You’re not alone if you are unhappy with your credit score. While increasing your credit score can seem difficult, it is easier than you think.
Why increasing your credit score matters?
Before learning how to improve your credit score it is important to understand why you should. Your credit score is one of the most important factors when it comes to your personal finances. A high credit score will help you qualify for lower rates on loans, credit cards that offer more favorable terms, better insurance rates, and a long list of other financial benefits.
A person’s credit score or FICO score is based on their payment history record and credit utilization ratio. FICO scores can range from 300 – 850, with 300 being extremely poor and 850 being nearly impossible to. The average credit score for Americans in 2017 was 704, which is considered good, but a score of 740 can significantly improve the home or car loan rates and credit card terms you can potentially qualify for.
How is a credit score calculated?
In a FICO scoring model, 35% of the credit score weight comes from payment history, 30% from credit utilization, and the other 35% from credit age, different types of credit, and number of inquiries. Carrying high balances on credit cards or simply having multiple credit cards in your name, along with many other factors – both positive and negative – can increase or decrease your credit score.
YOU have the RIGHT to choose your own Title Company!
Because GCS Title is independently owned and locally operated, we have no ties to realtors or lenders, and no vested interest in transactions. We are not owned by lenders or realtors, and we serve our customers. (more…)
2017 was a very strong year for home remodeling, and it looks like 2018 will be even bigger. In fact, according a report by Harvard University’s Joint Center for Housing Studies, 2018 could be a record year for home renovations.
If you’re planning to sell your home this year, or just want to make some needed upgrades, 2018 is the year to do so. While kitchen and bathroom remodeling will always top the list of projects homeowners want to do first, it’s a good idea to keep an eye on what else is trending. These projects can really make your home stand out from the rest. Here are a few (and more) hot home remodeling trends in 2018:
- Accessibility Remodeling
- Master Bedroom Suites
- Mudroom Additions
- Eco-friendly Remodeling Materials
- Luxury Finished Basements
Are you done yet? If you think your holiday shopping is taking a while and costing a lot, check out what MN first time home buyers are up against according to research from Zillow and Allianz:
- MN First time buyers typically rent for six years. Consumers rented an average of 2.6 years before buying in the 1970s
- MN First time home buyers are spending 2.6 times their annual incomes on homes. Consumers spent approximately 1.7 times their annual incomes on homes in the 1970s
While people might not be home shopping for six years, the idea of homeownership is out there and on their brains while they’re writing those rent checks. This means MN Realtors and MN lenders will likely be in touch with people for longer periods of time before they buy their first MN home. And, if they’re NOT in touch, they should be. With everything that’s happened in the last few years and the new regulatory climate, it’s more important than ever to be very intentional with our marketing and make sure we’re educating the public and building solid, long-term relationships. There are simple ways to do this which are effective and compliant. Let’s talk about communicating to consumers in this new world – while prices and financing are still so favorable.