Reply by 101livescan on 3/11/13 9:08am
Msg #460496
Referrals are the best way to find a reliable, professional LO who has the borrowers best interest at heart, not just his own. Nice for a change, huh?
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Reply by JPH13/MO on 3/11/13 3:00pm
Msg #460575
Here is another tip I learned from being a loan processor. I had to read a great deal about how the companies who create your credit score go about creating your credit score (even though that really had nothing to do with my job lol). This one tip can save you money!
Let's say you owe $4,000 on one charge card, and pay on it monthly. The limit on the charge card is $7,000. Your credit will be effected in a bad way because of this, as any card with a balance of 50% or more of the charge card limit creates a ding against your total score. If instead you split that $4,000 up between two cards at least a few months before applying for a new loan, and the $2,000 on each card is less than 50% of each card's limit, your credit will NOT be badly effected! The total amount you owe on credit cards is not taken into account nearly as much as the amount on each card. They never explained why that is true, but knowing it is true and keeping it in mind can definitely keep your credit score up.
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