• Menu
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Sonny Florida Real Estate

Florida Luxury Homes from Sonny Solomon

Header Left

Header Right

Header Left

Header Right

  • Home
  • Luxury Home Communities
    • Boca Raton Luxury Homes
    • Palm Beach Luxury Homes
    • Singer Island Luxury Homes
    • Treasure Coast Luxury Homes
    • Vero Beach Luxury Homes
  • Tips & Resources
    • For Home Buyers
    • For Home Sellers
    • Mortgage Tips
  • About
    • Meet the Team
    • Testimonials
    • Contact Us
  • Home
  • Luxury Home Communities
    • Boca Raton Luxury Homes
    • Palm Beach Luxury Homes
    • Singer Island Luxury Homes
    • Treasure Coast Luxury Homes
    • Vero Beach Luxury Homes
  • Tips & Resources
    • For Home Buyers
    • For Home Sellers
    • Mortgage Tips
  • About
    • Meet the Team
    • Testimonials
    • Contact Us

Credit Activities That Impact Your Rating – Precautions For Potential Florida Home Buyers

Credit activities that impact your rating – precautions for potential Florida home buyers – written by Sonny Solomon at The Keyes Company

June 17, 2015 //  by Sonny Solomon

Credit ratings are generated by 3 major credit agencies (Experian, Equifax, and Transunion). Each uses a special method. The greater the number, the better your credit standing. Specific activities may have a adverse impact on your rating and will potentially prevent you from being approved for a mortgage. Below are precautions for potential Florida home buyers on credit activities that impact your rating.

Credit Activities That Impact Your Rating

Tardy Bill Payments

Delinquencies demonstrate poor credit habits and subsequently lower your ranking. How late you are (30, 60, or 90+ days) and how frequently it occurs also play a role. Late payments stay on your credit profile for a very long time.

Accounts Submitted to Collections

If you are really behind on payments and a credit provider has given up on their own attempts to retrieve payments from you, they will likely move your account to a collection company. This is included in your credit report. A settlement will not remove this from your file.

Lender Charge-off

If a lender is unsuccessful in collecting the total balance of the loan, they may "charge-off" the uncollected amount. This could apply if you completely fail to pay or if you settle for a partial amount. Settlements stay on your credit file for seven years. New creditors will view this history and contemplate whether you will continue with that behavior.

Matters of Public Record

Bankruptcy, tax liens, judgments, foreclosures, and other similar actions are a matter of public record. Regardless of whether you pay off these debts, the initial recording is reflected in your credit rating. Certain items remain for up to 10 years whereas others (such as liens) never disappear. Clearly, it is better to not let credit issues get to this point.

Precautions For Potential Florida Home Buyers

All of the credit activities that impact your rating offered in this article make you a risky borrower and will possibly result in higher mortgage rates or prevent you from getting approved for a mortgage. Practice conscientious payment patterns and it will save time, money, and headache when it comes to buying a home. These are the best precautions for potential Florida home buyers. this covers only a few typical credit issues. Consult a credit professional for guidance on your specific situation.

Category: Home BuyerTag: Florida, credit score

About Sonny Solomon

I am here to help you! I will do everything for you: Safeguard your interests, negotiate prices, arrange financing, and manage the closing. And the best news is that my services are free to you. There are no hidden charges or obligations, because all fees are paid by the sellers. Contact me for assistance with your home search.

Previous Post: « Florida HomeStyle Renovation Home Loans Overview
Next Post: Finding Florida Real Estate For Sale On The Internet »

Primary Sidebar

Blog Topics

  • Boca Raton FL (2)
  • Real Estate Information (142)
    • Home Buyer (61)
    • Home Repair (21)
    • Home Seller (23)
    • Market Updates (4)
    • Mortgage Info (42)
  • Singer Island FL (1)
  • Treasure Coast FL (1)
  • Boca Raton Homes (1,788)
  • Palm Beach Homes (676)
  • Singer Island Homes (29)
  • Palm Beach FL (8)

Find Content

Site Footer

Copyright © 2023 Sonny Florida Real Estate · All Rights Reserved · Powered by Lanergy Solutions