Lauren Davis
REALTY EXECUTIVES Boston West | 508-254-0449 |

Posted by Lauren Davis on 1/17/2018

Did you know that you could drastically improve your credit score in just a year? Or that there are things that you can actively be doing to keep up your good credit score and make it to excellent? Improving your credit score involves improving many pieces of what makes up a credit score. The tips here are twofold. If your score is low and you are looking to greatly improve it, then you must first figure out why. Review the tips below to see if any listed can help you deal with your credit pitfall(s). If you have an average to good score and just want to improve it as much as possible then each of the steps below can give you insight into how to do so. Balances: The amount of revolving credit you have compared to the credit that you are using is a large factor in your credit score. Itís best to keep your balances from all of your credit cards under 30% of your revolving credit. Even if you pay off your credit cards every month, the amount of credit you are utilizing is recorded. In short, keep balances low, but also keep paying them off each month so you do not end up with a balance than canít be immediately paid off. Credit Inquiries: Hard credit inquiries show up on your report for 2 years, but only affecting your score for around a year. Hard inquiries show that you are looking to use additional credit and too many hard inquiries in a short amount of time can negatively affect your credit score. One or two within a yearís time will not significantly affect your score but as that number gets higher it will. One way around this is to make those couple of inquiries within a 30-day period. FICO will count those inquiries as one since oftentimes multiple inquiries in a short period of time results in one loanó meaning you are not in search of multiple lines of credit/loans. But itís best to be cognizant of this and strategic in how you view your credit report or apply for loans and credit cards. Payment History/On-Time Payments: If you have struggled with paying your bills on time and have seen a suffering credit score then this then would be a main reason behind your low score. And itís time to take action and change that. This is one of the main factors in your credit score and therefore significantly impacting your score, either negatively or positively. Itís important to do everything in your power to pay all bills on time. Even being just a couple days late on payments will have affect. Length of Credit History: Length of credit is not necessary something that you can completely control. But it does have an affect on your credit score. As the length of your credit increases, and given that you are responsible with your credit, your score will improve. The most important piece to remember here is to be responsible with your credit. So what are you waiting for? If you haven't already, sign up for a free credit score site or find out if one of your credit card companies offers it. Frequently checking and seeing your score rise will provide you with the gratification you need to keep on track.

Posted by Lauren Davis on 6/24/2015

Did you know your credit score is always changing? Your credit score could be one number on one day and a different figure the next and even vary from one credit reporting agency to the next. Your credit score also known as your FICO score is†based on the information contained in your credit record. Since your credit file is always changing so is your score. Your credit record changes every time a company you have credit with reports an on-time payment ó or more important, a missed payment that's now more than 30 days late. Your score changes each time your credit card balance changes or you apply for new credit. There are three main credit reporting agencies;†Experian,†TransUnion and Equifax.†Another factor that could affect your score is that not all lenders report to all agencies. To know your credit score you can pull a free credit report from all three agencies once a year. Look for missing or incorrect information. It is important to get that resolved as soon a possible. Click here for more information on obtaining a free credit report.

Posted by Lauren Davis on 1/8/2014

If your dream of owning a home has been crushed by a mortgage denial you are not alone. According to the Mortgage Bankers Association, about half of the applicants who have applied for a mortgage have been turned down. But don't lose hope. † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † Here are some ways to boost the odds of your next mortgage application getting approved: 1. Know why you were rejected. If you are rejected for a mortgage by law you will be given a formal "adverse action" notice from the lender. The reasons for rejection will be outlined in the notice. Some examples of why you could be rejected are: a low credit score, high debt load, or insufficient income. 2. Not all lenders are the same. Guidelines differ so get†a second opinion. 3. Have a bigger down payment. A down payment of 20% of the home's value will increase your odds and lower the lender's risk. 4. Check your credit first. At least six months before you apply for your loan request your credit report from all three credit reporting agencies. Clean up any errors on your report. Corrections may take 60 to 90 days to show up on credit reports. 5. Improve your credit score by avoiding late payments, getting current on delinquent accounts and reducing debts. †Make sure all of your†credit card balances are below 30% of your credit line and reduce your debt-to-income ratio to 36% or less. Follow these tips and you will be well on your way to homeownership.