Get the Most out of your Credit Score Webinars!
Don’t be blindsided by bad credit. During these informative webinars we covered common credit questions and solutions. We went over information that will help you develop a plan to get your credit on track to buying. We went over credit score, how to handle credit cards, and if you really need to pay off that bill in collections!
Get the Most out of Your Credit Score Webinar Key Points, Part One:
- Credit Karma is a great way to keep up with what is on your credit report but don’t be surprised when you apply for a mortgage loan if your score is off by up to 100 points in either direction.
- The mortgage industry uses a different FICO score than credit cards that is a lot stricter.
- A credit report is good for up to 120 days.
- A credit inquiry stays on your report for up to 24 months.
- There is a shopping period when you are looking to purchase a home and select a lender.
- This shopping period lasts approximately 30 days.
- Inquiries older than 30 days are factored into your scoring
- Keep credit card balances below 30 percent of your credit line.
- Paying just the minimum balance on a credit card could take you years to pay it off.
- You can calculate how long it will take you to pay off a card based on interest rates.
- Everyone has a different personal credit profile.
- It is best to talk with a credit professional to develop a plan.
- A credit score simulator is used by lenders to see which actions, like paying down a particular balance, can help borrowers the most.
Get the Most out of Your Credit Score Webinar Key Points, Part Two:
- The best way to pay off collections is to develop a plan to pay off delinquent balances and get them removed from your credit report.
- Depending on the situation it may not be necessary to pay off all accounts in collections.
- Medical collections do not always have to be paid off. If you have a good credit score, medical bills will not impact your ability to qualify for a loan.
- After claiming bankruptcy it depends on the type of loan you are applying for but you could qualify immediately up to 4 years. Usually with chapter 7 it’s 2 years.
- You may not have to pay old debts depending on how old they are. Find the statute of limitations time frame for your state. (Please consult with an attorney)
