new standard for Conventional Lending. Buying a Car and insuring the car are both influenced by your current score.  An excellent FICO score will have a good mix of Installment, Revolving and Mortgage history.

 An important part of building and keeping a good credit score is keeping your balances on your revolving and installment accounts at around 30% of your credit limit.  Watching out for things like medical co-pays and deductibles that aren't paid quickly can turn into collections with very little warning. Unpaid utility bills for partial months when you move can also turn into collections if the billing is not sent to you in a timely manner. There can also be a time when paying an old collection might be the wrong thing to do at the moment. Sounds Crazy, I know, but there is a strategy involved. If you are serious about home ownership, or looking to lower your interest rate, or have a client with a credit issue, please call me.


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Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Good afternoon Joe. With the economy today there are boat loads of distressed buyers looking for help. Another area on the rise is medical collections. After our President passed his health care bill a lot of people that were covered are finding themselves unable to pay medical bills. Best bet is to find a lender who will work with them to make it happen.

May 25, 2011 06:36 AM #1
Juan Bassett
Long & Foster - Germantown, MD

I agree with Randy. Another good idea is to remind everyone to cut their spending habits and work on turning those credit ratings around.

May 25, 2011 07:26 AM #2
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Joe Beach

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