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By: Gwen Moran
If you’re trying to raise your credit score to get a good rate for a refinance or HELOC, you might be surprised by what affects—or doesn’t affect—your score.
Having many credit lines won't necessarily hurt your credit score, so long as you keep balances below 20% of the total credit line. Image: Rob Daly/OJO Images/Getty Images
You have to keep your credit score up in case you want to take out a second mortgage or home equity line of credit (HELOC), or get the lowest premiums on your home owners insurance. Here’s the 411 on how various money management tactics goose up or ding your credit score.
False. Your level or sources of income don’t affect your credit score, although lenders may look at it when making loan decisions, according to the Fair Isaac Corp., the company that issues the commonly used FICO credit scores.
Mostly false. Having many credit lines isn’t necessarily a bad thing, says credit expert Liz Weston, author of Your Credit Score. Multiple lines give you a favorable debt-to-available-credit ratio. But use them correctly: It’s best to keep any balances below 10% or 20% of the total credit line, she says. Anything more will affect the ratio of debt-to-available-credit, which can decrease your credit score.
True. New credit applications can decrease your credit score, so be careful about applying for new credit cards or personal loans before applying for a HELOC, second mortgage, automobile loan, or other large line of credit.
Surprise: Closing existing credit lines may also hurt your credit score, since it’ll damage your debt-to-available-credit ratio. A good rule is not to make any credit changes in the months leading up to a major credit request, such as for a HELOC.
Mostly false. Although it may seem like a good idea to move all your balances to one card, that can actually hurt your credit score, since your debt-to-available-credit ratio will spike on that card, says Weston.
However, credit expert Harrine Freeman says such a slight decline isn’t necessarily a deal-breaker for a loan, especially if the card has a lower interest rate and will allow you to pay off the balance sooner. Your score will increase as soon as that ratio goes down.
Partly true. Taking a new job or losing your job doesn’t affect your credit score. However, if you have a spotty employment history, lenders may hold that against you in making a loan. Dips in income may signal that it could be difficult to pay bills in a timely manner.
Partly true. Simply co-signing on a loan for someone else may not affect your score, but if that person is late on paying the loan, it’s likely to show up on your report, says Freeman. And that’s a nasty surprise if you didn’t know the person was late.
False. If you’ve had a judgment or lien filed against you, it’s considered in your payment history, which represents 35% of your score.
Similarly, while most utility companies don’t report payment history to credit bureaus, your account will likely be reported if it is seriously delinquent and referred to a collection agency.
Additional details on how to manage your FICO score are available on the FICO site.
Gwen Moran is a freelance business and finance writer from the Jersey shore. She’s the co-author of The Complete Idiot’s Guide to Business Plans and writes frequently about real estate.
The Ansonia on the UWS~
I have lived on Riverside drive between 91st and 92nd streets since 1996.
A lot has changed since then and a lot has remained the same.
Riverside Park has developed a fantastic running, biking, walking and rollerblading path-
I actually ran on it in the Rain this past Sunday and it was lovely.
Hippo Park has continually remained the #1 place for kids to play at on the UWS if not the whole city.
Why do people live on the Upper West Side? It is certainly not as cool as the East Village, Gramercy, Flatiron or the Village.
Well first off is that you get a lot of buildings that have pre war detail and are over 100 years old. You just can’t find millwork like you can find up here.
You also get more square footage for your dollar……some people actually find this important.
Central Park is like no other-the fact of the matter is that some really smart people made it a point to create this oasis for New Yorkers and visitors ages ago and it has stood the test of time.
You also have the perfect place to head out of New York to visit upstate NY or New Jersey.
And if you like strollers- we have plenty of them- they are practically everywhere.
Restaurants come and go:
Gone-
EJ’s Luncheonette
Rain
Drip Coffee
81
222
Still here-
A bunch of Le Pain Quotidien locations
The Dive Bar- yes really it is still kicking!
New-
My friend on twitter @MissReingold and in real life Rachel Mulcahy says I should add the Beacon Theatre and Jazz at Lincoln Center as reasons to live here. ( I agree with her!)
So, come on and make a trip above 14th street and check us out- you may be pleasantly surprised! I promise, we don't bite~
Central Park~
Riverside Park
http://assets.prudentialelliman.com/NYCPhotos/retail_reports/manhattan_Q1_2011.pdf
So now that I was voted the Inman’s Agent Reboot “Peoples Choice Award” for best Blogger of 2011……I am sure you are asking yourself, what blogs does Paul aka @Hungrydomaine read?
Here are a few up my favorites:
Broker Talk New York: Understanding Dual Agency
A New Year, a New Law
Effective January 1, 2011, an amendment to Section 443 of the New York State Real Property Law will significantly change the way brokers selling co-ops and condos in New York disclose their agency relationships with their clients. Although the law of agency, which governs the relationship between brokers and their principals has not changed, there is now an obligation to disclose the agency relationship in writing and to obtain written consent of both seller and buyer when dual agency exists. Since co-ops and condos were previously excluded from written disclosure requirements, many brokers are dealing with these concepts for the first time.
http://malcolmcarter.wordpress.com/
Here’s your chance to buy a cheap 2-BR UWS co-op
January 20, 2011 by Malcolm Carter
“Chance” is the operative word in the headline.
That’s because the city’s has announced the establishment of a new lottery for the purchase of Mitchell-Lama co-ops in Manhattan for a virtual song.
According to an ad in the Times, “waiting lists are being opened” for Upper West Side apartments ranging in size from studio to two-bedroom. As is the practice of the Department of Housing Preservation and Development, however, there is no clue either in the ad or on the department’s Web site just which buildings will be available.
http://www.brickunderground.com/blog
I have so much respect for Teri Rogers- the face behind Brick U!
Buying a new condo? Here’s the checklist you’ve been looking for
Nothing says caveat emptor like new construction, which is why a good real estate lawyer can make the difference between happily-ever-after and a short sale two years later. Real estate attorney Felix Nihamin not only wants you to know what you’re getting into—he wants to make sure you don’t leave any money on the table along the way, like the client who didn't realize he could ask the developer to fork over $30,000 in closing costs.
Read on for a primer on what to know if you're buying new.
Noah Rosenblatt is an impressive dude- it is all about the #’s with Noah!
A: Looking for a "January Effect" in terms of pace of new active listings to the Manhattan housing markets. Now, keep in mind that this would include all listings that are changed to an ACTIVE state from a prior off-market, contract signed state or closed state. DID YOU KNOW?: The past 3 January's saw an average of 1,926 new listings hit the Manhattan markets! THIS YEAR?: As of now, the 30-Day pace of new listings coming ACTIVE to the market is 1297. There simply are not as many new listings coming to market as there has been in the past few January's... If you don't see as many new options as you hoped so far this year, now you know why. So far 2011 is starting out in a holding pattern; it's just too soon to tell how many deals are 'cooking' out there. Remember that it takes a good 2-3 weeks to go from initial negotiation to accepted offer to due diligence process to fully executed contract of sale. For what its worth I already encountered about a dozen of listings with "contracts out" while trying to setup buyer appointments the past week or so; anecdotal yes, but still something that comes in waves for my business.
The apple peeled? Who is behind this? People that care about information that will help you navigate the crazy real estate world!
Top 7 Lessons Learned for Renters in 2010
by RED DELICIOUS on JANUARY 11, 2011
It’s no longer a renter’s market: With so many stories from
friends and co-workers of the phenomenal deals grabbed in the previous year, it came as quite a blow for many tenants looking to make a switch in 2010. Landlords negotiated less and concessions diminished.
Inventory talks: Inventory was quite slim throughout the year, despite talks of shadow condo inventory filling up rental demand. Good apartments flew off the shelves within a week of hitting the market, with time-sensitive renters feeling the pressure of having to quickly find other options and foregoing their dreams of negotiating to the bone.
http://matrix.millersamuel.com/
Duh~ he is the Derek Jeter of analysis in the NYC real estate world!
The 4th Quarter NYC Residential Report is here!
New York City- a place that could never be duplicated!
From Dottie Herman:
In wrapping up 2010 it is encouraging to reflect on how quickly the Manhattan housing market rebounded since the credit crunch began more than two years ago. Although the economystill faces many challenges, Manhattan's final quarter of 2010 showed a continuation of what we have seen over the past several quarters: stabilized prices, sales activity at seasonal norms and a modest level of inventory. This modest level of inventory has enabled days on market—the number of days between the change in the list price and contract date—to fall from a record high last year to 125 days this quarter, the market average of the last 15 years.
http://assets.elliman.com/NYCPhotos/retail_reports/manhattan_q4_2010.pdf
The bottom line is that the market continues to move sideways.
High end properties sold at a greater % 4th quarter over a year ago .
Days on market reduced significantly.
All healthy signs of a well breathing market.
Listen to Jonathan Millers pod cast here to hear more:
From Jonathan:
Here’s a quick and dirty recap of the Manhattan Market Overview released today that we prepare for Prudential Douglas Elliman. Audio quality is so-so because I used my iphone mic and then tried to clean it up with filters.
Our wish list in 2011~
Happiness
Health
Prosperity
Tons of smiles
Tons of laughs
Great Food
Great Wine
Great Beer
The end to the mortgage crisis
Better Loan Modifications for people that are really in need!
A strong US Dollar
The continuation of low Mortgage rates!!!
The end of Poverty!
The end of racism!
Peace and LOVE!
Buying and Selling real estate in today's market can be a daunting process.
For most, the real estate transaction is one of your biggest assets........so why oh why would someone hire an attorney only based on their fee.
When we have an accepted offer on a purchase or a sale, we always recommend multiple attorneys based on their knowledge of the NYC market, there response time to clients, their negotiating skills, and their overall focus to get the transaction sold and closed.
In most instances of business, you get what you pay for. I mean- would you ever go to a discount dentist to get your teeth pulled?
My discount dentist- so he pulled half of my jaw out with my tooth!
That is exactly what I am saying!
Don't be penny wise and dollar foolish when choosing an attorney in one of your most valuable transactions.
I am the CHEAPEST and best lawyer in NYC! Dial 1-800-Cheap99
Here is a list of some fantastic lawyers who are real estate focused and get the job done:
Scott Segal Esq.
[email protected]
Office: 2124476660
Fax: 2124470124
10 East 40th St., 46th fl
NY, NY 10016
Mark Sambursky esq.
[email protected]
122 East 42nd st
NY NY 10168
Office: (212) 370-0877
Steven Matz, Esq.
[email protected]
1350 Avenue of the Americas
3rd Floor
New York, NY 10019
Phone: 212-244-4630
Direct Fax: 646-219-5717
Rachel Mulcahy
Attorney at Law
2440 Broadway
Suite 135
NY NY 10024
212-600-1868
Trust me, a good attorney is worth every penny!
Note- if the latkes are very thick you can finish cooking them on a cookie tray at 350 degrees for about 10 minutes.
Bon appétit!
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The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.
