Marisol Mendez

I love selling Postwood Homes. They have the best product, quality and space for the lowest price. Call me (832)298-0151.
http://www.ameristaterealty.com

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National Hispanic Professional Organization. I recommend NHPO to those that are looking to get involved in the community, networking, meet new people and find good opportunities. www.nhpo.us

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Where Do I Start First?

 1. The rule of thumb is to  have good credit you actually  have to have  credit . That is the only way to find out if  there is a good payment history of paying on time. So if you don’t have any credit trade lines start by establishing two credit  trade lines.

a) What if I don’t qualify for credit cards.                                                            No problem. The other option is to apply for  secure credit cards at the place where you bank with and requires a security deposit to open a secure credit card. That is why they are call secure credit cards.

b) Can I get the credit cards and have them at zero balance?             No. Not using the credit cards or having them at zero balance is not going to help increase your scores. You have to use them and  have a small balance and pay on time every month to help credit scores.

 c) Can  I have my spouse add me  in the credit cards to improve credit?

Yes but be sure that your spouse specify  to add you as a co-owner not an authorized user. That’s the only way how it will report the payment history to the three credit bureaus every month.  You also want to make sure this account is in good standing.

 2.TRY NOT TO GO OVER 30% OF THE CREDIT LIMIT

 A) So if you have a credit card with a borrowing limit of $1,000 try not to go over $300 owe balance. Which is 30% of the Limit amount or if possible less than 30%. Once the balance exceed 30% of the limit it will start affecting your credit scores.

 b. Try not to have credit cards that have a  small limit  like  $100 because with such a low balance limit is very easy to reach the 30% and potentially affect  your scores.

  b) Try not to have credit cards that have a  high limit for example $15,000. This is consider a risk since that money is available for borrowing so anytime someone can just go and charge it and it can affect your score.

 3. HOW CAN A  LATE PAYMENT ON A CAR AFFECT?                                a). A late payment on a car will keep someone from buying for a year since the last month that the payment was late.

 b). If you are trying to buy a home is better to wait and buy a car after you buy the home because it will affect your qualifying power.

Example:

 Someone with  Gross Income of $2,000 with no debt can qualify up to $100,000 for a home. However if that person  buys a car with and the new payment is $400 a month then the customer  is only able to qualify for an estimated  $60,000. So it affects their purchasing power decreasing the amount that someone is able to qualify.

 c).A car note will increase your debt ratios and will affect the amount that someone is able to qualify or in some case not been able to qualify at all depending on the income and debt.

 4. ARE YOU A CO-SIGNER ON A CAR?

 If you co-sign on a car for someone else?

Make sure to tell the person that you co-signed for to make the car payments from their own checking account. The lender will need 12 months of bank statements to prove that the other person is paying for the car in order for the lender to not count this car payment as your debt  and affect your debt ratios.

  In another note  I like to thank you  for allowing me to share this  information with you. Having a good credit score is one of the most important things consider when buying a home. By allowing me to help you with this journey of your credit, I hope that I can also be there for you when the time comes to buy your new  home.

 In the meantime, please connect with me on one of our social networking sites.  I am on Facebook, Twitter, and YouTube.  I would love to connect with you and keep you informed with the latest Credit Repair Hints & Tips.

 Your privacy is important to us, we will not sell, rent or give your name or address to anyone.

 If you have any questions or comments, feel free to contact me.

 Sincerely,

 Marisol Mendez

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Getting Ready to Move? Here’s a Checklist!

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Remembering our fallen heroes

Memorial Day.

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Welcome to my website/blog.   We look forward to staying in touch with you. I will be posting about the latest real estate trends and news in the Houston market,  home buying Tips,  and exciting projects and challenges.

Thank you

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