Real Estate Advice for Tuesday, August 8th, 2006

Friendly Advice - Tips for Getting Your Mortgage!

1. Review your credit report. In many states, reports can be requested for little or no cost. Request changes to any report that is in error.
2. If a creditor does not respond to the dredit reporting agency within 30 days, the report must be taken off your credit report.
a. Equifax: 800-685-1111, www.equifax.com
b. Experian: 800-682-7654, www.experian.com
c. Trans Union Corp: 800-916-8800, www.tuc.com
3. If you have been turned down for credit, you may get your report for no charge.
4. Credit scoring - Credit scoring is assigning numerical ratings to consumers on the basis of their credit history.
5. How to increase your credit score - To help you attain the best possible credit score, avoid any behavior that will negatively impact your credit scores before your loan closing.

Here are some expert tips:
a. Say "no" to new credit.
b. Don't order any furniture or appliances for a new home, even if no payment is immediately due, as with the no-payment-until-spring deals.
c. Don't let any stores run a credit check for a new credit card when you are shopping or looking for new furniture or appliances.
d. Don't get new credit cards, even when stores offer a discount in return for applying for a card.
e. Pay all credit card bills on time, even if it means paying utility bills late.
f. Refuse increases in your credit limit if the increase is more than you need or is high in relation to your income.
g. Pay off and close any existing accounts with finance companies since they're viewed negatively in the scoring.
h. Close out unused credit card accounts.
i. Maintain at least one of your oldest cards to show a lengthy credit history.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com