Practice Credit Wellness!
4 Point Plan to Success: Most people think if they not have claimed bankruptcy or bounced checks then all is well in credit land. Unfortunately, it’s not that simple. If you have let your payment schedules slip or allowed your credit account balances to creep up these practices can seriously impair your creditworthiness. Since the new Fannie Mae and Freddie Mac guidelines for mortgages were released in late December 2007, lenders are being forced to charge more for loans in up front points and fees due to the increased risk factors. This means a low FICO score is costing you higher interest rates not only on your mortgage but for everything from insurance to auto loans. The difference between a low 600’s score and a score over 700 could easily mean $100 a month on a car loan and more on your home payments. Below are some tips for turning things around. The standards have been raised 20 - 40 points across the board this year and document stacks are that much taller! Make 2008 th...