Barb Schlinker The Real Estate Voice

Segment 2 – How to Increase My Credit Score FastBarb, many people do not know what is behind a good credit rating. How can a buyer be in a better position to purchase a home by building good credit or even raising their current score easily? 56% of People Do Not Understand What is Behind Good Credit The Top 3 Reasons for FHA Loan Denial:• Credit Score too low• Too Much Debt• Income not sufficientHow Lenders Decide on Home Loan Approval:• General Rule of Thumb: 29-45% of GROSS Monthly Income Can be DebtIncludes:• Proposed House Payment• Car Payment• Credit Card Payments• Proposed HOA dues• What is a FICO Score? – Credit Score Fair/Isaac created a math algorithm that predicted borrower’s ability to pay into theWays to Improve Score (as Much as 100 Pts:1. Always Pay Your Bills on Time EVERY Time2. Keep Your Credit Card Balances LOW3. Use 30% Off your Credit Limit on Any Card – Lower is Better4. Apply for Higher Credit Limits5. Become an Authorized User on Someone’s Credit Card that has a Higher Score6. Apply for