Owning A Home and Your Credit Score: from my favorite Jacksonville FL Realtor

By
Real Estate Agent with Your Choice Real Estate

Question.  How does your credit score effect your choice to buy a Jacksonville FL property?  Read on!  Here is a handy list.

First and foremost it is important to note that credit scores range from 200-800.  The higher the better.  When we bought our house I had a zero score (years of cash only) and had to quickly establish a line or credit.  Lenders like to see a score of 620 and higher--but don't give up if you are lower, just shop lenders, and do not pull your credit too often.  Onward!

  • Variety.  The goal is to have credit lines that are not identical.  Example:  a credit card, a car payment, furniture loan, etc.  That is the overall goal, but please keep in mind that it is important to not open anything new until you consult your lender.
  • Time.  The longer the better in this case.  You want a nice lengthy time line of great or good payment history.  Generally speaking between 2-14 years is average, with the variables on both sides.  Consistency and time.  Good stuff.
  • New Credit.  Speaking of time.  Nothing new--follow the basics of the home buyer commandments: do not open, do not close, do not switch, do not buy large items.  I am sure we all get the picture!  Nice, stable, easy to read.
  • How Much.  A friend of mine recently had her credit card limit reduced to the amount she owes.  Not an issue, right?  Wrong.  That card now reflects a 100% debt ratio.  Better to keep the higher limit, and the same balance (which she will keep paying on time:)) and show that there is 'room' on that card, and that it has a better debt ratio.  At least that's what her lender told her.  BTW--she called the company and they raised it again based on the original qualifying agreement.
  • Payment History.  The big one.  Pay on time, or make arrangements if you cannot.  Bottom line.  Your payment history matters.  Enough .said.

Regardless of the tax incentive, the number of homes on market, the great pricing--if your credit score is off and you are wanting lending then start to clean up the credit score.  A good lender can assist with the clean up.  And after it is cleaned up, let's start to search for homes in Jacksonville FL.

On a side note.  I've changed my personal website recently and would really like some feedback!  Click here and it will take you to the home page---and thank you!

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Rainer
43,069
Citrus County Florida Real Estate
Tropic Shores Realty

This is great advice. Most home buyers are not aware of credit score issues or even the minor details. Most home buyers need to be educated on this topic.

March 11, 2010 08:57 PM
Rainer
135,477
Charlie Gantz
J.D., M.B.A.
Keller Williams Commercial, Tampa Bay

Thanks for the review of the importance of credit rating and purchasing real estate.  Charlie Gantz, Greenwood, IN; J.D., M.B.A.; Owner/Principal Broker, Atlas Commercial Real Estate, LLC

March 11, 2010 08:58 PM
Rainer
69,113
Christa LaFarlette (la-far-let)
Your Choice Real Estate

Thanks!  And I was hoping to post it tomorrow night!  But I will think of something new....and have posted this to public:-)

We caravaned in the rain today--tomorrow may be a DayQuil day!

March 11, 2010 09:19 PM
Rainmaker
231,945
Sara Woolford & Steve Golson, ALHS
iTexas Realty Co.

Hi Christa-

Too many people are aware of how important their payment history is, as well as their debt to open credit ratio. Thanks for giving them more food for thought!

--Sara

March 13, 2010 11:44 PM
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Rainer
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Christa LaFarlette (la-far-let)

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Additional Information

Your Choice Real Estate is proud to represent excellence in real estate and serve the greater Jacksonville areas--including Orange Park. __________________________ A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door. And the way you can instantly envision your life unfolding there. It is about more than real estate. It is about your life and your dreams. So, let's chat, learn, and discover what your dreams and goals for real estate are--and then let's get going! This blog represents ONLY the writers opinion.