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Are YOU making your financial life harder than it needs to be?

     Are YOU making your financial life harder 
than it needs to be?  

     Are YOU paying more for utilities, insurance(s), rent, and cell phone plans than your friends are?  You might want to take a look at your Credit ... the reasons WHY may lie there ...

     Seems I'm always compelled to write something on the topic of Credit.  Why it's important to have good Credit.  How to establish good Credit.  How to improve or repair your Credit.  How to keep good Credit Scores ... and much more.

     It also seems there's good reason to be concerned about this topic too.  Personally, as a Chicagoland Mortgage Lender, I see people struggling with this issue on a daily basis.  Or they're just completely unaware of their credit or the impact it has on their lives.   

     My personal experiences are backed-up by fact too.  I read a CBS MoneyWatch article entitled,  "What hurts your credit?  Many have no clue".  Here were some highlights taken from a survey quoted within that article.  The Survey was conducted by Consumer Federal of American in conjunction with credit scoring firm VantageScore Solutions.  

     Now keep in mind, that VantageScore Solutions credit model is configured a bit differently than the 3 major Credit Bureaus utilized by most mortgage lenders ... those being Experian, TransUnion, and Equifax.  Time will tell if their model becomes the norm. 

          But the survey's results still offer a very compelling story.  One that proves that we have a long way to go before the majority of Americans understand what good sound financial habits are ... and how they help build and maintain good Credit and good Credit Scores.   

     Also as important though, it also proves that we're making life very hard on ourselves via our inattention, lack of education and positive action regarding our credit and credit scores.

     The survey showed that:
  •      93% of those surveyed incorrectly thought that comparison-shopping for mortgages would hurt their Credit Scores.  They won't, if inquiries are made within a short-term time frame.  Credit Bureaus assume a number of inquiries within a short period of time indicates rate-shopping for a mortgage.
  •      Around 33% of those surveyed did not know that co-signing for a loan can effect their credit.  It can.  Both for the good and bad.
  •      40% of those surveyed thought that their marriage status effected their Credit Score.  It doesn't.  Credit Bureaus don't care what your marital standing is.
  •      An astounding 42% did not understand that the Interest Rate they receive on their Mortgage is directly tied to their Credit Score.  Have bad Credit Scores?  The Lender is going to consider you a higher risk and more likely to default on future mortgage payments.  You won't get offered the lowest Interest Rate available because of that. 
  •      Almost 25% of those surveyed didn't understand that the balance you owe on each credit card is reflected in your Credit Score too.  Max your cards out or carry high balances?  Even if you're paying your minimum payments on time, your Credit Score is lower because of
    the high balances you keep on your card(s).
Rule of thumb:  The less you owe on a card in ratio to the Credit Line Available, the better.  Ideally that's 50% or less.    
    I can't impress on you enough how important it is to have a good grasp on your finances and credit standing.  Even if you are not planning on Buying a Chicagoland Home or Refinancing your present Chicagoland mortgage (or elsewhere), it remains vitally important to know and understand.   

     How do you get a grip??  Follow a plan.  Get your bills, financial papers, and documentation organized.  It's a good first step and it helps you get a better understanding of your current financial status and outlook.

     Once that is done, run your Credit.  Or speak to an experienced, trusted Mortgage Lender and ask them do it for you.  Sometimes even the smallest improvements or changes made can have a huge impact on Credit Scores.  Payments made more strategically can also have immense power.

     Keep in mind that many Mortgage Lenders provide FREE Credit Reports as part of their services ... and they will also offer FREE basic advice on how to improve or repair Credit or errors on a report.  I definitely do.  And remember, this is very important to do at minimum once a year, no matter your future plans and even if you already have a mortgage.

     Are YOU making your financial life harder than it needs to be?  Are YOU paying more for services, utilities, insurance(s), rent, mortgage payments, and cell phone plans than your friends are? Find out why! Educate yourself and get a grip on your Credit ... NOW!

     *  Looking for a way to get on the road to good financial health so you too can Buy a Chicagoland Home or Refinance the Chicagoland home you're in? 
      Contact me today!  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.  I can be easily found at:
Direct:  815.524.2280
Cell:  708.921.6331
eFax:  815.524.2281   

Ready to Apply for your Mortgage?

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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL



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