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Credit Score in Miami Beach : Real Estate Advice

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  • Local Info40
  • Home Buying242
  • Home Selling20
  • Market Conditions27

Activity 2
Thu Nov 1, 2012
James McCloskey answered:
Dear Miami Beach:

According to myfico.com " the score ignores mortgage...inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping... {However,] [f]or FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score."

Personally, I obtain my credit from all three bureaus when rate shopping. I advise the lender of my credit scores, debt and income. I then ask for a copy of the good faith estimate so I am comparing apples to apples.

Although this approach does not lead to a pre-approval letter, it allows you to rate shop without lowering your credit score due to multiple inquiries.

If you would like a mortgage broker recommendation, please call me.

Regards,

James McCloskey LLC Realtor
Beachfront Realty Inc.
305-209-2929
http://www.micondosucondo.com
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Thu Sep 27, 2012
answered:
Good morning Marc,

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
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