BluefoxToday blog : If You're Huntin' A Better Credit Score - Let Sleepin' Dawgs Lie!

If You're Huntin' A Better Credit Score - Let Sleepin' Dawgs Lie!

Don't Wake Sleepin' DawgsIf you are looking for a new home, you are probably aware that your Credit Score is a CRITICAL item in determining your interest rate and possibly how much house you can buy / qualify for!

We talk to people every week who receive a copy of their credit report, see some derogatory remarks from 2005 and immediately start writing dispute letters.

This might not be your best strategy (each case is different of course), because the credit score is really an indication of what you are about to do.  It tries to PREDICT what your credit behavior is going to be based upon RECENT activity.

So what happened 3 years ago, is not really as important as what happened 18 months ago!  If it is a MEDICAL COLLECTION - there's a possibility it won't have to be paid... most judgments and liens will have to be cleared before you can get a mortgage.

If you are considering a purchase, and want to know more about your particular credit report and circumstances, to get pre-qualified...  call Steve and Eleanor Thorne, First Financial Services, 919-851-3031 x 104.

Comment balloon 4 commentsEleanor Thorne • January 13 2010 11:13AM

Comments

Eleanor -  You are so right!  I see many clients who are worried about old derogatory items where the most recent activity is what influences their credit score more than anything else!  Great info

Posted by Nevin Williams, Raleigh Mortgage Pro (Sierra Pacific Mortgage Raleigh) over 8 years ago

Eleanor,

I tell my buyers that there lender is a member of the team that is helping them reach their goals.

So, they should not do ANYTHING without consulting as to the possible effects.

Posted by Mike Jaquish, 919-880-2769 Cary, NC, Real Estate (Realty Arts) over 8 years ago

Thanks Eleanor - good info to pass on to our buyers! 

Posted by Lee & Pamela St. Peter, Making Connections to Success in Real Estate (Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522) over 8 years ago

It's a good thing they don't run a credit check on the government loans .... ;-)

Posted by Susie Blackmon, Ocala, Horses, Western Wear, Horse Farms, Marketing over 8 years ago

Participate