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Market News and Trends, The Business of Real Estate

Don’t unintentionally hurt your credit score


Here is a short but important article from RISMedia today:

3 Common Misconceptions That Needlessly Lower Credit Scores

Mortgage professionals counsel their clients about many pros and cons of managing credit from preapproval to closing, and most provide good advice to prospective borrowers whose FICO scores are too low to qualify for a loan.  Commonly, “don’t open new credit lines” features prominently on everybody’s lists, and more than once I have told my clients — not facetiously — that I do not want a call from them a week before closing inviting me to come see their new car.  ARRRGGGHHH!

The RISMedia article correctly points out that there are other mistakes people make that seem to make perfect sense, but that will lower their credit scores.  This is VERY important information.

Of course, increasing your FICO score may not be your only objective, and you can get different advice from different advisors about how to get out of debt as efficiently as possible.  If increasing or maintaining your credit score is your top priority, though, you MUST read that article.

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

Discussion

2 thoughts on “Don’t unintentionally hurt your credit score

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    Posted by Cleopatra Dinehart | February 10, 2011, 6:33 PM

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