New Home Sales Soar

Lori's Market Update

Good news out today- New Homes Sales for June soar to 11%. This is above expections of 2.3%for the month. Existing home sales have seen 3 straight months of gains- this may be due to the availability of the $8,000 tax credit,lower interest rates and sale of Foreclosure properties.

Time is limited on this tax credit- Call me for more information.

Credit Repair...

It is never too late to start working on your credit repair

How to get quick credit recovery...

1. Apply for a secure credit card
2. take out a secured loan in a small amount from a local bank. Security may be assets, cash, etc.
3. Review your credit report and work through credit reporting agencies to remove duplicate and inaccurate accounts.

• Transunion 877-322-8228
• Experian 888-397-3742
• Equifax 800-685-11

4. Make regular payments on your secured loan and credit card for several months. Time and consistancy is key.

5. Pay your rent, utility bills, cell phone, insurance, etc. on time for use as "alternative" credit.

It is also beneficial to contact a mortgage lender and ask questions on your credit. They can be a handy resource.

How to get a Better Credit Score

Here are a few tips in boosting your credit score.

• Get current on your bills and stay that way. Consider an online bill paying to pay your bills.
• Pay down your revolving debt. Do not move debt around between credit cards.
• Do not open a lot of new accounts.
• If you are having trouble making ends meet, contract your creditors or a legitimate, non-profit credit counselor. They would rather work with you on a payment schedule than see you fall delinquent and not pay at all.

Good credit can be a homeowner's most valuable possession. Use it wisely and guard it well.

Free Credit Report

Lori's Market Updates

You can receive one Free credit report annually-

Annual Credit Report Request Service
PO Box 105283
Atlanta, GA 30348-5283
877.322.8228

www.annualcreditreport.com

How to raise your Credit score.

Thinking about buying that first home? Check your credit score. There are 5 categories that can effect your credit score.


Here are some tips to help raise that score.

1. Pay your bills on time. 35% of your score is dependent on your payment history. Make a plan-set up auto pay and maintain a budget.






2. Keep credit balances at 30 % of your credit limit, or lower.






3. Don't cancel credit cards to up your score. about 15% of your score is based on long you held your card. A card you have had a few years is better than a new one. Be sure to have a credit card, as no credit history can also throw off a score.






4. Don't apply for too many credit cards. about 10% of your score is determined by how many times lenders request your credit report. Don't apply for too many cards.






5. Watch the kind of credit you use. about 10% of your score is based on the types of credit you are using. Secured (car loans and mortgages) or unsecured (student loans, credit cards) Unsecured loans are considered riskier on your report.

information from USAA Magazine

Check your Credit Report

Under the Fair and Accurate Credit Tranactions Act, every American is entitled to a Free Credit Report annually from each of the 3 main credit bureaus. TIP: Even though this report is a free report your actual credit score does not come with this report. You'll have to purchase it for about $6 apiece from each bureau. You may also find that your credit score may vary within each bureau. This is all based on what information the bureau has on you. If you are considering purchasing a home this is a good place to start in getting your finances in order, if you not planning on a move it is also a good idea to check you credit periodically.

• Equifax~equifax.com (800) 685-1111



• Experian~ experian.com (800) 397-3742



• TransUnion~ transunion.com (800) 888-4213 or

Go to annualcreditreport.com (877) 322-8228.

1 in 4 credit reports contains a serious error that could lower your score and stop you from getting a loan, or one with the best terms. source: Public Interest Research Group

It is never too late to check your report -any questons please contact me.