UtahCreditCoach uses a unique software program we call "Home Sweet Home." The program guides you, step by step through the process, coaching you to reach your credit goals. Once you are enrolled, you are able to log into the system, anytime, anywhere and work towards improving your credit scores. REGISTER HERE FOR A FREE, PRIVATE CONSULTATION!
The national mortgage delinquency rate (the borrowers 60 or more days past due) decreased for the sixth consecutive quarter, dropping to 5.82% at the end of the second quarter in 2011. This information is reported by TransUnion and is part of its ongoing series of quarterly analyses of credit-active U.S. consumers and how they are managing credit related to mortgages, credit cards and auto loans.
Although mortgage delinquencies were expected to continue to drop, the Q2 2011 TransUnion data released today shows mortgage delinquency rates improved on a quarterly basis by 5.98%, more than any time since the recession officially ended two years ago.
“While relatively low home prices and high unemployment continue to exert upward pressure on delinquency rates, they are more than offset by the impact of more conservative lending policies reflecting consumers with higher credit scores,” said Tim Martin, group vice president of the U.S. Housing Market in TransUnion’s financial services business unit. “Not only are these consumers less likely to default if house prices continue to edge downward throughout the year, but their willingness to repay their debt obligations in the face of high unemployment rates is greater. It is because of these dynamics that lenders today take a much closer look at the borrower’s income history and overall debt situation than before the recession began in 2007.”
The part of the article that most effects our credit coaching clients is: “While relatively low home prices and high unemployment continue to exert upward pressure on delinquency rates, they are more than offset by the impact of more conservative lending policies reflecting consumers with higher credit scores.” Did you catch that? What this says is that banks have much more conservative lending policies and are looking to lend money to consumers with high credit scores. This is why it is imperative that you clean up your credit. Please contact us to get started on the road to great credit.
I recently worked with a Spinal Surgeon relocating to Utah. After Medical School he was four years in residency and another year on an internship, needless to say he had accumulated a few student loans along the way. Unfortunately, somehow one of his student loan providers ceased sending him updates and applications for deferment and ended up sending him to collections…
He was distraught when I alerted him that his credit score was below the minimum threshold for Physician and Doctor home loan programs. Luckily we were able to do a little credit magic and get the scores up high enough for an FHA mortgage; in the end he’ll still get his home and an interest rate around 4.50%.
These things happen, what’s important is to get going on your application early, allowing as much time as possible to fix anything you are unaware of. If you are interested in increasing your credit score in preparation for your next home purchase, check out my article Nine Credit Magic Tricks. It’s short and sweet but gives you everything you need to know to get your credit score up in a hurry.
If you are a Physician looking to buy a home in Utah, please visit my website http://www.utahphysicianhomeloan.com/ dedicated to helping Medical Professionals get financed through specialized mortgage underwriting and understanding of their unique situations.
Ten Steps to a Better Credit Score: Step 7 Look at how long you’ve had credit established….
As you start paying down your debt and working on your credit scores make sure you DO NOT Close your revolving credit lines. Revolving credit lines closing and lack of revolving credit (with low balances) will lower your scores drastically and by an alarming rate.
It takes a disciplined person to have revolving credit without using up the credit allowed. By having revolving credit, a good payment history, keeping the useage amounts under 20% of credit limit it will help your score. Keeping the line open will also build the length of credit history and types of credit. All of this adds up to 90% of your credit score.
Now you can see why its essential to keep the good lines open with the balances low.
Credit Card useage rose after a 27 month decline in balances.
Consumers beware the increase in your balances will affect your credit score. Credit Useage accounts for 30% of your credit score. When balances increase so do your monthly payments. This may affect your debt to income ratio when you go to qualify for a home.
If you are in the process of purchasing a home, do not increase your credit card debt. You would be surprised how as little as a $5 charge can affect your score and make the difference between the better interest rate or even qualifying for your loan.
for all your credit needs visit http://www.UtahCreditCoach.com
Consumer Debt rose for the first time since 2008. Credit card offers are starting to arrive in the mail, consumer confidence is up and credit card charge-off’s are down.
Increased credit card debt will change your credit score and may effect your ability to qualify for a home loan. Consumer beware, don’t fall back into your old habits.
With income tax returns arriving, make sure you’re making the correct choices on what to pay down. Visit http://UtahCreditCoach.com for more information. Interested in improving your credit score and what steps you need to take? Request a free consultation. Hope to hear from you soon.
30 points in 90 days!!! Yes this person is very happy! So Whats Stopping You? Whats holding you back?
Is it the fear of seeing where your scores at?
Is it that you are fearful of meeting with a credit coach and going over your credit report?
Is it that you fear the commitment?
Are you afraid of having to take that first step and changing how you handle your credit score?
It can’t be the cost, $89 dollars for a whole year of credit coaching and having a tri-merge lender credit report rescored every 90 days for a year. UtahCreditCoach What a bargain. Coaching and customized plans just for you.
I promise its not scary. Take that first step! Sign up now, Tax refunds will be on there way soon. Make sure you spend them wisely with a plan on how to improve your credit and the steps to take so you can work on improving your credit score and getting into your dream home.
Are you just plain tired! Tired of bad credit! Tired of low credit scores! Tired of not knowing what steps to take? We have the answer!!! Try us out, proven results, our system removes all the guess work and gives you a detailed plan of what to do and why.
Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments.
According to the Federal Reserve, a credit card balance of $5,000 at 23.99 percent APR won’t pay off for 16,127 years. That’s one reason why it’s important to manage your credit card rates, and renegotiate them whenever possible.
In this 4-minute piece from NBC’s The Today Show, you’ll learn the tested tactics that can cut a credit card rate, and get monthly payments to a more manageable range. And it’s do-it-yourself — no debt management firms required.
Some of the tips in the video include:
Compare your current rate to the rate offered to new customers. Ask the lender for “new customer rate” if it’s lower.
If your credit score has improved since application, ask for an interest rate more reflective of your current credit score.
Be nice to the customer service representative. Kindness helps.
Managing debt is an important part of household budgeting so if you’re finding your credit card payments and/or rates too high for your liking, try following the instructions as described in the video. And, above all else, be persistent. The credit card companies won’t likely approve your first request.
Did you charge all your holiday spending on your credit cards? Are your cards maxed out? Are you cringing at the thought of opening up your January Credit Card statements? If you are currently in the process of buying a home or want to buy a home in 2011 we need to get your credit score in order, check us out, UtahCreditCoach.com
Below are two examples of possible points gained in a month. Both of these people have recently enrolled into our Home Sweet Home Program. You need to check us out! UtahCreditCoach, our program is designed to help everyone, no matter what your current score is.
The national mortgage delinquency rate (the borrowers 60 or more days past due) decreased for the sixth consecutive quarter, dropping to 5.82% at the end of the second quarter in 2011. This information is reported by TransUnion and is part of its ongoing series of quarterly analyses of credit-active U.S. consumers and how they are managing credit related to mortgages, credit cards and auto loans.
