Phoenix Area Real Estate

Ok, so we've covered what credit scores are, how you can improve them, what affects them and how to figure out what they mean.  Today, just a few more misconceptions.

Will my score drop if I apply for new credit?  If it does, it probably won't drop much.  As mentioned previously, if you have multiple inquiries, it won't be affected if you are rate shopping.  But if you are applying for different types of credit they may drop.

What if I check my credit?  Nope, self inquiries do not affect your score as long as you order your report directly from the credit reporting agencies. It is a good idea to check it once a year.

People

So, are you sick of reading about credit scores yet?  We hope not, and hope that it is helpful to you.  This series will be done before the weekend is over.  Let us know if you find it helpful, and if there is anything you would like to see us cover in the future.

Some misconceptions about credit scores -  'My score determines whether I get credit or not.'  Lenders use a number of factors to make credit decisions, including your credit score.  Lenders look at info such as the amount of debt you can reasonably handle given your income (ratios), your employment history, and your credit history.  Based on their specific

Hi,

Check out out hot areas page for a new link to an article on AZCentral.  There a new plans to build a high end business park including shopping and two hotels, near the 202 and 101 in Chandler.  This will provide even more for folks in that area, whether it be for personal or business use.

Some more tidbits on credit scores.The length of your credit history and what you apply for matters.  If you are looking for a new loan, such as a mortgage, make sure you shop your rate within a focused period of time. Fico scores do distinguish between a search for a single loan, and a search for many new credit lines, in part by the length

Hi, some tips on raising your credit score.  Raising your credit score is a bit like losing weight, it takes time and there is no quick fix. In Fact, quick fix efforts can backfire.  The best advice is to manage credit responsibly over time.  Follow these suggestions from Fair Isaac Corp.

Improve your payment history by paying your bills on time.  Delinquent payments and collections can have a major negative impact on your score. 

If you have missed payments, get current and stay current.  The longer you pay your bills on time, the better your score.  But also be aware even if you pay off a collection account,

HI,

Continuing with our credit scoring lesson.  According to Fair Isaac Corp (FICO),  Each category accounts for approximately 20% of the population, below 620, 620-690, 690-745, 745-780, and above 780.  When a lender receives your score, up to four "score reason codes" are also delivered.  If the lender rejects your request for credit, and your FICO score was part of the reason, these score reasons can help the lender tell you why your score wasn't higher.  These score reasons are more useful than the score itself in helping you determine whether your credit report might contain errors, and how you might improve your score over

HI,

Our listing at 3150 W Dancer Lane in Queen Creek is back on the market.  It unfortunately canceled just before the scheduled closing.  Check out the "properties" page for more information. 

Intel has announced that they are building a new chip manufacturing plant in Chandler, AZ.  The plant, to be named FAB32, will expand their already large Arizona operations and add approximately 1000 jobs.  And you thought values in Chandler were going up quickly as it is!  News like this is bound to make the already hot area even hotter.  Chandler is expected to run out of housing land in approximately 5 years, which will

It's the weekend, try not to think.  Rest, have fun and get ready for the coming week.  But, if you want to think a little, we'll give you a little more credit score info.    But first, Congrats to the Graves on the contract on your home.  We are confident this will work!

How do you interpret your credit score?  A credit score is a numeric summary of your credit history.  It generally ranges between 300 and 850.  But what does it mean to you?  There is no single "cutoff" used by all lenders, and there are many additional factors besides your credit score that lenders use to determine whether to

Congratulations to the Normans for the purchase of a home today.  We look forward to assisting you through the rest of the process.  It really is a great home, and we look forward to getting you settled.  Thanks for your confidence in us.

We wish everyone a great weekend.

Adam Tarr and Sharon Kotula

Your Phoenix Area Real Estate Source                                                                                      

Hi,

Sorry - missed yesterday due to connectivity issues.  This week we discussed the makeup of your credit score. Tonight, a tidbit on what does not affect your score.

Lenders look at many things when making a credit decision, including your income, employment history, and the kind of credit you're requesting.  But none of those factors are included in your credit score.  And neither the lender nor your score considers your race, religion, sex, marital status, age, or if you receive public assistance. FICO scores also ignore self-inquiries, so checking your own credit report will not lower your credit score.  In fact,  it's

I just finished uploading this Single Family Detached, 20302 E Bronco Dr, Queen Creek AZ

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