Tag Archives: credit score

Check Your Credit Report

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report_checkGet a copy of your credit report. You can do this for free at Annual Credit Report.

Go over each item on your credit report to verify each debt is in your name. Sometimes debts are put onto reports that don’t belong to that person. When I ran my free credit report I found out I owned a home in Arizona! I’ve never been to Arizona. I was able to have it removed from my credit report but it took some effort. Several years later upon running my free credit report again, I found out I had purchased a pick-up truck! Getting that off my credit report involved a lot of work including filing a police report for fraudulent activity.

It is worth checking your credit report once a year to make sure everything on it is correct.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mythbusters and Your Credit Score #8

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stopMyth: A collection account can only be reported to your credit once.

Busted: Once you’ve entered into debt collection, that collection can be sold many times. Each time the new creditor assumes the debt and begins the collection process it gets reported. Unpaid bills can haunt your credit score for a long time.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mythbusters and Your Credit Score #7

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stopMyth: If you have high balances on your credit card and you pay on time it will improve your score.

Busted: High balances will hurt your score even if you pay on time. Keep your balance to no more than 30% of your credit limit.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mythbusters and Your Credit Score #6

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stopMyth: Running your credit report will lower your credit score.

Busted: When you pull your credit report to review your credit it’s considered a ‘soft inquiry’ and it should not affect your credit score. When a lender or creditor pulls your report for the purpose of giving you a loan or extending your credit it’s considered a ‘hard inquiry’ and it can impact your credit score negatively.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mythbusters and Your Credit Score #5

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stopMyth: All credit reports and credit scores are the same.

Busted: There are three main credit bureaus – Experian, Equifax and Transunion. Each credit report and credit score may vary. Each seek to document your credit history and reflect your credit risk.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mythbusters and Your Credit Score #4

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stopMyth: If you only use cash that will help your credit score.

Busted: Good credit is a process of responsibly using your credit over time. You need to establish your credit history.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mythbusters and Your Credit Score #3

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stopMyth: Credit bureaus don’t make mistakes.

Busted: 80% of credit reports contain some kind of error or mistake. That’s why it’s important to check your credit report regularly.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mythbusters and Your Credit Score #2

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stopMyth: After you’ve paid off a past-due debt it will be taken off your credit report.

Busted: You have to wait 7 years before late payments are removed from your credit report. Bankruptcy takes 10 years.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mythbusters and Your Credit Score #1

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stopMyth: The more money you make means your credit score will be better.

Busted: Your income and how you manage your savings account does not impact your credit score. Income and assets are not used to determine a credit score.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Build Your Credit to Buy a House

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credit_cardYou can actually build your credit to make yourself ready to buy a house. A few things you can do:

  • Rent an apartment – a strong rental history will help you qualify for a mortgage
  • Apply for several major credit cards such as Visa and MasterCard. Department store credit cards are viewed unfavorably.
  • Save a regular amount each month and deposit it into your savings account
  • Use less than 30% of your credit card limits

Be wise with your spending. If you don’t need it, don’t buy it. Save, save, save.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!