Inspirational thoughts for 12/5/18
by Patricia Feager
Experian makes a big improvement to credit scores to help people move quicker and easier. Something buyers dread is when they hear from their lender, they need a higher FICO score to qualify for a loan to get the better rate. Scheduled to be unveiled in 2019, the UtraFICO ™ Credit Score may significantly improve credit worthiness for consumers with current credit scores in the upper 500s to lower 600s. Prospective buyers who will benefit include the following:
- Consumer with limited credit history
- Consumers with previous financial distress
There are many reasons why credit scores can drop due to financial obligations. Should consumers who previously maintained a good credit history and had a misfortune be punished forever? Unless there really is a fairy godmother or someone willing to gift money, consumers with limited credit history in the past, had difficulties getting approved. The new Credit Score should be a big help to consumers and a boost to the economy.
With the announcement that Experian®, FICO, and Finicity their new improvements to credit scores should give many consumers a break and reduce the stress of trying to achieve higher credit scores. However, “It’s easy to underestimate the real cost of home ownership,” says Suze Orman. I agree, that is why I would never suggest someone buying a home based on the highest limit.
Before running out to look at houses, I highly recommend consumers talk to a local and trusted Lender and a local Real Estate Agent. I serve consumers in the Dallas-Fort-Worth Metroplex for the past 15 years helping consumers with all types of needs. Whether this is your first rodeo in potentially owning your own home, relocating to Texas, downsizing, divorced, or have other reasons to move, let me be your guide. I believe being trustworthy, honest, knowledgeable, work with integrity, and most of all listen, really, really listen to my buyers.