Who is at Fault When a Blog Covers More than Real Estate

Originally posted 2009-12-15 17:07:42. Republished by Blog Post Promoter

Recently, I received a comment or clique from a fellow Realtor who stated that this blog has several topics.  Well, my colleague may not realize that real estate is affected by several things.  One of which is economics.  This blog was developed with that in mind.

I mean, let’s face it if an individual does not have a job he or she does not have income to purchase a home.  If an individual does not understand how to maintain good credit or rebound from bad credit, he or she can not purchase a home.  If an individual does not understand how to get reduction on personal taxes or property taxes, then an individual can not keep a home.

I would love to know how you, the reader, feels should this blog stick to real estate only or give you current events and topics and relate them to how it influences your ability to purchase or keep your home.  Is it right or wrong to cover more than real estate?

Related Real Estate Articles

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Has Your Credit Got You Down? There is Hope.

Today’s post is by Tara Colquitt, and she would like to share with you some tips on improving your credit.

 

“Though no one can go back and make a brand new start, anyone can start from now and make a brand new ending” – Carl Bard, theologian

 

Hello, I am Tara Colquitt, The Credit Woman. I am here to help you make a brand new ending.

 

Let’s first agree, credit
affects everything. But death, divorce, health issues and our all time favorite
un/under employment can cause anyone to have credit issues. However, credit
isn’t cancer. You can live with poor credit. It is just more expensive and
usually inconvenient. I am not here to make you feel less than Who You Are. I am
here to help you move from Where You Are. If you are ready. I cannot do this
without your
full cooperation. May I have your cooperation?

 

Great!
Then let’s do the following:

●Check your credit at www.annualcreditreport.com. It’s free. And it shows
the approximate date of removal from the report. Sometimes my advice to people with seriously challenged credit is to wait. They do not have the resources to get out of their situation but that is why you get a “do over” in 7+ years. But that does not mean to do nothing now.

●Make a budget and stick to it. Find your “Why”. Home, Savings, Education,
Retirement?

●Save $20 a week.

You can do this yourself, and some people do. But most don’t and
many don’t do it well. Did you pay the delinquent account without negotiating to have it removed from your credit report? Well, is difficult if not impossible to do anything once you have paid the creditor.
The hammer, your money, has been eliminated. Just as important to removing negative items is to build  credit. No one is going to loan you $100k if you can’t handle $1,000. You need to get a prepaid credit card and/or a secured bank loan. These are great trade-lines to build credit.

 

I am frequently asked how long does it take to improve your credit. Hmmm…how long does it take to lose weight? Well, it’s your effort, right? Breaking those habits. And so many other factors.  Budget and desire to make changes is key. If you do not have the money to repay debt or establish
a secured bank loan, it will take more time. I had a client in February I spoke
to on a Tuesday and by Thursday she did everything I advised her to do and then I had a client that after two years, she and her husband were ready to purchase a home. But they both had plans.

Now, I am also passionate about making myself obsolete. Any young adult with a job has the ability to establish excellent credit and purchase their first home within five years of graduation (high school or college). The concept is simple. Remember that $20, $20/week, $80/month which is approximately $1000 a year.  In 3 years that is $3000 and a starter home can be purchased with an FHA loan. This creates generational wealth. By the way, this concept works for anyone at any age. You must have a plan!

 

So, let me leave you with this offer: If you will not for any reason, but desire to carry out the advice I have just given, I can help you do this.

 

I am Tara Colquitt, The Credit Woman and I am here to help you Begin your New Ending.

Tara Colquitt, The Credit Woman
“Turning Self-Worth Into Net-Worth”
Tara@thecreditwoman.com
TheCreditWoman.com
www.SendOutCards.com/53116
215-350-2483 (c)
267-535-2907 (f)

Related articles

• 5 Tips for Checking Your Credit Report Before Buying a Home (doorfly.com)
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• How does credit repair works (wiki.answers.com)

Do You Sincerely Want to Improve Your Credit?

Credit has become a noose to many first time home buyer.  There are ways to loosen that noose.

One way is to ga copy of your credit report from all three credit bureaus.  The credit bureaus are required to furnish a free copy of your credit report once a year and to provide a copy if you are denied credit.  To get your copy simply write, call, or apply on line:

• Equifax Post Office Box 740241 Atlanta, Georgia 30374 or call at  800 685 1111  www.equifax.com/fcra
• Transunion Post Office Box 1000 Chester, PA 19022 800 916 8800 www.transunion.com
• Experian Post Office Box 2104 Allen, TX 75013 800 493 1058 www.experian.com

You will need to provide proof of who you are.  You can accomplish that by providing a copy of your:

• driver’s license
• social security card
• addresses for the last five years

Still yet, another way that you can improve your credit is:

• pay your debt on time
• only use 30 percent of your debt
• do not cancel credit cards that you have had for years
• do not apply for new credit
• get and maintain different types of credit (ie home, car, credit cards, etc)

To learn more about improving your credit also read:

Credit How Important Is It

Related articles on credit

• History of Credit Bureaus: Equifax, Experian, TransUnion & Innovis (bargaineering.com)
• FTC Approves Federal Register Notice Announcing Increase in the Ceiling on Allowable Charges Required By Section 612(f) of the Fair Credit Reporting Act (ftc.gov)
• ‘Free’ credit reports scam (tech.bl0x.info)
• Should You Sign Up for a Credit Monitoring Service? (hsh.com)
• How to Prepare Your Credit for a Home Loan (homeloans.org)

A Bankruptcy Does Not Have to End Your Credit Life

A bankruptcy does not have to end your credit life.  Did you know that you can apply for a mortgage after only four years if you file a Chapter 7, 11, or 12 bankruptcy and two years after a Chapter 13 bankruptcy?  However, to be eligible you must do certain very simple but important things.

First, you must re-establish your credit right away.

Secondly, send a copy of the discharge letter and list of creditors included in the bankruptcy to all three credit bureaus, and request that the bureaus update your credit report to show all creditors involved in the bankruptcy balance as zero and request the bureau to list all creditors involved in the bankruptcy.  By completing the latter it will demonstrate that the creditor is no longer owed.  Once this update is complete you should receive an updated copy of your credit report.

Once again, the three credit bureaus are:

• Experian
• Equifax
• Transunion

Do not give up on every purchasing a home just because life happened and you had to file a bankruptcy.  Just remember, that paying your rent on time for at least 24 months gives you alternative credit that may help you to be able to qualify to buy a home.

Still yet, paying your utilities, car insurance, cell phone bill, etc. on time are also alternative credit or industry termed alternate trade-lines of credit.

If you are interested in more tips similar to the tips above, then purchase and read, Dale Robyn Siegel’s new book, The New Rules for Mortgages.

She has 28 pages dedicated to help you improve or maintain your credit so you can purchase or refinance a home.  Purchase it today at a bookstore near you.

Related articles on bankruptcy

• Can unpaid consumer debt speed recovery? Don’t bank on it (dailyfinance.com)
• Corporate insolvency rate ‘will rise again’ warn experts (telegraph.co.uk)
• Asset Resolution LLC Files for Chapter 11 (netdocketsblog.com)
• CIT Group Files for Chapter 11 Protection (netdocketsblog.com)
• History of Credit Bureaus: Equifax, Experian, TransUnion & Innovis (bargaineering.com)
• ‘Free’ credit reports scam (tech.bl0x.info)
• 5 Ways To Kill Your Credit Scores (creditra.blogspot.com)
• Bankruptcy dilemma: Will the real Ellen Tracy please stand up! (dailyfinance.com)
• Bankruptcies spike 33% (money.cnn.com)
• Bankruptcies in Canada decline 27 per cent (thestar.com)
• Debt Settlement Company Rivals Credit Counseling Debt Consolidation with Superior Debt Relief Benefit to Help Unemployment Victims Avoid Bankruptcy and Foreclosure (prweb.com)

Credit How Important Is It?

Originally posted 2008-12-24 06:41:44. Republished by Blog Post Promoter

If you are considering buying a home, check your credit first.  Most credit reports have incorrect information.  According to the US Public Interest Research Group as many as 79 percent of consumers have mistake on their credit report.

First step, I would recommend is get a copy of your credit report.  The credit bureau can provide one free copy a year and you are entitled to a free copy if your credit is denied.  There are three major credit bureaus, and they are:

• Equifax Post Office Box 740241 Atlanta, Georgia 30374 or call at  800 685 1111  www.equifax.com/fcra
• Transunion Post Office Box 1000 Chester, PA 19022 800 916 8800 www.transunion.com
• Experian Post Office Box 2104 Allen, TX 75013 800 493 1058 www.experian.com

When contacting the credit bureau by mail, please provide the bureau with proof of identity.  Provide:

• Copy of driver license
• Copy of social security card
• Last five addresses

You will need to get all three credit report because to qualify for a mortgage all three credit bureau’s score are used.  This is called a tri-merge report.   The mortgage uses the middle credit score to qualify you for the loan, so you want to make sure all three is as high as you can get them.

Once you have your credit reports look to see if all the information is accurate.  Dispute incorrect information through the credit bureau that is reporting the information in writing.  Some bureaus provide a fill in the blank form for your convenience for this purpose.  If one is not provide, write a letter that gives the name of the creditor, the account number, and the reason the information is incorrect.  The creditor has 30 days to response to the credit bureau as to the accuracy of the information.  If the information can not be verify it must be removed.

Along those same lines, all outdated information on your credit report is supposed to be removed after seven years.

Even if there is bad credit that is true.  Time is the best cure for bad credit.  If a foreclosure is on your credit your score will get better after three years and it has to be removed after seven years.  A Chapter 7 bankruptcy has to be removed after ten years.

With the frequency of identity theft, I would also recommend checking your credit often because credit fraud is difficult and costly to correct.

Related articles on credit

• How to Remove Unauthorized Hard Inquiries (bargaineering.com)
• 5 Ways To Kill Your Credit Scores (creditra.blogspot.com)
• Credit, Risk Assessment Score and Budgeting (slideshare.net)

A Low FICO Score Is a Challenge Not a Defeat

Credit is essential to acquiring a home, car, etc. especially if you do not have cash to purchase the item you desire or need.  It is equally as important to understand how credit can influence your ability to purchase.    Let’s examine.

The bank institutions Advantage Mortgage Lending use FICO score to determine the risk factor that will be assigned to your loan.  FICO is an acronym that stands for Fair Isaac Corporation.  Your FICO is determined by a mathematical model to determine the credit risk associated with your payment history, your level of debt, type of credit used, length of credit history, and any new credit that you may have.

According to Advantage Mortgage Lending your FICO credit scores are determine by the following levels:

• 760 to 850 (Excellent)
• 700 to 759 (Very Good)
• 660 to 699 (Good)
• 620 to 659 (Good)
• 580 to 619 (Average)
• 500 to 579 (Below Average)
• Below 500 (Poor/High Risk)

Understanding your credit is crucial in regaining your credit worthiness if your credit is below average.  There are several factors that influence your credit in a negative way that you can control.

One factor that influences your credit in a negative way is too many inquiries on your credit.  Avoid opening several credit cards all at once.  In other words, a lot of inquiries influence your credit in a negative way.

Another factor that influences your credit in a negative way is maxing out your credit cards.  It is recommended to have all card balances under 35% of the total credit limit available.  For example, if you have a credit limit of $2,000 per card, the balance carried on each card must be less than $700.00. 

Still yet another factor that influences your credit in a negative way is having collections on your credit. 

All of the above does not exclude you from getting a home or refinancing a home, but it does put your loan at a higher risk; and therefore, you will pay a higher application fee and interest rate.   It is recommended that before you accept a higher interest rate to do some investigation to ensure that the loan will help you reach your goal of obtaining “financial freedom” and is affordable for you.