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Posts Tagged ‘credit score’

Bad Credit Score Can Hurt Job Prospects

In Uncategorized on June 2, 2011 at 3:05 pm

About 60 percent of employers now check credit reports on job applicants. In the 1990’s, only 20 percent of employers used credit reports. The bottom line is that your poor credit score can hold you back from getting a job.

Bankruptcy helps you to clean up your credit history. In my experience, about 9 out of 10 of my clients see an improvement in their credit score within a year of filing for bankruptcy.

Walking Away From Mortgage

In Uncategorized on May 11, 2010 at 10:41 am

60 Minutes had a recent segment on people who choose to walk away from their homes due to negative equity. Doing so requires careful consideration of tax consequences and the effect on credit scores. The mortgage company can pursue you on the debt. The video is at
http://www.cbsnews.com/video/watch/?id=6470184n&tag=api

Short sale vs foreclosure

In Uncategorized on April 23, 2010 at 3:10 pm

Think a short sale is better than a foreclosure on your credit report? It’s like the difference between being hit by a train or a bus, according to mortgage broker, Catherine Coy. Either will lead to a drop of 200 to 300 points on your credit report. The one advantage of short sale over foreclosure is the shorter waiting period before buying another home. Short sale will allow you to get FHA financing withing two years. You will end up waiting from two-to-five years following a foreclosure.