Archive for the ‘Mortgage Calculator’ Category
Monday, September 27th, 2010
Many people are unclear of what exactly makes up their credit score. There are 5 separate categories that all weigh in on your score. Here is the breakdown:
Payment History: 35%
Amounts Owed: 30%
Length of credit history: 15%
New Credit 10%
Types of credit: 10%
Roll them all together and you have the number that dictates different aspects of your life. Your mortgage rate, whether you can get a loan, your insurance rate, employers look at it when you’re trying to get a job, phone / cell phone companies pull it when you want to purchase a cell phone, just about everywhere and everyone wants to look at your score to judge who you are………
Do you know your score? Remember to pull your credit every year to make sure whats on the reports is accurate and there are no errors. Contact me for questions regarding your score and what you can do to improve it. FICO Pro certified. I’d love to help answer your questions.
Tags: bad credit, credit, credit bad, credit cards, credit repair, credit report, credit score, credit scores, davis county homes, errors on credit report, fico scores, good credit, I want to buy a home, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Credit Bad, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Mortgage Calculator, Salt Lake City Homes For Sale | Comments Off
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Friday, September 17th, 2010
Past Due Amounts or over credit limit amounts do and will hurt your credit score. I’m sure you’re not surprised to hear this but you may be surprised to see what damage they can really do.
Maxed Out credit card: 30-45 points
Past Due : 60-110
Double whammy double the ouch. Some cards have the option where you can say yes allow me to go over my high credit limit or no. Let them know its not ok. I know from personal experience this causes a huge mess. I won’t go into that whole mess because it would take us to a different category on communication and marriage.
Back to my topic….. I can’t stress how important it is to answer the phone when your lenders call you. Inform them of whats going on. Try to work with them, but whatever you do please keep your cards open. Not only will you have taken a hit for being maxed out and past due but now you will take another additional hit for having closed an account. If you are working on improving your FICO/credit score this will hurt multiple areas of your FICO score calculations.
There are easy ways to help your score and even easier ways to accidentlly hurt it. Please read up on what to do and what not to do and speak to an expert in this area. It will benefit you greatly.
Tags: bad credit, budget, consumer counseling, credit, credit bad, credit card debt, credit cards, credit counseling, credit debt, credit repair, credit report, credit scores, davis county homes, debt consolidation, errors on credit report, fico scores, I want to buy a home, interest rates, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Bankruptcy, Budget, Credit Bad, Credit Counseling, Credit Debt, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Debt, Mortgage Calculator, Salt Lake City Homes For Sale, Short Sales | Comments Off
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Wednesday, September 15th, 2010
I wouldn’t have thought this big of an increase would be possible with everyone talking about tougher credit card laws. Credit card companies shutting down card limits. Credit scores dropping so people no longer qualify for the loans they are applying for. When I saw this statistic I was floored, needless to say I am still sitting here baffled.
Between the first and second quarters of this year, Americans added to their debt by a whopping 249% over the same time period last year. -CardHub
I see this as a sign that more people still need help as we try to recover as a country. Many people are still looking for jobs. To anyone who is trying to borrow from Peter to pay Paul, stop the madness and start moving forward. Call the companies you are having a hard time repaying and work something out. The phone call is well worth the time and money you may save in the end.
*data gathered by Cardhub
Tags: bad credit, budget, consumer counseling, credit, credit bad, credit card debt, credit cards, credit counseling, credit repair, credit score, davis county homes, debt consolidation, I want to buy a home, increase credit score, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Budget, Credit Bad, Credit Counseling, Credit Debt, Credit Repair, Credit Report, Credit Score, Debt, Extending Credit, Mortgage Calculator, Salt Lake City Homes For Sale, Uncategorized | Comments Off
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Tuesday, September 14th, 2010
Step 4 is to Pay your bills on time. Sounds simple but to someone who is barely making it day to day the thought of paying all their bills on time may seem impossible. Some days its down to paying the bill thats due or putting food on the table for your family. Again step three is critical to keep up on step four. You must have a budget; a place to start. Step four will always be a struggle without completing your budget and becoming knowledgeable about the whole picture.
Now assuming that you’ve completed step three; you can now look at your bills and their due dates. If the dates fall during the middle of a pay period, set it up to have them paid out of the earlier paycheck. This may be easier said than done, but it really does help out. Once you’ve switched your mindset and you get used to this happeneing, you’ll have the peace of mind of knowing you will never miss or be late on a payment.
*(this step may require you to get another part time job maybe sell some items you don’t use around your house)* You will need to build up some money so you have the ability to switch the payments to an earlier pay date.
When you get paid, Ialso suggest you immediately put money aside for groceries. That will help eliminate the desperate situation of having to choose to pay a bill or put groceries on the table. It takes time to switch your thinking and day to day lifestyle habits; but paying your bills on time is another critical piece of your FICO score. A late payment or missed payments hit your score hard. Payment history is 35% of your credit score
Missed Payment:
30 day late payment: if your credit score is around 680 you risk a possible 60-80 point drop in your score
30 day late payment: if your credit score is around 780 you risk a possible 90-110 point drop in your score
YIKES…. another reminder, please please please ….even if you setup all of your payments to deduct out of your banking account automatically, stay on top of your balances, due dates and any changes in the monthly payments required. This will also hurt you if the full payment is not made… more on that later.
Questions? Contact me, I’d love to help.
Remember if you find yourself in a situation where you can’t make the payment, contact the agency you owe the money to and work out a plan.
Tags: bad credit, consumer counseling, credit, credit bad, credit card debt, credit cards, credit counseling, credit debt, credit repair, credit report, credit score, credit scores, davis county homes, debt consolidation, errors on credit report, fico scores, I want to buy a home, interest rates, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Bankruptcy, Budget, Credit Counseling, Credit Debt, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Debt, Mortgage Calculator, Salt Lake City Homes For Sale, Uncategorized | Comments Off
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Friday, September 10th, 2010
For many people, missing a payment here and there is a part of life. Life happens. You’re busy, there’s a family emergency, you forgot, for whatever the reason it just didn’t get paid. What many people don’t realize is the ding it could potentially put on their credit.
I have asked around and the majority of consumers feel a missed or late payment will only hurt your score about 10 points, after all it could happen to the best of us…
BUT 
to many people’s surprise, frustration and disappointment, a 30 day late payment could potentially have the following affect on your score:
If your FICO/Credit score is currently around 680: you could potentially drop another 60-80 points
For a FICO/Credit score around 780 to begin with: you could potentially have your score drop anywhere from 90- 100 points.
Ouch. My advice is to start an emergency fund and to start a budget. Know when you’re supposed to pay your bills, how much and what day they are due and if you can’t make the payment call them ahead of time and explain your situation. For more advice or information, contact me.
Tags: bad credit, consumer counseling, credit bad, credit card debt, credit cards, credit debt, credit repair, credit scores, davis county homes, debt consolidation, fico scores, I want to buy a home, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bankruptcy, Budget, Credit Debt, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Mortgage Calculator, Salt Lake City Homes For Sale | Comments Off
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Tuesday, August 10th, 2010
Whether you have a 700 credit score or a 400 credit score this system can help you! Today mortgage, credit card and consumer lending companies are charging higher interest rates if your credit score is less than 760. Are you kidding? You literally have to walk on water in order to get today’s best interest rates.
After years of not being able to help some credit challenged clients the way I would like, I’ve discovered legitimate method to radically change a potential clients credit profile. This month I’d like to introduce you to utahcreditcoach.com. Up until now I was only familiar with “credit repair” or “credit dispute” companies, these types of companies would write in to creditors and to the credit agencies and dispute late payment, collections, judgments and even foreclosures. Under the federal credit laws if the creditor could not produce proof of the delinquency they would have to remove it from the credit report. I felt a bit of a moral quandary with this because I knew many of these delinquencies were legitimate and these companies were essentially harassing these companies through the credit laws to remove or quit reporting the delinquencies even if they were being reported accurately.
Credit Coaching is totally different, here’s how it works:
- The proprietary software goes to work scrubbing your report for errors such as duplicate late payments being reported, active collections or late payments that should have been included in a bankruptcy, late payments or collections from an account where you were the authorized user, etc. These are legitimate mistakes that should not negatively affect your credit, the system then WRITES LETTERS FOR YOU to the credit bureau and tells you were to send it!
- It measures your current use of credit vs. the credit bureau’s ideal usage models and tells you if you need to reduce the use of credit (i.e. pay down the balance) or increase your use. It will even tell you if you have too many accounts open and need to close some of them, or if you need to open new accounts because you don’t have enough credit. And if your credit is in the toilet and you can’t qualify for any new accounts, don’t worry they have a secured credit card company that GUARNTEES they will approve you regardless of credit history or score.
- Quarterly the system assesses your progress and notifies you of your improved score, then sets up the action plan for the next 90 days. It’s literally like a Credit Coach, consistently measuring where you’ve improved and what items still need to be worked on for you to have a perfect score.
Go there now and check it out www.utahcreditcoach.com! There’s tons of free information about credit coaching and how to improve your credit score. Once you’ve visited the site, please send me an email or give me a call and let me know what you think.
Josh Mettle is a top producing Professional Mortgage Lender in Salt Lake City, Utah. Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages. If you’re ready to buy or sell residential real estate, get Josh’s latest free tips, tools and newsletter at http://www.joshmettle.com Utah Real Estate Professionals can keep informed by visiting Josh’s Mortgage and Real Estate Blog at http://www.joshmettle.com/blog/
Tags: bad credit, credit bad, credit repair, credit report, credit score, credit scores, davis county homes, debt consolidation, errors on credit report, fico scores, I want to buy a home, increase credit score, interest rates, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Credit Bad, Credit Counseling, Credit Debt, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Mortgage Calculator, Salt Lake City Homes For Sale, Uncategorized | Comments Off
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Tuesday, August 10th, 2010
Tags: bad credit, consumer counseling, credit, credit bad, credit card debt, credit counseling, credit repair, credit report, credit score, credit scores, davis county homes, errors on credit report, fico scores, I want to buy a home, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Credit Bad, Credit Counseling, Credit Debt, Credit Repair, Credit Report Errors, Credit Score, Debt, Mortgage Calculator, Salt Lake City Homes For Sale | Comments Off
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Tuesday, August 10th, 2010
- You got married… Sorry we could not help ourselves. And if ever there was a time for a laugh, we thought this was it.
- Neglect to create a budget after the divorce. It’s very important after a divorce that you confront your financial needs and your current financial limitations. Will you be getting alimony? Paying alimony? Avoid “treating yourself” to big ticket items that may hurt you financially. Visit http://www.utahcreditcoach.com for a free budget calculator.
- Not cutting the financial ties and making a clean definite break from your ex. Don’t let your credit be unnecessarily destroyed. Hope for the best, but plan for the worst. Cut these ties quickly and be adamant about closing all joint accounts.
- Filing your taxes without consulting a professional CPA for tax advice. Should you file joint or separately, who gets to write off the kids, the house, the business expenses? Make sure you are taking into account key credits and deductions that may affect your return and liability. (http://www.divorcesource.com/info/taxes)
- Not making time to plan for long term financial goals (retirement, children’s college funds and weddings, etc.) These are all important items that beg for help from a professional advisor. Ask us for a referral if you don’t have one!
P.S. (We’re making up for number one) Forgetting to update all your beneficiaries on every investment, retirement, savings account, insurance policy, Will and Trust.
P.S.S. Neglecting to check your credit report. You need to see what your credit score is currently and what accounts are in both of your names. Once the divorce is final, many people need to start improving their credit score along with establishing new credit in their name only. For more great credit coaching information visit www.UtahCreditCoach.com
Tags: bad credit, consumer counseling, credit, credit bad, credit card debt, credit cards, credit counseling, credit debt, credit repair, credit report, credit score, credit scores, davis county homes, errors on credit report, fico scores, I want to buy a home, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Credit Counseling, Credit Debt, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Debt, Mortgage Calculator, Salt Lake City Homes For Sale | Comments Off
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