Jeff Pearl Homes AR Blog

Follow the Basics When Checking Your Credit Scores

If you plan on purchasing a large ticket item like a new vehicle, land, or house, it is good to know your credit score ahead of time. But where you get those credit scores from can make a huge difference to lenders. So if you are planning on buying a home, stick with proven basics.

(1) Check with whichever lender / loan officer you have chosen to work with first. They know which scores they will use, and they know how they can help improve your score if need be.

(2) Plan ahead, especially if you think your score is borderline. It can take 2-4 months for your score to show improvement.

(3) Get in the habit of monitoring your score, but again, ask your loan officer first.

(4) Whatever payments you currently have, make sure to pay them on time. If you have to, set up automatic payments with your bank, and follow that up by checking you account online to make sure the payment shows in your account.

(5) You can also call and make payments over the phone, but mark your calender ahead of time to remind you when payments are due. Don't assume a grace period will stop some companies from marking your payment as late.

(6) Don't open new store accounts just to get a 15% discount on your purchase.

(7) If you have established credit card accounts, monitor the available credit. Never use over 50% of available credit unless you have some real emergency. If you have a $5000.00 credit limit, try to only use $2000.00 of that. Using only $1500.00 of the $5000.00 is even better.

(8) Just as important as credit score is your debt to income ratio. Discuss that with your loan officer, and make sure you have a clear understanding of it.

 Remember that some loan programs require you to have at least 2 months of payments in reserve. It could be even more. Discuss this with your loan officer. A savings account may be in order.

Don't watch your home buying plans go up in flames because you didn't plan ahead and follow the basics.


up in flames

Jeff Pearl | Lic in VA

Remax Distinctive


Homes | Land | Farms | Historic

Equal Housing

Comment balloon 1 commentJeff Pearl • January 10 2017 01:31PM
Follow the Basics When Checking Your Credit Scores
If you plan on purchasing a large ticket item like a new vehicle, land, or house, it is good to know your credit score ahead of time. But where you get those credit scores from can make a huge difference to lenders. So if you are planning on buying… more
Working with Hoarders and Seniors
When working with seniors, hoarders, and people who either lived through the Depression, or watched their parents live through the Depression, you must be patient and plan ahead. One of the seniors I'm working with now is actually very intelligent… more
Slogan and Branding Ideas For Real Estate Agents
More Pull - Less Bull About a week or so ago, BarbaraTodaro wrote a blog post about slogans and branding. I think most agents agree, they can learn something about marketing from Barbara that will help make their phone ring! I think marketing… more
Lovettsville VA - Buy a Home - Get a Lifestyle
Weverton MD Cliffs and AT Top Center There are numerous things to do outdoors in and around Lovettsville. Yesterday evening we did a fairly quick hike starting at the old Weverton Grist Mill which is on the VA side of the Potomac river. After… more
Fire Prevention Week is October 9 - 15
Fire Prevention Week involves more than just checking the batteries in your smoke alarms, but smoke alarms should be near the top of your list. Here are some other things that should be checked. (1) Smoke Alarms -… more
The 178 Steps Lesson of Buying and Selling Real Estate
Sugarloaf Mountain MD Post inspired by Roy Kelley's post on Sugarloaf Mountain Wine Tasting We've hiked several several trails on Sugarlaof Mountain, ( http://www. sugarloafmd. com/ ) and taken many photographs along the way. I knew someday I would… more
National Chimney Safety Week
The last week of September into the first week of October is National Chimney Safety Week. Homeowners usually start thinking about getting ready for the upcoming winter. One of the things on the maintenance list should be having your chimneys… more
Places of Interest Near Lovettsville VA
If you're considering Lovettsville as a place to call home, I don't think you'll be disappointed. There are numerous activities available year round, as well as nearby attractions in MD and WV. It's about a 20 minute drive to Harpers Ferry WV… more
Lovettsville VA Building Lots for Sale
Jeff Pearl Remax Distinctive Homes | Land | Farms | Historic www. jeffpearlhomes. com more
How to Restore Exterior Brick Stairwell Walls
Well, when a brick wall reaches this point, you need to evaluate it before deciding on how to repair or rebuild it. What is obvious it there is water damage from neglected maintenance. Once the brick rowlock that caps the wall deteriorates, water… more