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Ep 25 - How Credit Reports Affect Homebuying
Manage episode 360938483 series 3447799
Innehåll tillhandahållet av Michael Miget. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Michael Miget eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
Listen to HomeWise Radio Sunday mornings at 9amCT on NewsTalkSTL 101.9, 94.1, and 99.1 HD3
0:00 SEG 1 Doing credit reports in person | Michael Miget has been helping people buy homes for over 31 years | Finding the humanistic side of home loans | The 3 C’s of underwriting a loan are collateral, character, and capacity | FICO owns the formula used to calculate credit scores | The 3 credit bureaus are Experian, Transunion, and Equifax
18:46 SEG 2 Payment history is only 30% of the formula | There are 5 FICO models | Credit score will dictate what type of loans are available | FHA loan | Conventional loan | Credit score can affect PMI (private mortgage insurance) | HUD (United States Department of Housing and Urban Development) | What number is considered a good credit score? | How a maxed-out Best Buy store credit card affects your credit score | How a longer credit history affects your credit score | The old 10/10 rule | Debt ratio exception
38:33 SEG 3 A tri-merge credit report of the three credit bureaus | Married people don’t have the same credit score | A closed credit card account doesn’t fall off your credit history | Leaving the spouse with the lower credit score of the application is an option | Never assume you have a high credit score
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