Interview with DHI Mortgage, Wendy Shearer and Rick Fuller
Q. True/False – after paying off a balance on a credit card, you should close your account
A. FALSE – you need to have available credit to have good credit
Q. True/False – you should ALWAYS pay off collection accounts PRIOR to applying for a loan
A. FALSE – paying a collection account MAY decrease your score. You should visit with your Loan Officer for the correct course of action.
Q. What is the ‘magic’ percentage I am able to charge on my credit card before my score decreases?
A. 30% (keep 70% of your credit line available at all times)
Q. Which is worse – a 60 day late payment from 12 months ago or a 30 day late payment from 10 months ago?
A. 30 day (recent derogatory account is worse)
Q. Is there a difference between the credit score I was given online and what I would get from my lender?
A. Yes – can be 100 point difference! (consumer credit scores are different than scores from a lender)
Q. What percentage of us has incorrect info on our credit report?
Q. What percentage of my FICO score is based on my payment history?
A. Nobody knows the exact formula, but it appears to be approx 35%
Q. What’s the quickest way to increase my credit score
A. Pay down balances to 30% of the credit limit
- Gina Brookshire NMLS 205881
- DHI Mortgage Company, Ltd., L.P. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act #413 0364 813 7337
- Branch NMLS 315197
- Company NMLS 14622
- Branch address
- For information on DHIM licensing please visit http://www.dhimortgage.com/other-pages/licensing/.
- DHIM is an Equal Housing Opportunity Lender
- Provided for informational purposes only. This is not a commitment to lend. Not all borrowers will qualify.
- The DHI Mortgage Home Buyers Club does not guarantee to raise the credit score or guarantee loan approval. Credit Counseling offered by the DHI Mortgage Home Buyers Club does not assure participants that they will qualify for, or successfully obtain, a home mortgage loan. Participants are not required to finance their home purchase through DHI Mortgage or to purchase a home from DHI Mortgage’s affiliated builder, D.R. Horton, to enroll in the DHI Mortgage Home Buyers Club.