To say your credit history & score is HUGE these days may be a borderline understatement! For purposes of my experience, I'll concentrate on how credit relates to getting a mortgage to buy a home or trying to refinance the one you currently own.
Talking about credit is about as much fun as chewing broken glass while watching Yanni's latest video on VH1, at least to most. Even for the most severe masochists or staunchest Yanni advocators, it's probably not a subject full of brim excitement.
So, I'll try to make this concise and simple. Educating yourself and working with professionals who can guide you along the way, to make sure your credit is worthy of a three course meal at the White House, is crucial. I'm not just talking about those whose credit is in the crapper. I'm also writing to folks whose credit may be moderate or maybe you've never made a late payment in your life but your score is low. The Credit Reporting Industry is wagging the dog, forget about whining... work and know the system.
Here are a few tips & quips:
* Get a copy of your Credit Report. It may not provide your actual credit score, but at least you can verify the accuracy of the information on your report. I've included information below that you can utilize to do this. Quick thing here, credit modules differ within industries. For example, the credit report a mortgage company pulls may differ from that of the institution giving you a car loan or credit card. Mortgage folks weigh heavy on student loans and car loans and even heavier on your Mortgage History, provided you have one.
* Communication is key with your credit. If you are experiencing rough financial times, call them before they WILL call you. Let your creditors know what is going on. It probably won't stop them from reporting you late to the credit agencies, but it probably will provide you one less of a headache. That's what life's all about... avoiding headaches:-)
* The only thing that may be just as bad or even worse than credit overload, is no credit at all. Establish yourself in the creditor's eyes. If you have no credit, get secured credit that reports to all three credit reporting agencies. This may mean making a deposit at your bank and taking out a loan against it or pre-paying on a credit card. If you are doing the latter, use that credit card and pay it off it off regularly.
...if you have a bankruptcy or foreclosure in your past, establishing 12-24 months worth of a good credit is absolutely crucial!
* Oh, those credit cards. I'll put it bluntly, the bigger the differential between what your current balance is and what your available balance is, the better for your Credit Score. Don't be afraid to call your credit card company and ask them to raise your available balance. Don't use it, just have it there to improve your credit standing and score.
...sidenote on credit cards. Don't be afraid to call your current credit holders and ask them to lower your interest rate. If the first person you talk to can't or won't, ask to speak with a manager. If unsuccessful in that endeavor, call back at a later date. Be persistent & professional in your efforts. Lowering your rate even the slightest bit can save you some serious money now and down the road.
* Pay your bills on time. Yeah, I know, this is a no-brainer to most. Yet, it doesn't report late to the credit bureaus until you fall 30 days late. Try to make sure you don't get 30 days late on anything. Sure, you may incur late fees if you are even a day behind on some credit, though Mortgage Companies typically give you a 15-day grace period before you incur any late fees. From my experience, make sure your mortgage/rent is paid on time first, then student & car loans, then credit cards. If you are a renter...
...pay your rent by check and keep copies of your canceled checks. Twelve months worth will do (pay month by month, pre-paid bulk payments won't do you any favors...create a consistent history). This establishes a housing history. While it doesn't do anything positive for your credit, it does wonders when you apply to buy a home.
* Settle delinquent accounts for pennies on the dollar. If you owe the International Bank of Jason Sardi a cool $5,000.00 and your account is charged off, you should call to arrange a settlement once it goes to collections. Often times, you can come to an agreement for a lump sum of $2,500.00 or less and you may even be able to work out a payment plan. Either case, make sure you pay that account satisfactory and get the paperwork of the agreement and the final pay-off to prove it. Paying off delinquent accounts will probably drop your score at first, but will do wonders for your score down the road (provided you keep paying everything else on time).
* Avoid 'Hard' Inquiries. Your current creditors may check your credit, but that is considered a 'Soft' inquiry and shouldn't affect your credit score. Yet, if you are applying for credit out the behind, those inquiries can adversely affect your score. It raises the red flag that you may be on your way to becoming credit dependent. Psychologically speaking, never give them that drift, make them know that their livelihood depends on you... not the other way around.
* Credit Restoration Companies may be able to help but avoid anything that says, "Consumer Credit Counseling." CCS is considered a form of bankruptcy in many lenders eyes and their ability to pay your debts at a 'consolidated interest rate & lower payment' is suspect and often times worsens the situation. On the other hand, I've only witnessed one Credit Restoration Company worth its weight in the seven years I've been traveling this gig. There may be and probably are more, but I've only witnessed one. If you want more info, contact me. Always remember though, you can do everything to make sure your credit is at it's best, yourself... it's a matter of being educated and persistence in your efforts. That takes time. Though time is a commodity not all of us have.
Below is info on the reporting agencies that you should contact to get started. Even if you have an above average credit score, you'll pay more than you should if your credit score is even 20 points lower than the next guy or gal. Save yourself money, put in the time and seek out the Mortgage Professionals to ensure that time is well spent. Your credit is crucial... our knowledge of the industry and mechanics involved... can save you money and fulfill your dreams of home-ownership. If you already are a homeowner, we can help you get on the path to make finances one less worry in this life.
Equifax
P.O. Box 740241
Atlanta, GA 30374
1-800-685-1111
TransUnion
P.O. Box 2000
Chester, PA 19022-2000
1-800-916-8800
Experian
P.O. Box 2104
Allen, TX 75013
1-888-397-3742
Bear in mind, at this point, you're entitled to one free credit report a year. Or, and I'd personally recommend this, you can get the whole batch which is simply called the 'Annual Credit Report Request Form.' That's free as well! The following sites will lead you in the right direction:
The bottom line in all this, the status of your credit can either cost or save you money. Which option sounds better to you?
***UPDATE!***
Lori brings up a good point with the following comment:
i Jason,
What a great blog. You gave a lot of valuable information. I envy your writing skills. I have just one comment, be careful on advise towards settlement's. While it may make the consumer feel like they have done the ethical and moral thing, it mayl not help their credit rating. In reality, you can actually hurt it in the long run. That item can now be reported up to another 7 years. Understand that this reporting is fromthe date of last activity. If you are dealing with an item that has been reporting for a while and is about to fall off, by paying the debt it will be re-activated and stay on for up to another 7 years. The bottom line is a negative entry is a negative entry. Advise on repairing credit should be looked at on a case to case basis. Each credit profile is as individual as a fingerprint. While most of your information is spot on, there are certain things that can't be generalized. I wish I had your writing skills to be able to give out all the information in my head. I am working on that end of my social networking. Again, great post and feel free to call e-mail me with any questions relating credit repair, credit profiles or any credit related issue including identity theft.
Happy Thanksgiving-Lori Isaacson
| 11/25/2008 01:46 PM | by Lori Isaacson (Credit Restoration Consultants) | Delete Report as Spam |
Great post Jason -- glad to see you swinging the bat again....... I swear we went to the same loan officer school i have found this website --
www.annualcreditreport.com
the best starting point for a free annual credit report. I use this one myself. You can dispute directly from this site.
This business really isn't that hard is it? People make it hard.
Loan officers --> learn the rules, become an expert and you will never look back!
Jason, a wealth of information here. Particularly on hard and soft inquiries into your credit, and also the Consumer Credit Counseling companies. Many credit restoration companies I have worked with have been invaluable in helping improve credit scores in a very short period of time. Great links for credit report requests.
Jason... of course the boring posts stacked with very good information don't get to many comments. But this is something that you should do more of. This was a good post because credit is the biggest part of getting a mortgage. This is where so many loan officers fail and then the deal dies. Not only does the consumer need to understand, but the loan officer needs to know how to read credit and not just the credit score.
Hi Jason, How are you Friend. This is a wonderful post. If I were a re-blogger, I would re-blog this but I am not at this point. I did very much like this and it serves as a good reminder to everyone thinking of procuring credit. There are right ways with the right people and the questionable ways with others. Pays your money, takes your choice and in the end if you choose poorly, it certainly wasn't because you weren't told. Capish? Well Done Jason!
Jason, Good information for consumers. It is important to check our credit reports once a year.
Jason - What's Jeff talking about? Boring post? Your post is full of important information I tell my clients constantly. Maybe I'll re-blog it.
Jason,
I take advantage of the free report but the only thing they don't give you is the score unless you pay...they'll give you the whole report but not the score unless they suddenly changed?
Jason, glad to see you back at it, and GREAT post!
Gerry Suarez, Jr.
Your HUD Loan Pro!
Jason, you've got to get your credit report so that your posse doesn't get laughed at or you don't end up serving fish to tourists in t-shirts!
Good Stuff, I learned something! Thanks brother man!
Gosh I think I want to re-blog this, but I'l stick to putting a link to it on my website. Or reposting it there anyway. You have a way with making this seem like something a person can actually achieve. I'm surprised to read that pre-paying rent in bulk is a bad thing. If I were a renter, I would be inclined to do just that. Go figure. I'll be certain to ask you before I do anything like that in the future.
Jason, Great post. I am going to book mark this for my clients. I think it is great, concise information useful to anyone - no matter what kind of credit they have.
Thanks for alway watching out for us!
Lewis - Good to see you! I was also pleasantly surprised when I read this on your outside blog. Thank you very much. I believe your last line is one of the best pieces of advice I've ever heard for LO's.
Gary - Thanks man, education is priority number one.
Jeff - Are you calling my post boring:-)
William- No immediate complaints, my friend. I hope you are well. I'll probably churn out a few more posts similar to this down the line. See my comment to Mr. Woltal.
Gita - Yup, at least once. Maybe even twice.
Sandra - Feel free...
Neal - I believe you are correct, to get the actual scores you have to pay for the reports. Yet, the initial step in getting your report is look it over for accuracy purposes.
Thank you, Gerry.
Brian - I love that commercial, catchy tune:-)
Greg - Anytime!
Jennifer - You may be surprised at the power we have, more than we think if we are properly educated. Post this anywhere you want hun. ~MWA~
Audrey - Thank you. I really hope this sheds some light for folks out there.
Okay Jason, now I need you to talk to my son who I simply can't convince to use credit cards so that he can establish a credit history! You are right, no credit is the worst!
Jason, I once had a customer tell me that his credit meant nothing. He wanted a loan soley based on how he paid us. Problem with that is we got paid every 60 to 90 days.
Diane - Get him on the horn, I'll set him straight:-)
Danny - My favorite Credit Explanation letter of all-time went like this, "I didn't feel like paying those debts." My response, "How's that working out for ya?"
Jason---glad to see you posting again. Excellent job as always.
Thanks, Amy. I'll try and post more consumer-oriented stuff that will educate them and hopefully put them in a better position. At the same time, I'm going to keep posting rants and raves as I see fit:-)
Great info - Thanks for sharing with us --- I need to get my FREE report!
great info. I cannot tell you the number of times I have had buyers that thought everything was fine with their credit and when pulled, there was some issue
Tremendously informative post, Jason. Thanks for allowing us to repost!
Norma - Listen to that catchy tune as you are doing it;-)
James - Thank man, and you are so right. We need more in the way of Credit Education... now more than ever.
Carol - No sweat, I'm honored.
Thank you, Jason! This was packed with a ton of great info! I'll take this ANYDAY, over watching Yanni! :)
Jason, great post. If only more people would follow those recomendations.. And I beleive people should check their credit report much more often than once a year. Alot can happen in a short time to ruin someones credit. Imagine checking it in January and finding it all fine, Then again next January and finding that you were a victim of identity theft in February. If you are a victim of I.d. theft and someone opens a credit card in your name and racks up bills that you do not pay. If you do not dispute it within 60 days, the bills legally belong to you. something to think about
Sherri - You and me both, no offense... Yanni:-)
Thomas - That's a good point, I say check it twice a year but quarterly may be even better advice. Thanks for the input!
Thanks for all the information. I am considering reposting this also.
Carol - Be my guest. Thank you.
Hi Jason... I have been a bit MIA in the Rain lately due to kids being home for the summer. They happen to be my top priority. Odd, I know. :) Anyway, I needed to spend my time on loans in progress rather than learning and talking. Almost back to school time ( I love my kids but I am so happy for that!). I did start a similar thing about a week ago. I want people to understand the value of this offer. Although not new, it is certainly one of the more valuable "products" in our economy especially. Thank you for this contribution. :)
Wow, Jason - this post was reblogged (with full credit to you) so I read it twice. Liked it both times. :)
This is great information, Jason. Thanks for sharing.
Sarah - Understood. Thanks for stopping by and I hope you and your family are well.
Margaret - Don't read it a third time, I want to remain in good standing:)
Peggy - Thank you. Hope this is of some help to your clients... present and otherwise.
Usually your post is a reminder to order a freebie but I did get my update a few weeks ago. Got sucked into all these points and I keep buying my score to see if I broke through the next level!
I can see why this had been reblogged so many times and I'm glad I found it from the AR newsletter which goes out to everyone.
Jason,
Of course if your credit sucks then most likely you really can't afford the payments....can you get a loan? Probably but I would base it on income to debt ratio but I'm the the expert in that field.....you are...common sense to me says how can someone afford to pay for probably the biggest investments they'll ever make if they can't even afford their cell phone bill and that's why there are so many delinquencies. I never understood why people in that situation would just use all the house money without the possible repercussions. I think there is more to it than just a score.
Jason,
Great post and very informative for agents to communicate to their clients and for consumers to read as well. It looks like this has already been reblogged a number of times. Do you mind if we reblog this ? Have never reblogged something so it would be a first to us.
Jason I am bookmarking this, that is an honor as I am careful about my bookmarks getting on overload. I just did a post on my outside blog on what is FICO? This is such excellent advice for everyone, whether buying or selling now or in the future.
It is a well deserved feature.
Really good info and a #1 reminder that your credit report is becoming more and more important. I don't think that people realize that 'your ease thru life' is based on your report with the interest rate that you will be charged. Congrats on your feature.
Informative post.
Surely you are not attempting to say again that credit is important are you? Congrats on the gold star Sardi.
Good stuff....it's so easy to destroy, but takes so long to repair. Nice post. This is the crux of lending more than ever before.
Dan - I think that you are a worthy dinner guest at the big white house down the road.
Karen- This has been reblogged a lot which I would hope is a good thing.
Neal - I agree that there is more to it (much more) than just a credit score but common sense isn't as abundant as we may like. That's why it is important to understand the system so you know how to adapt to it and utilize it to your benefit... or just make enough money to pay your bills and live within or beneath your means.
Christopher and Stephanie - I'd be honored:)
Missy - Thank you! For me, re-visiting this kind of stuff is a reminder to me as well.
Lyn - Thanks! Your credit can cost or save you money, I'd bet most want to do the latter. This post will help them along the way.
VERICO - Thank you.
JL - I wouldn't think of it. Look out for my next post entitled, "How to achieve the worst credit report in history!"
Larry - That seems to be the case and you're right... so very easy to destroy.
Jason, great consumer info and the resources to go to to find out about your credit score. What amazes me is how the three services can have such differing opinions about you sometimes.
Jason~This is a valuable post packed with tons of useful information. If consumers knew more about credit scores and what goes into determiing them, maybe they'd make better decisions! Thank you for the thorough information!
Thanks for sharing this information with us. It stuff we all know, but it is good to hear again to keep it fresh on our minds. I will for sure be passing this information to buyers I have so they keep their good credit or learn ways to improve their credit.
Hi again :)
Jason... how funny... I started reading this and I was like.. wait, did Jason just plagarize his own work? I think I have read this before... sure enough, I saw my signature stamp. I think you broke an AR record of a blog on it's own getting featured 3 months after it was written. And not including those contests that have you enter a blog that was never featured, but you that you thought was worth it. But curious... was this featured once before? Or was that another credit one that you did? In any case, this is a must read for many...
PS... do I have to pay my bills on time? You mean it hurts me if I don't?
Thanks for putting all this information in one space for us to see. I am going to bookmark this one to refer my clients to it...
Gary - The discrepancy is curiously odd, at best.
LaShawn - Education and transparency will be keys going forward, they always have been.
Greg - Fresh reminders aren't a bad thing;)
Jennifer - Hey baby!
Belonger - Read Rich's post, it will answer your question. This was written awhile back but never featured until now. As far as your last two questions, no you don't... just pay MY bills on time;)
Michael - Thank you for stopping by; I hope this proves to be beneficial to your clients... present and future ones.
Jason, glad to see this great post featured. When I first saw it, I reblogged it and got 'good google' on it.
Now I notice that I didn't even comment, does that make me a 'smuck', too?
Very helpful post, I like your casual style. I'm going to refer people to it in my neighborhood newsletter.
Virginia - There's only a few 'smucks' around here, you aren't one of them;)
Joetta - Why thank you. Hope this becomes a helpful addition to your newsletter.
Ha...I read this and didn't comment too! Wow...tells you what my attention span is like lol!
Wonderful tips for establishing credit. And it IS true about no credit at all vs. credit overload. Both are not good but establishing credit and keeping your credit good is a balancing act of sorts.
There are people out there that don't know much about this .....and this will surely help them!
Jason... in regards to your comment to LeShawn... yes, education and transparency will be key words going forward... BUT.... they will also be used loosely. Especially the word transparency. ... I am already seeing it misused, abused, and misinformed on... Jay used it very loosely in a comment to my in my FHA vs conventional loans post.... his idea of transparency was also his lack of knowledge. You should read the comment. He took the word transparency and tried using it against me... but still had his information all wrong.
In regards to Rich's blog.. was this just recently? And how does it go in HooVille today? ;o) And PS.. I have only reblogged one post YTD and this was the one.. hence why I thought it sounded familiar.
This is some great info. We all need to keep it skeaky clean, especially these days!
This is a bookmark! for my customers
Debbie
Jason, thank you for all this info! I've spoken to a few of my previous clients that have told me they are letting their credit cards go. I wasn't sure what to say to that but I guess if they do then there still is a way to repair. I need to study up on this but it just seems to me that we've all fallen under the spell of the words..."charge!".
I've been practicing saying...I don't need that, I don't need that, I don't need that...and then I see the shoes! Ugh.
Later in the rain~Deb
Geat information Jason. May be a good reason for our 2nd reblog efforts to get the word out about credit. Keep up the good work associate!
Thanks for the tips. You really have to stay on top of these reports.
Jason - As you noted, AnnualCreditReport.com only allows you to check your scores from each agency once a year. There is no requirement that you have to do all 3 at once though. I recommend checking one every 4 months. This gives you a more frequent look at your credit and can help identify issues (or identity theft) faster.
I have never taken my credit for granted. It is way too important and most people don't realize how much bad credit costs them. Bad credit actually costs all of us.
Sis - I've pulled that stunt now and again;) Folks would be surprised as to just how many people don't know the basics of how credit and their score actually work.
Belonger - It was one of Rich's more recent posts. And yes, the word transparency will be thrown around loosely like everything else at times... but its importance is and will be paramount.
Debbie - Hope it helps, thank you.
Deb - What is it with women and shoes, lol.
Castellum - Keep those lists a coming:)
Remo - That you do, that you do.
Erik - Good point and you are probably right there. With identity theft so abundant, preventive measures are vital in avoiding it and/or catching it before it happens.
Michael - Yes it does. I wish they would start teaching this in High School.
Jason - I like this post so much that I re-blogged it -- the first time. Should I do it again?
Fred - Lol, why not;)
Fantastic post!!!! I did something similar a few months ago and as agents, we just can't promote www.annualcreditreport.com enough!
Hi Jason, I had to tell a guy the other say that his credit was a little sheeepish, he said what you mean by that and I said, in other words it was really baaaaaaaad.
Great post Jason!!! Consumers need to be aware of these things. The minute I hook up with a new buyer, I have their credit pulled, because we may need a few months to dispute any discrepancies or to have other things removed. A good loan officer that has a lot of knowledge of credit is worth his/her weight in gold. It could mean the difference between me have a closing or not. Great job!Jason Whaley in Minneapolis
Very good post Jason; full of great info. A question for you and for all the other Mortgage professionals in AR. Is there any way to ascertain how a short sale affects your credit score oppossite to a foreclosure or a deed in lieu of foreclosure? I have seen a lot of real estate professionals state and almost swear that a short sale brings down your credit score only 25-50-75 points( to put it in numbers) and a foreclosure brings down your credit score 200-250-300. Do these people know something I do not know or are these figures just imaginary?
I just did this today.... You must have read my mind. I was actually going to blog about credit score and insurace premiums. I went to www.truecredit.com and looked at mine today. This site gives you the three estimates and showed me a few things that I want to make some calls on. Also this doesnt show up as a hard credit check or even an inquiry.
When I file taxes I always request a credit report like clock work, and there is always something I need to fix on it.
Kerry - Personally, I will continue to promote Real World Education for Real World Situations. From what I've saw, that site isn't a bad one to add to the arsenal.
Charles - I think sometimes it is a lack of understanding and sometimes it is lying to yourself. If you are getting calls and letters from someone claiming you owe them money, either your credit report may be flawed or you live in a small Italian neighborhood. It's okay, I'm half Italian and not just because I can make a few cracks;)
Jason - This is just a part of a LO's job in my opinion. We are forever learning and credit education is as important as most.
Isaac - Off the cuff, I have no clue. My first question would probably be, "How are they reporting to the credit bureaus?" Short Sales vs. Foreclosures, I'm not sure how each affects or doesn't on one's credit report. That's a very good question. I'll get in some ears and return with a better idea.
Jason Fleming - What is it with Jason's and credit?
Dee Dee - Admittingly, I need to take a gander at mine more. I need to practice what I teach and preach much more... though I could probably still qualify to have brunch at the White House;)
Dang, Jason! The gold star shoulda stuck to this one first time! Can I borrow it for my clients? Great information.
Excellent post! Question for you - is the 4506-T now a standard form required prior to closing? And what exactly is that for?
Great, concise information...common sense, plus "insider's" view and good advice on what to do for a client...Thanks...
Bo
Hi Jason, I wasn't signed in - I asked the question above about the 4506-T. Thanks.
"Talking about credit is about as much fun as chewing broken glass while watching Yanni's latest video on VH1"
That is pretty descriptive!! (AND accurate) But...it is a necessary evil. You did a great job making the broken glass paletable. I really enjoy your writing. GBU~
Jason - with credit score requirements higher than ever, this Plain English tutorial to credit scores is really useful information.
Jason, very good information. Knowing our credit score and standing is so important especially these days. Monitoring would be a close second and third would be having it restored by professionals if it's ever breached. Thanks for the post.
Ced Reynolds
Hi Jason...I've never pulled my credit report. I remember years ago hearing that if it was pulled that could affect your score. Am I being overly cautious? A lender told me our (husband & mine) scores once when we were buying a second home but that was about four years ago.
We don't have any of the problems that you mentioned but should we check it annually anyway?
Kate
Concise and simple.... You've succeeded. But I've never heard a credit report be labelled as fun.
Are you in Chapel Hill? You're supposed to be on Vacation! Stop blogging already! Also, make sure you stop by Southern Season & give me a call!
Jason.. This is great information you have compiled here. Thank You for taking to time. Looks like a popular post with many re-blogs too.
Jason, Excellent information. Education is key, both for agents and the buying public, but I have to add, that although I try to keep abreast of what is going on in the mortgage market, the best course of action for me has been to find a few GREAT loan officers who really know their stuff. Sounds like you qualify! I will be sharing this with a new buyer client I met just this past Sunday.
Hi Jason,
What a great blog. You gave a lot of valuable information. I envy your writing skills. I have just one comment, be careful on advise towards settlement's. While it may make the consumer feel like they have done the ethical and moral thing, it mayl not help their credit rating. In reality, you can actually hurt it in the long run. That item can now be reported up to another 7 years. Understand that this reporting is fromthe date of last activity. If you are dealing with an item that has been reporting for a while and is about to fall off, by paying the debt it will be re-activated and stay on for up to another 7 years. The bottom line is a negative entry is a negative entry. Advise on repairing credit should be looked at on a case to case basis. Each credit profile is as individual as a fingerprint. While most of your information is spot on, there are certain things that can't be generalized. I wish I had your writing skills to be able to give out all the information in my head. I am working on that end of my social networking. Again, great post and feel free to call e-mail me with any questions relating credit repair, credit profiles or any credit related issue including identity theft.
Happy Thanksgiving-Lori Isaacson
Patricia - Absolutely, feel free:)
Anonymous - Yes, the 4506 allows Mortgage Companies to get copies of the transcripts from Tax Returns when they 'randomly' audit files. Essentially, it allows them to match up the tax returns to the income documentation they have in file, making sure there is no fraudulent activity going on. I hope that makes sense.
Bo - Thanks Bo. I must admit, this got more traction than I ever would of suspected.
Darla - Oh hey, that was you? See my answer above. Hope this helps.
Elizabeth- Thanks hun. I'm glad this was a tad better than chewing on broken glass;)
Jackie - No doubt. I should of attended Harvard so I could work for one of the agencies and release all their secrets;)
Ced - Thanks for stopping by and commenting. Have a stellar week.
Kate - Yes, it seems you are being a tad over conscious. Numerous inquiries typically only hurt you when there is a whole bunch within let's say... a two week time frame. I would keep tabs on your credit at least once a year.
Trunda - You've never dealt with me before now though;)
Tracy - I will be in Raleigh tomorrow. I will give you a call when I get in.
Roland- I'm somewhat amazed at the number of reblogs.
Barb - I wish I was licensed in Ohio:( Hope this helps out your client(s).
Lori - Understood. You bring up a valid point that I will include by updating my post. Thank you so much for your valuable input! I'm sure we will be in contact in the near future. Have a wonderful Holiday.
I hope you do not mind my guest answering Kate's question. You can always delete it. I was just checking back to see the comments.......
Anyway, YES Kate, everyone should check their credit reports. You would be amazed at the mistakes you will find on them. As far as Inquiries, if you pull them yourself they are considered a "soft hit" and have no bearing on your score. If a creditor pulls it, then Yes, it is a "hard hit" and has a negative effect on your score.....They are looked at for the last 2 years.
Happy Tanksgiving....
Lori
Lori - Chime right in, I could learn a lot from you as well. Being that you work for a Credit Restoration Company, I have little doubt that you are more of an expert in the field.
Thanks for the vote of confidence. Yes I do have a wealth of knowledge, I just do not know how to put it all into words..thanks for the opportunity to help educate your readers. Again Happy Thanksgiving and may all your credit woes be gone.......if not call me!!
Lori
Happy Thanksgiving to you, Lori.
I didn't forget you Isaac and your question. Here's a link to an article that may provide the answer you are looking for.
Checking credit reports for accuracy is sooo important. Often people will only know of something on their credit report when they go to buy a house and then it can take quite some time to get it corrected which can ruin a deal...
Jason - rock on! Have a great Thanksgiving...
Sonja - Very true. To any educational guru out there, LET'S START TEACHING THIS IN HIGH SCHOOL... Before credit is given...
Jeff - Hope you had a wonderful Thanksgiving, amigo. And there's no better way to rock, than on!
whoa, dude, this was reblogged a lot! You are one popular mortgage dude!
Karen - I wish you were right. I just happen to be a popular writer on this particular forum. That will change soon...
Oh Jason I was just getting ready to write my comment and saw you say " I just happen to be a popular writer on this particular forum" and that made me smile.....no, no I can't go read all the comments this time...but I do want to say what do you suggest for people who have had their credit go from decent to beyond pitiful with no way to fix it at all? My credit was flushed down the toilet during the past year and a half so bad that I think it is now all the way to China.
Kathy - Time. Establishing new and good credit. Time. Credit Repair may even be an option to look at. I'm not here to teach you because your experience probably knows better than I, yet sometimes you need a plunger to rectify the toilet situation. Wipe well and plunge deep;)
Credit Restoration Companies may be able to help but avoid anything that says, "Consumer Credit Counseling"
--One distinction of which I was unaware.
Thanks and great post. Solid consumer information.