Meeting of Dec 14, 2017,
The South Jersey Real Estate Investors Association met at Uno Chicago Grill on Rt 73 Thursday night. I was told that the association hold many meetings during the coarse of a month. At these meetings speakers present pertinent information to investors and potential investors. This night's meeting was a dinner meeting (order from menu or not ). The topic was FICO scores. The score that for most of us is a quasi mystery wrap in a enigima, a number that has a great influence upon our lives. The most direct and noticeable effect, the interest rate a person is offered upon applying for a loan. These score no longer affect just a persons interest rate. Employers, insurance companies, landlords and I have even meet ladies that tell me they do credit checks and Dun and Bradstreet research prior to dating.
The presenter was Stefanie Marabella a credit consultant, a credit repair person and a credit planner. So, how are these scores calculated? Payment history 35% Amounts owned 30% Length of credit history 15% Credit mix use 10% ( auto loans etc.. ) New Credit 10% your
Stefanie is a strong advocate of monitoring your credit, She told story after story of persons that if they were monitoring their credit scores would have seen trouble coming and possible prevent mounting and insurmountable problems.
The story about Dick who was married to Jane (real names not used to protect the...) some time after a divorce attempted to obtain a loan to purchase a house. Upon do so discovered to his dismay that his ex wife obtained dozens of credit cards in his name. Dick started with a 800 credit score. I guess he will be renting for many years to come. He must have still loved his wife since the only way to clear the damage to his credit score was to bring charges against his former spouse.
A story about a proud father willing to cosign for a car loan bringing his child to note lots. Every used car lot requested a credit report. Every car lot by a method that I do not understand in the process multiplied the request for such a report by 7. The number of credit reports requested affects the credit score. I suppose He will not be buying a new car for a while.
A person began to receive dunning notices for cars he did not purchase. Somebody use his identity to purchase several Mercedes-Benz. . A year plus to repair the damage to the credit reports.
How a young lass missed a $30 payment for a department story. Her credit score drop by, how much? 130 points!
She told of a client who's income tax return was rejected by the Internal Revenue Service because somebody claimed their tax refund before they filed.
The major credit reporting agency Equafax got Black hat hacked, it is believed that greater than a million accounts have been comprimised. ed. What else could stress the importance of monitoring your credit. As a New Jersey resident a person is entitled to a free annual credit report.
Thus Ms Marabella is definitely a very strong advocate for monitoring your credit. Catch problems quickly! She suggested which credit protection agencies to use and which not to use.
The questions were flying fast and furiously after such stories.
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