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By Karen Bittner-Kight | Agent in Media, PA
  • Know Your Credit Score

    Posted Under: General Area in Media, Home Buying in Media, Financing in Media  |  January 29, 2012 9:37 AM  |  274 views  |  No comments

    Our Credit scores are one of the pivotal components of getting qualified for a loan.  Your Credit score is what determines whether you will get a house or not.  It is possible to get home ownership with a score in the low 600′s.  However increasing your points will make a big difference on your monthly amounts – a few points higher or lower can really affect what you pay over the course of the loan.   

    Here are some common Credit myths

    • · Paying off your auto loan, student loan or mortgage with improve your situation
    • · Paying off all your major credit cards and leaving the small store cards is better
    • · You should pay off one revolving account at a time
    • · Paying a large up-front credit repair fee will get you better service
    • · After 7 years, a negative item on your repot will disappear and will no longer lower your score
    • · Having a third party, such a consumer credit counseling firm, manage your finances will help improved you credit score more quickly
    • · For corrections, the burden of prove lies with the consumer
    • · My divorce decree states that my spouse is responsible for that debt, so any future negative items will not impact any credit score
    • · Your collection was sold, so the original one will be erased
    • · You will need to contact your creditors rather than the bureaus every time you think there is a mistake made on your credit report
    • · You only have one credit score
    • · Paying off your collections with help your credit score
    • · Once you pay a collection, charge-off, judgment or tax lien it no longer impacts your credit score
    • · Using your credit cards a lot will increase your payment history and raise your credit

      HOW YOUR CREDIT SCORE IS MADE UP

     

    Easy ways to Improve Your Credit Score

    Remember some actions at improving your score, may actually make it worse.  Here are some steps to help improve

    • · Make payments of time, especially to installment and revolving accounts, as these report to bureaus monthly
    • · Do not apply for any new credit card or loans
    • · Pay credit cards balances to 30% of your credit limit or less
    • · Make sure your credit card company reports a limit
    • · Keep 3-5 open and active accounts in good standing on your credit report
    • · Review your credit report every year

    If you think your credit is a little out of shape, it is well worth contacting a Credit Restoration company  You will be surprised at how little this costs, and what you will benefit in the long run.  I was blown away at the information offered for the price of 2 decent tickets to the theater. 

    If you are serious about Home Ownership, you MUST DO THIS!  To see Buyers close on a house when 6 months earlier they thought they wouldn’t, is wonderful to see. 

    Contact me to discuss your options.  Karen Bittner-Kight
    Keller Williams
    Realtor
    Office 610-565-1995
    Cell 610-742-2198

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