World News Report

I just got back from Mauai and want to get right back to the writing thing here. As you may already be aware, there have been some interesting changes in the overall real estate/mortgage and loan sector in general. For their part, loan officers now are forced to disclose to the potential client pertinent data concerning just how much money they are recieving from the bank for your particular loan. One way to get a lower interest rate it sto simply go straight to Bank Of America (or whoever) and cut out the mddleman entirely. In addition, you can of course obtain a better loan interest rate is by cultivating a strong credit score. For their part, FICO scores are a measure of a consumer’s creditworthiness. They range from 300 to
850, and naturally the higher the better. The average credit score in the United States is about 700. If you want to buy Maui real estate for example you will want a pretty high score. FICO scores are important, however, they are only one of several things the bankers use. Borrower’s background references, their ability to repay the loan, and collateral are also important. The main factors that affect your credit score are your total debt, how long you have had it, and how much credit has been used.
There are 3 ways to improve your credit score. Pay your bills in time, don’t get too close to the credit limit, and don’t apply for a new credit too often. A foreclosed home or personal bankruptcy does the most severe damage to the FICO score. It can lower the score by as much as 150 points. It will take up to seven years to completely rehabilitate the rating. I personally think that it is not soo harsh. Also, we should remember that sometimes a few points will be taken off your credit score if the score gets reqested too often when you are shopping for some products. As of January 2011, you have the right to receive your credit score every time lenders make their decisions.