Bay Realty Blog: Do You Have Plans for the Weekend? Those Plans Should Include Checking Your Credit

Do You Have Plans for the Weekend? Those Plans Should Include Checking Your Credit

This is a great post for folks who have no credit. Thank you to Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi  for providing such a clear cut path to good credit!

 

 
Do You Have Plans for the Weekend? 
Those Plans Should Include Checking Your Credit




Another weekend is just around the corner ... do you have plans?   

 

Silly question, I know.  But even if you already have a boatload of activities on your calendar, carve out enough time to add one more important activity.  

 

Check your credit and credit scores!    

   

It only takes a couple of minutes to request your free Credit Report on  annualcreditreport.com. You fill out a simple form and "viola"!  It's really pretty easy peasy.  

 

While this one simple act is accomplished quickly and easily, it's well worth doing as it reaps you long-term benefits.  So once your busy weekend is behind you and you have a bit of downtime, make sure to take that time to sift through the valuable information received within your free report.  

 

Take special note of this information:

     1.  Your personal info, Social Security Numbers, Date of Birth, Full EXACT Name, and Address

 
     2.  Your credit rating  

     3.  ALL your credit accounts.  Are they being reported?

     4.  Are any late/missed payments showing? If so, what is the true status of these accounts? 


But ... what if you're someone that has NO credit lines or little credit being reported?  What if you wish to establish credit and credit history?  What then?
 
There are some simple steps you can take to accomplish that.  Those are:

  • Open up a Credit Card (known as revolving debt) with a modest borrowing limit. 
    Major retailers and gasoline companies are two (2) good examples of this type of debt. (Make sure prior to taking out new credit or initiating a new credit card, that the company utilized reports to the Credit Bureaus)
  • Use the newly-established credit card by charging purchases within your budget constraints.  Pay the balance on time and in full each month.
 
I recommend that first-time credit users open only one or two credit lines, to begin with.  Take small steps.  Learn to handle your credit wisely.  Crawl before you walk. 
  • Consider using a co-signer to establish a credit account. Lenders consider the co-signer's credit as existing credit.  

    Note: Co-signing is not without risk, so consider this action carefully prior to doing it.  Also:  Make sure the co-signer involved has a long good credit history.
 
  • Open a "secured" account" with a credit union or credit card company or other company that allows it.  The bank where you keep your savings and checking account is typically a great option.   
     What's a Secured Account?   A "secured" account" is one where a deposit of cash (such as $250, $500, $1,000) is made with the credit company, as collateral for a credit card.  When establishing this type of card, you essentially "pledge" an amount ($500 - $1,000), then repay the bank or credit company over 12 regular installments to pay that amount off.  
      
     Of Note:  Secured Accounts can also be very helpful for those that suffered through a Bankruptcy or Foreclosure or had other credit issues in the past.
 
I must point out here ... if you hope to become a home buyer soon or in the future ...
 
As a rule:  The establishment of 2 (sometimes 3) forms of trade-line/credit such as Revolving and Student Loans will be needed prior to applying for Mortgage. 
 
 
Underwriters and Mortgage Lenders will ask that you:
 
  • Provide concrete evidence proving that you have the current ability to make payments on the Mortgage for which you are applying. 
  • Provide proof in the form of a Credit Report that you have a "documentable history" of honoring your credit obligations.  Timing is everything in this regards. 

 

Take these steps to establish credit cards and credit history well in advance of applying for a  Mortgage, as it can take up to 6 months of payment history to build a credit score or improve existing ones.  Lenders need a significant credit "storyline" to follow during your Underwriting Process.
 
And remember, once your credit has been established, all credit card balances should be maintained well below the Maximum Credit Limit.  (30% is optimum.  50% maximum, including finance charges.)  Most importantly ... make all your payments on time!
 
Act proactively regarding this issue if you hope to buy.  Reach out to me as soon as you make your home buying decision.  The info and assistance garnered will prove extremely beneficial at the time of your purchase/mortgage application and save you money. 
 
Whether renter, future home buyer, or just beginning your credit story ... it's important that you review your credit and credit scores, at minimum, once per year.  There'll be no better time than now, this weekend ...
 

 

*  Hoping to establish good credit? Have credit questions? 
 
Or are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County -  Chicagoland - IL/WI? 
 
 
Contact me today!  I'll put my 40 years of mortgage experience and expertise to work on your behalf.  
I'm easily found at: 
 

Gene Mundt
 
Mortgage Originator  -  NMLS #216987  -  IL Lic. 031.0006220  -  WI License #216987
 
American Portfolio Mortgage Corp.
NMLS #175656
 
 
Direct:  815.524.2280
Cell:  708.921.6331
eFax:  815.524.2281
 
 
 
 

  

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ 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, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

    Bay Realty

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     Email us at Debra@BayRealtyAlaska.com

        Or Debral@ptialaska.net

Comment balloon 17 commentsDebra Leisek • June 11 2019 05:17AM

Comments

Loved the question luckily I have showings planned for the weekend but our friend Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi   makes a good point excellent reblog, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 4 months ago

Thank you Endre Barath, Jr.  It is always good to hear from you! Good luck on the showings....not that you need luck when you have skill!

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) 4 months ago

Good morning, Debra Leisek great choice for a reblog.... I'm very careful and mindful of my credit rating.... 

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 4 months ago

I am sure you are Barbara Todaro As in all things!!  thank you

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) 4 months ago

You are wonderful, Debra Leisek ... and so kind to share this info with your readers.  Simply ... thank you!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) 4 months ago

Thank you vry much for sharing this excellent reblog selection.

Posted by Roy Kelley (Realty Group Referrals) 4 months ago

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 

Your posts are always worth Sharing! You give us such good clear information!

 

Hello Roy Kelley Always good to hear from you!!

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) 4 months ago

Debra Leisek - When it comes to a good re-blog, you can't go wrong with Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi!

As far as buying and selling real estate in AK, nobody can go wrong when they hire you! It would be so much fun to work with you! 

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) 3 months ago

Debra Leisek - Happy July 21st! I hope you're not going through a heatwave and that life is good in beautiful Homer, AK!

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) 3 months ago

Definintely a great blog to share and sage advice for the consumer, Debra! Funny but, we are on a mission to buy a lake lot/house and we just had ours pulled today for our pre-approval!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 3 months ago

I hope you have enjoyed a very productive summer.

Have an outstanding September.

Posted by Roy Kelley (Realty Group Referrals) about 1 month ago

Hi Debra:

Well I missed Gene's post so thank you for sharing. It's some pretty wise advice!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 18 days ago

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi  is always spot on with Good Advice  Thank you Jeff Dowler, CRS 

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) 18 days ago

Good Morning Debra Leisek! Now that the holidays are approaching monitoring credit scores and paying attention to credit card statements is very important. Everyone working end of year goals would be wise to see what is going on with their credit portfolio! Thanks for sharing!!! This re-blog is work repeating. Have a nice day and stay strong!  

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) 17 days ago

Thank you very much Patricia Feager, MBA, CRS, GRI,MRP 

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 

is always worth listening too! 

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) 16 days ago

Debra Leisek - You are always a joy. I wish you and your family all the best that life can bring. One of my favorite quotes is by John Muir.

"To the lover of wilderness, Alaska is one of the most wonderful countries in the world."---John Muir

I don't think I hear enough about how beautiful and wonderful Alaska is but I'm glad to know that one of the greatest members of ActiveRain loves living in Alaska.

Happy Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, and Saturday every week of every year!

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) 7 days ago

you inspire me in so many ways Patricia Feager, MBA, CRS, GRI,MRP 

thank you for being my friend. I appreciate ti!

I better start doing some blogs so you dont have to keep coming back to this one!!

thank you 

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) 6 days ago

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