LivingMalibu.com » Credit Score http://www.livingmalibu.com Malibu Real Estate-Malibu Homes For Sale Tue, 18 Jul 2017 20:51:46 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Financing Your Malibu Home? http://www.livingmalibu.com/financing-your-malibu-home/ http://www.livingmalibu.com/financing-your-malibu-home/#comments Wed, 24 Oct 2012 02:50:25 +0000 ritasimpson http://www.livingmalibu.com/?p=2440

So you decided to take advantage of the historic low interest rates and the bottom of the market? Here are some tips from the pros to make sure your credit score is the best it can be and assure you can finance you Malibu Home Purchase.

1-If you have a $5,000 credit card limit and owe ...]]>

So you decided to take advantage of the historic low interest rates and the bottom of the market? Here are some tips from the pros to make sure your credit score is the best it can be and assure you can finance you Malibu Home Purchase.

1-If you have a $5,000 credit card limit and owe $4,500 that will “ding” your FICO score while owing under $1,000 will probably not matter.

2-If you make the payment 30 or more days after it is due your FICO will get whacked and 60 days is deadly.

3-If you finally manage to pay off a credit card you have had for years that will improve your FICO unless you then close it.  Bad move as closing it lowers your score.

4-Money in the bank?  Always a great goal and essential for buying a home and a good night’s sleep.

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Why You Might Not Get Best Rates, When Shopping To Finance Your Malibu Home http://www.livingmalibu.com/why-you-might-not-get-best-rates-when-shopping-to-finance-your-malibu-home/ http://www.livingmalibu.com/why-you-might-not-get-best-rates-when-shopping-to-finance-your-malibu-home/#comments Wed, 26 Sep 2012 18:22:36 +0000 ritasimpson http://www.livingmalibu.com/?p=2368

When shopping for a mortgage to finance your new home in Malibu keep in mind that one in five consumers are likely to receive a different credit score from what a creditor will use to price a loan, according to the Consumer Financial Protection Bureau.

Many consumers incorrectly believe that the scores they purchase are the ...]]>

When shopping for a mortgage to finance your new home in Malibu keep in mind that one in five consumers are likely to receive a different credit score from what a creditor will use to price a loan, according to the Consumer Financial Protection Bureau.

Many consumers incorrectly believe that the scores they purchase are the same ones used by lenders. The Consumer Financial Protection Bureau sites FICO scores, which are widely used by lenders, as having different credit scoring models for lenders and consumers that can vary. VantageScore also has different types of credit scores, and that may lead consumers to believe they are eligible to rates they really won’t qualify for.

Source: “Regulator Sees Flaws in Credit-Score Information,” The Wall Street Journal (Sept. 25, 2012)

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