I just received a notice from a local department store that they are INCREASING my interest rate from 24% to 31%! I’m a bit befuddled since the Fed recently lowered the funds rate by 0.50 and I pay off my account monthly. My credit is excellent. I decided to call the 1-800 number on the notice and was told this is an increase “across the board” and they do not have a lower rate to offer me. I enjoy receiving my benefits from using the card and even though I rarely pay interest as the bill is typically paid off every month, I can’t support this rate. I asked if there was anything I could do and she informed me that I have no options…except to no longer use this card. [Read more…]
PSA: Check Your Credit Card Interest Rates
October 18, 2024 by Leave a Comment
The FIRST thing you need to do BEFORE applying for a mortgage or get preapproved for ANY credit
October 12, 2022 by Leave a Comment
WARNING: Rant ahead!
When you meet with a mortgage professional and allow them to pull your credit so that you can be prequalified for a mortgage to buy or refinance a home, your information is provided to countless other lenders. Before you become furious with your mortgage lender, please know that it’s not their fault! [Read more…]
‘Tis the Season to not sabotage your credit
December 9, 2019 by Leave a Comment
Several weeks before the holiday season sets in, we begin to see those commercials I absolute dread. You know, the luxury cars with giant red bows on them…the recipient gushes, “you shouldn’t have!”… and they’re right, the gift giver probably should not have – especially if they’re considering buying or refinancing a home. [Read more…]
Boost Your Credit Score or Boost Your Spam?
October 17, 2019 by Leave a Comment
Experian, one of the big 3 credit bureaus, has been actively promoting that consumers can “boost” their credit score using their services. Since I help people with their credit and mortgage needs for my profession, this naturally got my attention.
Buying a Home Using Your S.O.’s Income
February 25, 2019 by Leave a Comment
Recently I helped a couple buy a home in King County. They’re engaged, had been living together for many years and were ready to purchase their first home. One of them, Billy Bellevue, had some credit issues and it made more sense for them to only have Susie Seattle’s on the transaction. [Read more…]
Can you get a Mortgage with Frozen Credit?
September 11, 2017 by Leave a Comment
In light of Equifax’s recent massive credit breach, many people are going through the process of “freezing” their credit with each of the credit bureaus. This prevents someone from obtaining a new credit account in your name (it does not prevent them from using existing credit). I actually decided to freeze my credit a while back when it appeared that someone was trying to commit fraud with our address. It’s not that difficult to do and it’s pretty easy to forget about…until you decide to apply for new credit, such as getting a mortgage. [Read more…]
Fannie Mae updates underwriting guidelines at the end of this month
July 12, 2017 by Leave a Comment
Effective July 29, 2017, Fannie Mae will release DU Version 10.1, packed full to changes to their underwriting guidelines. These changes apply to Fannie Mae conforming mortgages (Freddie Mac has different guidelines). Here are some of updates effective at the end of this month:
50% Debt-to-Income Ratios. [Read more…]
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