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You are here: Home / Archives for Credit Score

How To Improve Your FICO Score

October 19, 2012 By Troy Deierling Leave a Comment

The U.S. housing market recovery is underway. New home sales are at a multi-year high, housing starts are at pre-recession levels, and home builders plan for a strong 2013.

Since late-2011, falling mortgage rates have boosted buyer purchasing power. Now, today, in many U.S. markets, the number of active home buyers outnumbers the number of active home sellers. It’s among the reasons why home supplies remain scarce and why home prices are rising.

Roughly 20 percent of today’s home buyers purchase homes with cash. For everyone else, the ability to gain mortgage approval depends on income, assets, and, most importantly, credit scores. Your credit score is a predictor of your future payment performance and lenders pay close attention. 

If you plan to buy a home in Cottonwood or anywhere else in the next 12 months, spend some time with this The Today Show interview. It’s five minutes of practical credit scoring advice, including separation of credit score myth from credit score fact.

Among the credit scoring tips shared :

  • How to get your credit checked without harming your credit score
  • The value of using automatic payments with credit cards
  • How to use “old” credit cards to boost your credit score

You’ll also learn about utility companies and why you should never be late with payment.

As compared to August 2011, last month’s average, mortgage-financing home buyer’s FICO score improved 9 points to 750. The average “denied” mortgage applicant’s FICO score was 704. Clearly, standards are high. However, credit scoring is a system and, with time, you can improve your rating. 

Watch the interview and find ways to make your credit score better. With better credit comes better mortgage rates.

Filed Under: Personal Finance Tagged With: Credit Score, FICO, The Today Show

Keeping Your Credit Score Up During The Holidays

November 26, 2010 By Troy Deierling Leave a Comment

A reminder for anyone buying a home in the near future and needing a mortgage:  Brought to you by Mark Miskiel at The Lending Company (A local Sedona Mortgage Company).

As black Friday approaches and the Christmas shopping season starts, take caution to resist the store promotions where you open a new credit account and get a big discount at the register for doing so.

While it may be tempting to take advantage of the in store promotion, opening that account could potentially harm their credit score enough to preventing closing the mortgage loan or making a pre-qualification null and void.

Opening “New Credit” accounts can impact a borrower’s credit score up to 85 points because the credit bureaus take the following into the consideration.

  1. Number of recently opened accounts
  2. Proportion of newly opened accounts to all open accounts
  3. Number of recent credit inquiries
  4. Amount of time since the recent inquiries

It’s no news that mortgage lenders have been increasing the minimum credit score to obtain a mortgage.  Also, there is a new requirement for the lenders to pull a “soft” credit inquiry right up to the point of funding the loan to ensure the borrowers credit profile has not changed.  While the in store promotions may look great, the borrowers may want to carefully consider if accepting such a promotion is worth the risk of no longer qualifying for a mortgage.

I am here to help if you have questions about this or other lending topics.

Happy Holidays!

Mark A. Miskiel  –  Residential Lending Specialist
The Lending Company – Verde Valley
Office:  (928) 634-7987 (rings to cell when out of office)

Filed Under: Sedona Real Estate Tagged With: Credit Score, Sedona AZ Mortgages, sedona mortgages

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(928) 451-6098 mobile/text/VM
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Sedona AZ Homes for sale Troy Deierling ABR CRS
Realty Executives
Northern Arizona
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Contact Susan

Sedona AZ Real Estate Broker Susan Deierling, ABR, CRS
Assoc. Broker
RE/MAX Sedona
Sedona AZ
(928) 451-6098 mobile/text/VM
(888) 494-0470 (US & Canada)
susan@sedonaemail.com

Contact Me | About Us

Contact Troy

Sedona AZ Homes for sale Troy Deierling ABR CRS
RE/MAX Sedona
Sedona AZ
(928) 202-0700 mobile/text/VM
troy@sedonaemail.com

Contact Me | About Us
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