MortgagesUndressed

We live in a world where we can buy anything we want with out cash. We use credit cards, mortgages, and home equity loans. Unfortunately it all has to be paid back with interest and that can mess things up. Think before you borrow.

The Mortgage Blog Ghost Writer

Ben Comilang Serving Tacoma Wa. and Federal Way

Referred by Carol Miller - Keller Williams Puyallup and Debi Leavitt - Windermere Federal Way

To contact Ben phone his cell: 253-653-5989 or email: ben.comilang@nationalmortgage.cc

Question: Is it true that my FICO score can’t recover from a negative mark for 7 years?

Answer: Click here for the answer on our FICO AND Credit blog.

I am noticing that a lot of folks just can’t control their desire to buy with credit cards. They cannot control having high balances. People who took a wise step in getting out of 18% credit card rates through refinancing their home are running their balances up again. The intent was good, paying off those high interest rate balances.

However I have observed:

The urge to buy is running high.
The urge to spend is in control again.

The strength to resist just does not exhist.
Being mature - a trait that doesn’t endure.

So being the pragmatist I am. (ho ho ho) I decided to make the mobs of credit card addicts my benefactors. I took my entire retirement investments and put them in the new mutual investment fund you may have heard of: “Credit Card Cocaine Fund”

“Credit Card Cocaine Fund” is a unique fund that purchases stock in companies that understand the human addiction to high balances and using up every ounce of credit limit one can acquire. It focuses on companies with research departments that identify the people that are willing to pay the highest rate of interest. It has the uncanny capacity to spot those companies that willingly raise the credit lines of those most likely to use them.

Now how about this for business savvy! One of these companies has determined how to identify the genetic propensity to become addicted to continually having credit card balances. Yes this is a fact.

These genetic marvels start receiving toy credit cards for Christmas and anonymous birthday presents beginning at age 8. This idea came from James J Smoke, who was a noted research analyist for the cigarette industry. Smoke is solely responsible for persuading the candy companies to start selling chocolate cigarettes. They had to subsidize the candy companies as this ended up in providing greater sales for the cigarette companies long term. It became a fact that the kids stopped buying the chocolate kind for the hard stuff, you know real cigarettes.

So old Smoke used this knowledge and moved on to higher income at the international advisory council for earning high rates of interest. It is said, his idea of toy credit cards is garnering him a huge bonus.

Aside from all this complicated data, is the simple fact that my retirement is in your hands, all this thanks to the new investment fund that targets the right people buying the right stuff, any stuff. That is any stuff paid by credit card.

Keep those credit card balances high please. I must retire someday.

Better yet, you could move to Addictsville, Texas (shown below) where you must make every purchase with credit cards and are subject to an annual audit proving you never pay the balances off.

Larry Cragun

Not only do lenders and insurance companies judge you by your credit score, but so do employers. Get that score up. Know what to do. It will cost you an inquiry but our new FICO Dr. (Link on the right Folks) will show you exactly what to do to fix your score and by how much.

Credit Wrinkle: Tip

Did you know that your credit score will probably get worse, not better, if you pay off an old collection?

Tip: Don’t pay off old collections if you are about to purchase a home. An experienced loan officer can guide you through what to do and when.

You can ask questions about this on this forum. Click Comment 1st and type in your question.

Larry Cragun

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First of all I would like to say how proud I am of her. She is such a responsible person. When we got married I think it was a real act of faith for her. She the conservative babe and me the get up and go risk taker. So many men I know, like me, are just lucky ducks.

Here are the reasons her score is higer than mine.

1- She has more borrowing power than do I. By this I mean, she has some credit cards I don’t.

2- She has no balances on her cards, I have some balances.

3- She has had accounts open longer than do I.

4- My report shows several inquiries over the last few months, hers none. Dang those car dealers anyway.

5- She is female. I can’t prove it, but I think FICo gives 20 points for being female. After all they are more mature.

Have a happy score. Lar

If you hire it done, A credit repair company or person will only charge you for what they can’t do, and what you should do, and what you can do, if you will do.

Read a book, say a prayer, make the call yourself. Look at your report, make a plan, call the creditors, make a deal, do it yourself.

If you have bad credit you should be able to turn it around in a year. The runaway market prices are mostly in the past. It is time to be patient and mature. It is also time to start planning on that new home.

“Bonnies Comment” Larry, When customers come to me with rejections in hand, I send them to a mortgage officer that adheres to your principles. Even if it takes a year to clear up the credit issues (and many times it doesn’t take that long if they’re committed to the process), they will be in a better position to survive the shift to ownership. There is so much more involved in ownership than just the mortgage that paying for high interest rates is sometimes the ticket to failure. I encourage my clients to make a plan with the mortgage officer to clean up the credit and take baby steps toward their goal to buy a house. Baby steps move you gradually closer to the goal until you’ve arrived without realizing it.

This was posted as a comment by Bonnie Ericksen of Real Estate Snippets and deserves front page. Lar

A colleague wanted to do the right thing so after getting her scores up high enough for refinancing at a better rate, she wanted to complete the process by paying off a small, but old collection account. Big mistake. She watched her credit score plummet overnight because what was an ��old debt�� (the collection account) became a current bad debt. Now she has to wait the time out once again to raise the scores back up.