An Under Used Credit Tool…

Mortgage and Lending with Berkshire Lending, LLC

small-brett-pic2If you are considering paying off or paying down an account in an attempt to improve your credit scores – you should really consider using our “what if” program.

It can save you time and money – and give you a valuable insight on the impact of paying off or paying down accounts on your credit scores.

I’ll give you an example… Yesterday I had a borrower that was thinking about paying off his Chase credit card.

The card had a balance of $267, and his credit limit was $500. When I asked the “what if” program what would happen if he paid off the account – it said his TransUnion score would go down by 16 points. I know that doesn’t make much sense, but the fico system doesn’t make much sense.

…By the way – I closed a loan yesterday in just two and a half weeks. If you have a loan and need to close quickly – please contact me. I can probably help ya!

I hope you have a great day! Thanks for reading!


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Comments (2)

Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Brett Sampson I am assuming the "What-If" Program is only a tool you have access to? I didn't see a hyperlink to it, so I am sure you are the go-to guy for this.

Mar 16, 2016 12:15 AM
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

The "What-If" scenario program is great.   Paying off is sometimes LESS beneficial than merely paying down an account.   Just like Brett did with this client, let a LICENSED Professional Mortgage Loan Originator like Brett Sampson or myself (in Virginia), look at YOUR unique financial situation BEFORE  YOU make a move !

Mar 16, 2016 01:40 PM