All articles in Fico Credit Scores

How is my credit score impacted by paying a charge off?

It is much easier to get paid charge-offs removed than unpaid charge-offs. There is no incentive for the creditor to fight the dispute, since they already have their money. So if you dispute the charge-off, the credit bureaus will send a verification request to the creditor. Most often the creditor will ignore the verification request. After 30 days with no response from the creditor, the credit bureaus will remove the charge-off form your credit bureau. Continue reading How is my credit score impacted by paying a charge off?

Fixing Credit Report Errors in 3 Easy Steps

Fico Score Improvement

Credit Repair Companies, even the good ones (and I say that very generously) remind me of a quote from one of my all time favorite private dick movies “the Two Jakes”. In the opening scenes Jake finds himself at the top of the heap, professionally speaking, the “leper with the most fingers.” This is how I feel about credit repair companies, even the good ones are just one finger away from being fingerless.

It just got a little bit easier to buy a home in Raleigh

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Credit requirements for a loan in Raleigh gets easier

A few weeks ago I sent an email to my clients titled “Credit standards ARE loosening” which was inspired by a blog  FHA 203(b) Loans for North Carolina borrowers with 620 Fico Scores . In that email I pontificated that because of rising interest rates, the Fed exiting the space  it has occupied for too long as well as improving real estate sales, private equity was returning to the marketplace and that we would begin seeing a relaxing of lending guidelines. Continue reading It just got a little bit easier to buy a home in Raleigh

Private Mortgage Insurance helps lead the way in the Housing Recovery

Private Mortgage Insurers leading the way in housing recovery

Here's a link to Ricardo Cobos's mobile tool kit for mortgages: http://raleigh.mortgagemapp.com/mobile
Example of how PMI stretches your home-buying dollar.

 

One of the earliest indicators of the housing meltdown which began in 2007 was that issuers of Private Mortgage Insurance (PMI) began to contract their underwriting guidelines for issuing PMI policies.  In fact, so bad was the meltdown that many PMI companies either stopped issuing policies altogether while some were even forced file for bankruptcy protection. Continue reading Private Mortgage Insurance helps lead the way in the Housing Recovery

How to DIY Credit Repair Tips

Buyer Beware of “Credit Repair”

One of the booming  cottage industries that has emerged from the Great Recession is credit repair companies. Most are by the same people who flew the sub prime mortgage industry into the ground lying to home buyers about their ability to refinance out of a high cost mortgage into a more affordable long-term mortgage in just two short years once their credit improved. Continue reading How to DIY Credit Repair Tips

Rent payments now appear on Experian credit reports

Even if you use traditional credit very little, now you can build a good history by having your rent payments reported to the credit bureau. Continue reading Rent payments now appear on Experian credit reports