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Archive for the ‘Short Sales’ Category
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I just went through a short sale, when can I buy another home?
Sunday, November 7th, 2010Below is a simple breakdown of the timelines for buying a home after a short sale or foreclosure: Timelines may vary depending on your circumstances.
Buying again after a short sale or foreclosure:
You can qualify for a loan, Fannie Mae backed after 2 years, FHA is 3 years
After a Foreclosure:
With some restrictions, the wait period is 5 years as your primary residence
The effect on your credit score:
A short sale can drop your score between 50 -130 points
Foreclosure 200-400 points drop potentially
A foreclosure normally stays on your credit report and public records for 7-10 years
All lenders report differently, and some do not report to the bureaus at all, negative credit typically stays on for 7 years
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10 Steps to a better credit score: Part 5
Friday, September 17th, 2010Past 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.
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10 Steps to a Better Credit Score: Part 1
Wednesday, August 18th, 201010 Steps to a better credit score: part 1
What’s my credit score? What does it mean? Why do I need a credit score? How will a short sale, bankruptcy, foreclosure affect my score? How often should I pull my credit report? I can’t afford my debt, now what? Divorce, Credit card bills, late payments…the list goes on and on ….
Consumer debt is at an all time high, stress levels are rising, people often wonder if they should consider consumer credit counseling, look for credit solutions, debt settlement and maybe bankruptcy.
Its time for everyone to take charge of their credit score. Its time for all of us to become knowledgeable abo
ut our scores and how they are affecting our lives. Many of us think our credit is only considered when you are about ready to purchase a home or automobile, did you know that phone companies make credit inquiries, your employer may pull your credit, your insurance company, if you are trying to rent a home/apartment the list goes on and on. The higher your score the easier your life.
Step Number 1 out of 10 steps to a better score:
Pull / order your credit report. How are you ever going to know where to start unless you are willing to take the plunge and face reality. I suggest you go to :http://annualcreditreport.com its a free credit report site that will give you the score from all three credit bureaus. There are more sites to choose from, annualcreditreport.com is just a suggestion.
Make sure you check out the company you order your report thru. There are many scams out there. Let me know if you have any questions. I’d love to help you out. Look for more steps to come on unraveling your credit score and what to do now that you have your report.
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