Do You Have Plans for the Weekend? Those Plans Should Include Checking Your Credit

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
https://activerain.com/droplet/5jDx

 

 
Do You Have Plans for the Weekend? 
Those Plans Should Include Checking Your Credit




Another weekend is just around the corner ... do you have plans?   

 

Silly question, I know.  But even if you already have a boatload of activities on your calendar, carve out enough time to add one more important activity.  

 

Check your credit and credit scores!    

   

It only takes a couple of minutes to request your free Credit Report on  annualcreditreport.com. You fill out a simple form and "viola"!  It's really pretty easy peasy.  

 

While this one simple act is accomplished quickly and easily, it's well worth doing as it reaps you long-term benefits.  So once your busy weekend is behind you and you have a bit of downtime, make sure to take that time to sift through the valuable information received within your free report.  

 

Take special note of this information:

     1.  Your personal info, Social Security Numbers, Date of Birth, Full EXACT Name, and Address

 
     2.  Your credit rating  

     3.  ALL your credit accounts.  Are they being reported?

     4.  Are any late/missed payments showing? If so, what is the true status of these accounts? 


But ... what if you're someone that has NO credit lines or little credit being reported?  What if you wish to establish credit and credit history?  What then?
 
There are some simple steps you can take to accomplish that.  Those are:

  • Open up a Credit Card (known as revolving debt) with a modest borrowing limit. 
    Major retailers and gasoline companies are two (2) good examples of this type of debt. (Make sure prior to taking out new credit or initiating a new credit card, that the company utilized reports to the Credit Bureaus)
  • Use the newly-established credit card by charging purchases within your budget constraints.  Pay the balance on time and in full each month.
 
I recommend that first-time credit users open only one or two credit lines, to begin with.  Take small steps.  Learn to handle your credit wisely.  Crawl before you walk. 
  • Consider using a co-signer to establish a credit account. Lenders consider the co-signer's credit as existing credit.  

    Note: Co-signing is not without risk, so consider this action carefully prior to doing it.  Also:  Make sure the co-signer involved has a long good credit history.
 
  • Open a "secured" account" with a credit union or credit card company or other company that allows it.  The bank where you keep your savings and checking account is typically a great option.   
     What's a Secured Account?   A "secured" account" is one where a deposit of cash (such as $250, $500, $1,000) is made with the credit company, as collateral for a credit card.  When establishing this type of card, you essentially "pledge" an amount ($500 - $1,000), then repay the bank or credit company over 12 regular installments to pay that amount off.  
      
     Of Note:  Secured Accounts can also be very helpful for those that suffered through a Bankruptcy or Foreclosure or had other credit issues in the past.
 
I must point out here ... if you hope to become a home buyer soon or in the future ...
 
As a rule:  The establishment of 2 (sometimes 3) forms of trade-line/credit such as Revolving and Student Loans will be needed prior to applying for Mortgage. 
 
 
Underwriters and Mortgage Lenders will ask that you:
 
  • Provide concrete evidence proving that you have the current ability to make payments on the Mortgage for which you are applying. 
  • Provide proof in the form of a Credit Report that you have a "documentable history" of honoring your credit obligations.  Timing is everything in this regards. 

 

Take these steps to establish credit cards and credit history well in advance of applying for a  Mortgage, as it can take up to 6 months of payment history to build a credit score or improve existing ones.  Lenders need a significant credit "storyline" to follow during your Underwriting Process.
 
And remember, once your credit has been established, all credit card balances should be maintained well below the Maximum Credit Limit.  (30% is optimum.  50% maximum, including finance charges.)  Most importantly ... make all your payments on time!
 
Act proactively regarding this issue if you hope to buy.  Reach out to me as soon as you make your home buying decision.  The info and assistance garnered will prove extremely beneficial at the time of your purchase/mortgage application and save you money. 
 
Whether renter, future home buyer, or just beginning your credit story ... it's important that you review your credit and credit scores, at minimum, once per year.  There'll be no better time than now, this weekend ...
 

 

*  Hoping to establish good credit? Have credit questions? 
 
Or are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County -  Chicagoland - IL/WI? 
 
 
Contact me today!  I'll put my 40 years of mortgage experience and expertise to work on your behalf.  
I'm easily found at: 
 

Gene Mundt
 
Mortgage Originator  -  NMLS #216987  -  IL Lic. 031.0006220  -  WI License #216987
 
American Portfolio Mortgage Corp.
NMLS #175656
 
 
Direct:  815.524.2280
Cell:  708.921.6331
eFax:  815.524.2281
 
 
 
 
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Debra Leisek 06/10/2019 10:17 PM
  2. Nick Vandekar, 610-203-4543 06/11/2019 04:39 AM
  3. Margaret Goss 06/14/2019 08:06 AM
  4. Roy Kelley 07/05/2019 01:00 AM
Topic:
Lending / Financial
Location:
Illinois Will County New Lenox
Groups:
Mortgages
Home & Credit Savvy
Buyer Information - What Buyers Need to Know in Today's Market
Bananatude
WillCounty
Tags:
credit report
credit
finances
financial consultation
weekend plans
preparing to buy a home
talk to a lender
prequalification for mortgage

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Rainmaker
2,736,292
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Checking credit is a great idea every few months especially when you’re trying to buy a home or something like it

Jun 11, 2019 12:00 AM #7
Rainmaker
2,736,292
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

All you really need is one loan and maybe a small line of credit to just establish some credit.

Debra Leisek

Jun 11, 2019 12:03 AM #8
Rainer
132,136
Robin Wells
RAW Chimney Sweep and Inspections - Penetanguishene, ON
Giving Peace Of Mind One Chimney At A Time

Thanks for post and great advice.  Building credit is important and there are so many things that use your credit score today.

Jun 11, 2019 02:48 AM #9
Ambassador
1,615,009
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

This is where I disagree with Dave Ramsey. He says you should pay cash for everything. That works for him at this stage but not for the vast majority of Americans. I do agree that one shiould not run up high debts especially on high interest credit cards. Your advice to pay off the balances monthly is sound.

Jun 11, 2019 03:07 AM #10
Rainmaker
4,877,535
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi credit rating is at the very top of my list.... and I check my FICO score every month with full explanations of what made it change.... I maintain a very good rating.... aiming for 800's..

Jun 11, 2019 03:15 AM #11
Rainmaker
608,946
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Raleigh - Cary Triangle Real Estate 919-602-8489

People often think because they have no debt and pay in cash that their credit score will be good. Not so! I've had several clients have to improve their credit score in order to get a loan.

Jun 11, 2019 04:08 AM #12
Rainmaker
746,432
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

What an excellent post, and well deserved feature. I just had a young man ask me about purchasing a home, but has never had a credit card and I sent him your article. This is one of your posts well worthy of re-posting regardless of where you are located.

Jun 11, 2019 04:33 AM #13
Rainmaker
2,982,441
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Escellent advice, Gene. Not something I worry about, as my husband stays on top of our credit like a hawk to protect our 830+ rating.

Jun 11, 2019 04:47 AM #14
Rainmaker
436,937
Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector
SLS Home Inspections-Bradley Bourbonnais Kankakee Manteno - Bourbonnais, IL
The Home Inspector With a Heart!

I've passed this type of info on to my kids, who don't always listen, but when they do and see the results, it's amazing. "How did you know this?" Because I made some of those mistakes when I was a younger man, that's how. 

Jun 11, 2019 05:07 AM #15
Rainmaker
1,649,754
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

This is a great post to share with out clients - I am so glad that you wrote this! 

Jun 11, 2019 05:17 AM #16
Rainmaker
3,247,687
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Gene - valuable advice and some excellent tips to include for everyone.  It can become a habit that pays off handsomely.  

Jun 11, 2019 05:31 AM #17
Rainmaker
1,489,739
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, this is great information for everyone, not just those who might be purchasing a home. Thank you for sharing! 

Jun 11, 2019 08:21 AM #19
Rainmaker
2,095,740
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Great information and advice, Gene. Congrats on a well deserved feature.

Jun 11, 2019 03:11 PM #20
Ambassador
3,918,669
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Gene:

Well, whether you do so this weekend or some other time the advice is excellent. I suspect many would be surprised at what they find on their credit reports.

Jeff

Jun 11, 2019 08:35 PM #21
Rainer
471,564
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Great post, yet, why aren't our educators adding subjects like this and other financial information to their curriculum for seniors in high school?

Most kids graduating high school are ignorant about the basics of how money works unless their parents  provide them this invaluable information and unfortunately most parents are clueless about how money works and haven't any sense about money management. 

Jun 13, 2019 03:11 PM #22
Rainmaker
5,271,309
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Congratulations, Gene, on your feature recognition. This is excellent advice to share.

Jun 15, 2019 07:39 AM #23
Ambassador
3,746,486
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene I just wanted to stop by and wish you a very happy and enjoyable Father's Day!!!

Jun 16, 2019 03:20 PM #24
Rainmaker
4,025,430
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gene, this only takes minimal time, but SO important.  Great reminder! 

Jun 20, 2019 06:59 AM #25
Rainmaker
2,736,292
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It never hurts to check your credit or your health and your general finances. It all kind of ties together. :)

Jun 22, 2019 03:41 PM #26
Rainmaker
2,736,292
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I’ve heard that most people get results in about three minutes, so it’s worth it to know where you stand,,

Jun 22, 2019 03:42 PM #27
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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