Repair Credit Score

Posts Tagged ‘money’

Question: Credit Advisor / Guide is there such a thing?

My husband and I are planning on buying a house in September. We know what our credit scores are and we know that we have some choices to make on how we handle our finances in the next 6 months. We want to talk to someone who actually understands our credit scores and how various actions will effect them. We don't need a Credit Councelor, we're doing just fine in regards to debt. But we could use advice on what are the best steps to take to get the best rates in September. Anyone know any where I could look to find a person who can look at our Credit Report and give us objective advice on our best options.

Answer: Here is the best credit guide I have found. It talks a lot about when to pay off debt (i.e., to demonstrate that you can see things through), and just how much to keep open to show that you have the will-power not to use it all.

I like the fact that it's from a lender, not a broker or a "credit counselor." This is exactly how a lender will look at your Credit Report when approving you for a mortgage.

Is Your Credit Score Costing You a Fortune?

Question: How does a short sale affect your Credit Score. Would appreciate any info from people who have been through it

Answer: Hi, I have not been through a short sale myself but have heard that a short sale can cost you 80-100 points on your score while a foreclosure can cost you 200-280 points. Obviously, with regards to your FICO a short sale is the better way to go. It may also be possible to negotiate with the lender so that they will not report the short sale to a credit reporting agency.

Of course, most lenders will not even consider a short sale until your are a couple months behind in payments so the "lates" will show up on your report and hurt your score as well.
Good Luck!

FORECLOSURE and BANKRUPTCY: info from the Credit Secrets Bible

Question: Who Credit Score is the factor?

When you are a applying for a loan with a cosigner, who credit is primarily used to determine the interest rate?

Answer: Cosigners

Credit Score Factors Pie - Lesson 2