If you are in the market to sell your Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of selling your home.
If you are in the market for a Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of buying a home.
Dawn Barrier
Century 21 Aadvantage Gold
(702) 812-4550
10 Myths About Credit Scores Debunked direct from RISMEDIA, May 7, 2009...Read full article here...
Myth #1: A credit score is a credit report. The credit report is a detailed listing of all debts and payments, going back throughout an individual's entire payment history, Ewing explained. For each entry, it shows the creditor's name, amount owed, the highest balance owed, the available credit, whether the account is open or closed (and who closed it), the number of late payments and whether the account is in default.
A credit score is a number between 300 and 850 that is based on complex formulas incorporating all the data in the credit report.
Myth #2: Those who are not in default do not need to check their credit report. Everyone should check his or her credit report at least once a year (quarterly is not a bad idea in today's market) to be sure the report contains no erroneous information. Visit www.annualcreditreport.com for a free, no-obligation copy of the report.
Myth #3: Checking a credit report damages credit. Reviewing your own credit information has no effect on a credit score. Neither does a credit report review by a prospective landlord or employer.
Myth #4: Everyone has one credit score. Credit score calculations are compiled using data from three different credit scoring agencies (Equifax, Experian and TransUnion). The resulting scores might vary slightly among the three agencies if they have slightly different information, but they will be similar.
Myth #5: Married couples share a credit score. If all of a couple's accounts are joint, their scores will likely be similar, but each individual maintains a unique credit record and credit score. On the flip side, after a divorce, ex-spouses need to follow protocol to have creditors remove either party from a joint account.
Myth #6: Shopping for a loan destroys credit. It is true that "hard inquiries" - examinations of a credit score in preparation for extending credit can have a small negative impact on credit. However, credit bureaus take into account that consumers might inquire about a loan from multiple mortgage companies or auto lenders. "If multiple inquiries are received from the same type of lender within a 14-day period, the credit scoring companies do not count each inquiry against the borrower," Ewing explained. But credit card account inquiries to open new accounts are counted individually.
Myth #7: To improve a score, close unused accounts. An important component of a credit score is available credit, or the unused credit that has been offered (on a credit card, for instance) but not used. Closing unused cards removes those available balances from the equation and can actually lower a credit score.
Myth #8: To boost credit quickly, just pay off bills. Credit scores reflect performance over time. Scores will not change overnight.
Myth #9: For a fee, vendors can fix a bad score. Again, credit scores show historic behavior. Be cautious about companies that claim to "fix" or "repair" credit. "You yourself can remove inaccurate information," Ewing said. "Beyond that, be aware that some companies send credit scorers a deluge of letters asking that they verify - and in the process, remove all past negative information. If and when truthful information is verified, however, it will quickly return to the credit report."
Myth #10: Never get help - it is too hard on credit. It is true that credit counseling, debt settlement and bankruptcy all can cause significant black marks on a credit report. "If you are in real trouble, however, you can and should seek help," Ewing urged. "Which option you choose will depend on the severity of your situation. Credit counseling can help to manage bills, and lower interest rates and monthly payments to creditors. Debt settlement firms can negotiate to lower the principal amount of your debts, typically providing a faster path to debt freedom than credit counseling. Bankruptcy, an even more serious alternative, should be discussed with a bankruptcy attorney."
Las Vegas Nevada Home Buyers Get your Credit Ck & Preapproval....I highly recommend you do this before you start your home search.
Don't waste your valuable time by searching and looking at homes you can't afford. Many times buyers start looking at homes on the internet and may even think they can afford the home when in reality they can't. I know many say "oh, I'm just wanting to see what is out there", but I have seen way too many buyers fall in love with a home (or neighborhood) way out of there price range and it just hits them harder to find out later that they can't afford the home or due to the market conditions, they can't even qualify for a loan.
Getting a lender to do a preapproval for you is something most do for free and most can give you an answer within the day as to how much home you can afford and your approximate home payment. A good place to start is with your bank or credit union you currently use. Once you get that preapproval, give me a call and I will happy to help you find that home that is within your preapproved price range.
If you are in the market to sell your Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of selling your home.
If you are in the market for a Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of buying a home.
Dawn Barrier
Century 21 Aadvantage Gold
614 N. Rainbow Blvd
Las Vegas, Nv 89107
(702) 812-4550
www.LasVegasHotHomes.com
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