808 Oahu Realtor (Ryan Riggins) License #RS-74740

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Things That Kill Your Credit

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Some people take their credit for granted and don’t start paying attention to it until they need it. The problem with this is that it could delay if not altogether cause the loan to be denied. iStock_000050117608_250.jpg

The most common issue is not correcting items on your credit report. A large majority of credit reports have errors but not all of them are critical. Since it takes time to remove them, it is a good practice to review your free credit reports from each Experian, TransUnion and Equifax once a year at www.AnnualCreditReport.com.

Another problem is making late payments. One 30-day late payment could be enough to cause a borrower to pay a higher interest rate or even be denied a loan. Payments have a due date and even when they allow a few days before a late fee kicks in, if it isn’t on-time, it is late.

Maxing out credit cards is another big problem. Ideally, a person wants to have an outstanding balance of no more than 30% of their available credit. As the percentage of available credit decreases, the credit score will go down.

Bad credit can not only keep you from getting the loan you want, it can raise your rates on the insurance you buy. In a study released by the Consumer Federation of America, people with good credit paid less than people with average and poor credit. Their results indicate that some customers with poor credit scores were charged about twice as much as those with excellent scores.

A prudent idea if you are going to be moving to a larger home is to get pre-approved with a trusted mortgage professional before you sell your current home. Occasionally, sellers find out after they’ve sold their home that they can’t qualify for another mortgage.

Author: Ryan Riggins (RA)

Born and Raised on Oahu my approach to the real estate business is different than most agents working in the industry today. The average agent sells fewer than 7 homes a year while attempting to manage every aspect of the business all by themselves. This approach allows them very little time working directly with buyers and sellers because they are so overwhelmed with all the busy work that is required behind the scenes. My system allows me to spend 90% of my time working directly with clients who want to buy and sell real estate today and in the very near future. Here at John Riggins Real Estate we have been helping families move since 1977. We specialize in the Aiea to Kapolei area but not limited to Ewa Beach area. To see all the great ways we help buyers and to view what differentiates us from the typical realtor in the area, visit http://tinyurl.com/clientsuccessstorys Because of Ryan's Military Relocation Expertise, Ryan's success revolves around that same simple principle his Mother and Father instilled in him; serving those who serve our country. His track record shows that he puts his clients first and in a high paced market, he is making VA loans work for our soldiers, sailors, airmen and marines. With previous clients ranging from E-5's to 04's, Ryan is ready and willing to make sure all those who have served our country, have every opportunity to own their piece of it. For the majority of people the purchase or sale of a home is their largest single investment. My goal is to guide you successfully and easily through the contractual, investment, and emotional decisions involved in the Real Estate process. I am committed to providing you, your family and your friends with superior service and expertise and to make it the most memorable purchase of your life.

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