Credit Scores - Posted by Joan Wardzala - IL

Real Estate Investing Real Estate Financing
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Posted by Bruce Lawson on May 24, 2002 at 20:43:06:

Hi Joan,

Inquiries will drop your score 5 points per inquiry. Those you do not recognize are probably ones from a lender that the mortgage broker sent out and your score was probably below conforming at that point. That is common. Those inquiries will only count against you for 90 days. The lender will not count past that. If you decrease your debt and increase your D/I ration your score will rise back above conforming. Even having access to a high limit will hurt your score. You can ask any loan officer that sees items that cost the consumer everyday they would be a good source of information about how much certain items will cost you pointwise.

You can contact me if you care to discuss credit reporting or credit and investing.

Sincerely,

Bruce Lawson

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Credit Scores - Posted by Joan Wardzala - IL

Posted by Joan Wardzala - IL on May 24, 2002 at 14:18:48:

How does one keep their credit scores up when buying property? I started out last year with a credit score of 702. After buying 3 properties through conventional mortgages and increasing the credit card debt by $3,500.00 my score has dropped to 602. I also have 25 inquiries, only 4 of which are not mortgage related. They keep those on the report for 2 years. There are also 3 inquiries on there that I have no idea who they are. I need to know where to find out how many points each factor counts for. Like how many more points will I add on if I lower the credit card debt.
Joan