Phoenix Area Real Estate

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,

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,

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

Hi, before I get to the FICO stuff, I want to mention a great experience today.  I want to encourage everyone to get out and voluteer for a cause.  Any cause, especially if you have one dear to your heart.  Today along with my 10 year old son, we volunteered at Back To School Clothing Drive Association.  Every year this wonderful organization collects donations from corporate sponsors and individuals to help underprivileged kids get a start on the school year.  Children that come to this are able to get new clothes, including pants, socks, underwear, sweatshirts and shoes, along with a backpack stocked with school supplies.  Items

Hope you had a great weekend.  Here's a little more on credit scoring.  There are basically five factors that determine your FICO score.

1.What is your Payment history?  This is worth approx. 35% of your score.  The most significant impact on your score is whether you have paid past accounts in a timely manner (on or before the date the payment was due).  However, an overall good credit profile can outweigh a few late payments, and late payments have less impact the older they are.

2. Amounts that you owe: how much is too much? approx 30% of the score.  Part of figuring out credit scoring is determining how much debt

We had a nice day meeting with potential clients.  Thank you to Dave and Laurie for their hospitality.  We look forward to assisting you with the sale of your house.  We also met some nice folks looking for properties.  We have mentioned in the past how important it is to speak with a lender before looking.  We were discussing that with them today. 

Over the next couple of weeks, we are going to put in 1 or 2 tidbits a day regarding Credit scores.  What they are, how do they affect you, and how can you control them.  We hope you find this helpful.

Many lenders use a FICO score, which is a numeric calculation of

Hi,

 

It's the weekend and every one wants to look for homes.  The most important thing I can say is BE PREPARED!  In this market, many sellers are receiving multiple offers.  The current Arizona Association of Realtors contract requires that a Loan Status Report (LSR) be included with every offer.  That doesn't mean that you have to be loan approved before submitting an offer, but it sure helps.  Many sellers are basing their decisions on the ability to get a loan if all else is equal.  So, let us help you.  We have lenders that can take care of you quickly. If you have a lender already, it is best to talk