How Does My Credit Report Work?

How does my credit report work? That is a question we get quite often in real estate. Many clients don’t understand the “little things” that can make a big difference in their credit score. Evangeline Scott of Summit Funding group explains some simple tips to help you raise your credit score and get you into your home.

  • Have at least four major trade lines.
  • Have at least two years of credit history on those trade lines.
  • Don’t close out your credit cards if you are in the process of purchasing a home.
  • If you use your credit cards, use them all equally.
  • Keep your balance below 50% of the credit limit.
  • Your debt to lending limit should never be more than 30-50%
  • Even if you pay your credit card off at the end of the month, still do not charge over 50% of the credit limit.

For more information regarding your credit score, you may contact Pam McCoy or Evangeline Scott

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You should always consult your Financial Advisor.

Now What After a Shortsale, Foreclosure or Bankruptcy?

Have you gone through a shortsale, bankruptcy or foreclosure?

What can you do now to improve your credit score?

What are some of the steps you can do now in order to purchase a home later?

How do we set ourselves up financially in order to purchase a home again?

How long do I really need to wait before I can purchase a home again?

Evangeline Scott, Certified Mortgage Planner, discusses in this video the answers to these questions. She talks about a program she put together “Home Again” and steps that you may do now to get you back into a home as soon as possible.

Please call me 916-865-8759 if you have any questions or you may comment below.

Helping you get back into a home again.

Your Realtor®,
Pam McCoy

Evangeline Scott, Certified Mortgage Planner NMLS#243997 works for Summit Funding Group and can be reached at 916-496-0160

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