Here are just a few tips for working towards the best credit score…for all of them opt in on the screen to your right and receive the entire report instantly!
- Keep open 1 mortgage 1 auto loan and at least 1 credit card This will give you a variety of credit, from mortgage, installment loans and revolving credit
Do NOT pay an upfront application fee! If the mortgage professional or bank you are talking with is not willing to invest any time in you without you writing them a check RUN don’t walk the other way!
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With an ever changing market it is more crucial than ever to protect your credit! Banks are changing their guidelines almost daily now and client’s credit is being scrutinized more rigorously than ever before. In the past anyone with a credit score over 620 received virtually the same interest rate, however that is not the case anymore! If you have a 720 score your rate could be as much as a half a point lower than someone with a 620 score. Keep in mind that you can have a perfect payment history on all your accounts and still have a lower score.
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Now it seems odd that this would be a mistake…you are thinking you don’t want to waste your time on the phone with place after place you just want to know what the rate is so you can move on right?
WRONG!
There are so many variables that go into what rate you will qualify for. I just encountered this today someone called 4 places and got rate quotes however no one even bothered to ask any questions and come to find out not even 5 minutes into the call I uncovered he had just changed jobs to a new industry and was now commissioned-that killed any chance of him getting any type of mortgage until there was a 24 month history of his commission!
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When companies advertise rates they are simply trying to generate interest and get their phones to ring. This is where bait and switch comes in! If it sounds too good to be true…it is! A lot of loan officers will tell you whatever you want to hear to get you to go with them, then they will switch things on you…”only for clients with 720+ credit” or “only for clients with 20+% down payment equity in their homes” so you have already let them pull your credit and sometimes even paid an application fee or had the appraisal done when the scenario changes.
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Over my last 10 years in the mortgage industry there have been many changes! My ambition is to add value to your life, keep you up to date on industry changes that effect you & give you the knowledge needed to make a lasting impact on your financial future not only with mortgages but also to help educate you on credit repair & biweekly payment plans as well as much more.
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