Monday, September 14, 2009

Credit Scores: What's Important to Know Now?

Credit Scores: What's Important to Know Now?


Your good credit may be taking a beating even though your score has not changed. 
Lenders have tightened up the requirements by 120 points in some cases.

The Wall Street Journal had a great article on Credit and Credit Scores.  Here are some of the things covered there.
Paying off your cards each month may not give you the best score possible.
Taking advantage of reward cards may affect my creditworthiness.
One 30 day late will ding your credit for a year.
Your credit report stays with you for life.
The score I pay for or get for free may not be my real score.

Check out the article for more information at

Your score does make a difference.
This is on a 30 year, $300K, fixed loan on 9/11/09
FICO        APR       Mo. Pmt.
760-850    4.768%    $1,568
620-639    6.357%    $1,868

Another interesting article from the San Diego Union Tribune talks about how much damage is done to your credit score with a Loan Modification, short sale, foreclosure or bankruptcy.

Want more info on credit scores, call or e-mail me and I can e-mail you more info.
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Expert
Taylor Place Real Estate  760-436-0087

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