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Ep 25 - How Credit Reports Affect Homebuying
Manage episode 360938483 series 3447799
Contenido proporcionado por Michael Miget. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente Michael Miget o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
Listen to HomeWise Radio Sunday mornings at 9amCT on NewsTalkSTL 101.9, 94.1, and 99.1 HD3
0:00 SEG 1 Doing credit reports in person | Michael Miget has been helping people buy homes for over 31 years | Finding the humanistic side of home loans | The 3 C’s of underwriting a loan are collateral, character, and capacity | FICO owns the formula used to calculate credit scores | The 3 credit bureaus are Experian, Transunion, and Equifax
18:46 SEG 2 Payment history is only 30% of the formula | There are 5 FICO models | Credit score will dictate what type of loans are available | FHA loan | Conventional loan | Credit score can affect PMI (private mortgage insurance) | HUD (United States Department of Housing and Urban Development) | What number is considered a good credit score? | How a maxed-out Best Buy store credit card affects your credit score | How a longer credit history affects your credit score | The old 10/10 rule | Debt ratio exception
38:33 SEG 3 A tri-merge credit report of the three credit bureaus | Married people don’t have the same credit score | A closed credit card account doesn’t fall off your credit history | Leaving the spouse with the lower credit score of the application is an option | Never assume you have a high credit score
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