Brushing
Up on the Key Factor for Getting a Loan
845
544 4026
riggsmarcella@gmail.com
Whether Pearl River residents are looking for
a home equity line of credit, a refi, or a new mortgage, when it comes to
getting a loan, everyone knows that it’s the credit score that ultimately
determines the outcome. Yet when it comes to a working knowledge of what major
factors affect your score, a new survey shows that many of us are less certain
than we should be.
The Consumer Federation of America is a
nonprofit outfit that from time to time releases reports designed to improve
that situation. Their latest is a sort of report card on how much average
adults understand about credit scoring — the key factor in getting a loan of
any kind.
On the plus side of the report card, CFA says
that people who have obtained one or more of their own credit scores within the
past year are significantly better-informed than those who have not. No
surprise there. Those people tend to know that there are three large credit
bureaus (although how anyone who watches TV doesn’t already know that is a
mystery to me).
On the minus side, more men than women
misunderstand how age and marital status affect their credit scores (those
factors have no effect). Men, on the other hand, “are more skeptical than women
about the value of credit repair agencies.” CFA doesn’t go into why that is,
but I’d like to think that it’s because they understand that a more
straightforward way to repair your credit is to pay all bills on time.
Sandwiched in among the charts and graphs are
various bits of good advice for any Pearl River resident getting a loan. A few bear repeating:
1.
Avoid maxing out credit cards; try not to
even get close
2.
Pay down debt instead of just moving it from
account to account
3.
Keep track of your credit from time to time,
even if you’re not planning on getting a loan right away
If you are planning to become a Pearl
River buyer or seller in the near future, I’m here to help you make the most
it. Call me anytime. Marcella 845 544 4026 or email me at riggsmarcella@gmail.com
& I’ll put you in touch with some really good people who will give you
sound advice! Click here to check out some listings in the Pearl River area!
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