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You Set Out To Buy Real Estate. But The Interest Rate Is Higher Due To Your Credit Score!

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Sometimes is it like not seeing the forest for the trees.

Case in point...stimulating the economy...putting more dollars in John and Jane Citizen's wallet to spend on necessities. Say you live with in your means. You have savings. You look good on a net worth analysis. You use your credit card but only when you are on the road traveling. You check into the motel with it, you pay for gas and meals with it.  But only on a trip..that's it.  And when you get the bill in a month, you pay it. No remaining balance, no minimum payment.  You don't carry credit card debt.  You've never been late on a payment.  You have a zero outstanding balance month after month, year after year. Your home is paid for. And you decide to get an equity loan because of the low rates out there now for a new garage or to spiff up the family room.  Surprised when you thought your credit score was 850...and suddenly closer to just a tad over 700.  No big deal right?  Well if you interest rate is a half a percent higher for that loan due to something on your credit report, you get excited. Say you are a broker who has a sale that falls thru and the buyer and seller are wrestling over the $500 deposit.  It escalates to the point of small claims court and the deposit is released in accordance to the judge's ruling.  That judgement, even if it was not against you but because you held the deposit and were brought into the fray can affect your credit..and remain on your credit report for seven years.  Getting it off by certified letters, emails, phone calls and faxes with all the court documents and a reader's digest version of the chain of events is not like snapping your fingers and voila..fixed. 

In Maine you can get a free once a year credit report to see what barnacles or burdocks are on that report that may or may not be accurate. I think you the person with the credit score should be able to access his/her own rating and details for free  to monitor if erroneous additions are removed or if new ones creep into play affecting your cost of money when your borrow with terms based on that credit score.  And access it any time of the year for free for your own personal information.  Also with identity theft, monitoring this is more important than ever. Have signed up for free credit report service but after the intial introductory period, like the free magazine that really is not free maine real estate agent, maine broker andrew mooersand hard to shake loose, it comes with a cost.  If you think how many folks in this country are paying a higher rate than they should based on incorrect credit reports or ones that issues that have been resolved but linger like a hangover, that is something to address in legislation along with the billions and billions in bail out money. 

There are so many positive moves Congress could make that do not involved handing over money or pumping in billions to stimulate the economy that would help the average guy. Making credit reports freely accessed by folks trying to improve their scores rather than paying millions over the country in higher rates than they should have had. A half a percent here and half a percent there on the final cost of financing and that is billions and billions that would not come out of the government..but from lower financing rates from the banks we are now bailing out left and right for other reasons. In the rush to infuse dollars into the economy, there should be a push of companion legislation that would save the tax payer money any way possible in their every day lives so the money left over in their wallet at end of the month could be used by themselves to stimulate the local economy on their own without the government trying to orchestrate it. Check out this in depth explanation on the financing process and FICO scores from Yahoo.

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Comment balloon 7 commentsAndrew Mooers • January 30 2009 09:42AM
You Set Out To Buy Real Estate. But The Interest Rate Is Higher Due…
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