5 Habits Of People With Good Credit – Florida Mortgage Dude

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Do you have a lower credit score than you’d like and want to see it go up? Here are 5 habits that I’ve seen people have with good credit. Please reference the time stamps if you’re looking for information on a specific topic.

Hi everyone!
My name’s Josh, the Florida Mortgage Dude. Welcome to June 2020. HOLY COW! It has been a crazy year so far and with this craziness some lenders have put in place overlaying guidelines that have increased their minimum credit score requirements. Your credit score is as important now that it has ever been to qualify for a mortgage. So I wanted to share with you the 5 habits I see people have with excellent credit.

Those habits are:
00:49 – They have patience
01:27 – They know their credit score
02:08 – They are mindful of their debt to income ratio
03:02 – They have a mix of credit types
04:14 – They limit their credit inquiries

Here’s a breakdown of each habit:
• Patience – One factor in determining your credit score is your credit history and performance over time. Keeping older credit accounts open and active will help increase your credit score. Creditors want to make sure that you are financial stable. A credit mistake will drop your credit score but time heals all wounds. Keep fighting the good fight and do you best to make the right credit decisions. Your credit score will eventually recover if there has been a mistake in the past.
• Knowing your credit score – Having a credit monitoring service where you can check on your credit is vitally important when trying to improve your credit score. You can setup notifications for when your score has gone up or down, you can look at factors that are helping or hurting your credit score and most of these services offer a feature where you can freeze your credit so no one can run your credit without your approval. The small monthly fee to have a credit monitoring service can save you thousands of dollars in interest on future loans and potentially protect you from identity theft.
• Being mindful of your debt to income ratio – Over extending yourself with monthly liabilities could be a red flag to creditors that you may be under financial strain. This is where we go back to the first habit, patience. Being patient and paying off liabilities at hand and then seeking out new liabilities as you need them shows financial responsibility. Try to avoid multiple car loans. With credit cards try not to exceed 30% of the credit max and pay off that balance monthly.
• Mix of credit types – There are 2 different credit types you can have. Those are installment loans and revolving credit. Installment loans are any loans that have a principle and interest payment with a timeline on when the loan will be paid off. These loans include mortgages, car loans and student loans. Revolving credit is a type of credit that can be used up to a credit limit like credit cards and lines of credit. Having both types of credit shows creditors that you can handle different types of financial responsibility. Also, making those payments on time as agreed is very important if you are trying to achieve a high credit score. Missing a payment here or there will not be detrimental to your credit score but it will set you back. This is where you can take advantage of auto-pay. Some lenders offer a lower interest rate in exchange for that loan to be on auto pay and they know they will receive that payment every month.
• Limit credit inquires – I am always asked “Will this inquiry drop my credit score”? I always follow up with “Have you had any inquiries in the last 90-120 days”? If you have only had a few inquires over the last couple months, me running your credit with more than likely not have a negative impact on your score. The challenge is when you have multiple loan request in a short period of time with multiple credit inquires for each request. This is where your credit inquires start stacking up and could be an indicator that you are going to be under a financial strain. To combat this, you should spread out your large purchases. Purchase the home first. A mortgage is the most difficult type of loan to qualify for and close. Get the car later. Wait a few months before that purchase. The creditors want to see you can handle the new financial responsibility. So once you obtain a new liability, be sure to wait a few months between another purchase.

If you have any questions about your credit scores, any of these habits, buying or refinancing your home, please reach out!

Have a great day! 🤙

Josh McPherson – Florida Mortgage Dude
NMLS # – 1635609 American Home Mortgage
386-793-4898 l josh@ahmfl.com

Are Car Loans Revolving Debt, 5 Habits Of People With Good Credit – Florida Mortgage Dude.

Charge Card Debt Help To Decrease The Stress Level

You will need to find the very best company to work with. Having a high credit report does not mean an individual does not have debt. It can take three to 6 months prior to you have your spending plan down.

5 Habits Of People With Good Credit – Florida Mortgage Dude, Explore latest full videos relevant with Are Car Loans Revolving Debt.

Life Prior To And After Paying Off Debt On Your Credit Cards

They frequently choose to get another loan or credit source to pay the debt off. For instance, individuals will Secured Debt s are beyond the assistance of debt settlement.

So you’ve reached the point where you understand you need assist with your charge card financial obligations, and you have actually decided it’s time to pay them off with a house equity loan. Wait! There are other options. You don’t need to run the risk of the home you’ve worked so hard for, in order to get rid of those charge card balances.

The very first thing you need to do is take a look at your debt. There are two sort of financial obligation. Secured Debt is the first kind. Protected debt is financial obligation that is attached to collateral. This could be the loan on your house or cars and truck. The second type of debt is unsecured debt. This type of debt does not have actually collateral attached to it. This might be a charge card debt or a student loan. When you look over your financial obligation, what kind do you have? Do you have secured or unsecured. If you have unsecured financial obligation, there is an excellent service to your issue.

Now that you know the how you entered debt, why you want to go out and what you will do once you are out. Here are nine-steps for getting out of consumer debt and avoiding forever.

Settlement and management both work by getting the concept amounts owed decreased. Overcoming debt relief business instead of consolidators, a consumer can be Debt Free in 12 to 36 months, and still have the one regular monthly payment plan that debt consolidation provides. They both make sense. The consumer manages to remove his/her financial obligation, but doesn’t take fifteen or twenty years to repay a huge loan. A few years can make a big distinction.

According to a U.S. Congress report, the average United States household has debt that more surpasses over 40% of what they make on a monthly basis. In recent surveys from 2008 the typical balance rose 30.5% to an average of $7350.00. According to the same report put out by U.S. Congress, consumers have Revolving Debt totaling an amount of $950 billion.

It is constantly better to choose an option that does not ruin your prominence forever. By submitting bankruptcy one totally ruins their credit report however with the help of debt relief programs ones repute will be reduced but with the passage of time one can restore their repute. Most notably one can end up being a debt free a lot faster and in a safer way with a future for more loans and credit card use. Whereas personal bankruptcy would destroy ones image permanently and they would never have the ability to take loans again from any financial institutions.

The first loan kind is called a secure debt loan. What is secured debt? Safe debt is “that category of debt in which a financial institution is approved a portion with the pack of rights to defined property” (Secured financial obligation, n.d.). So if you participated in a secure debt loan and also you defaulted within the home loan, the bank would repossess the vehicles. This is determined as shortage judgment. Of course, you likewise had the alternative of an using a surety, co-signer, who will take control of the payments for anyone who is not able to. Purchases that will require a protected debt loan might include a boat, auto, house, 2nd on a home, land, and so on.

Your present balances will bring in the interest from the date on which these transactions happened. There is a preconception that declare insolvency is incorrect. Make your Revolving Debt payments ahead of schedule.

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