Good morning everyone!! Today I've decided to post a quick story where I was working with a couple (buyer) and their credit score wasn't too good. To be honest I was quite shocked that they were able to get proved... Anywho, I advised them not to do anything to possibly disturbed their credit score during the home buying process because most lenders will run your credit again right before closing.
Needless to say...they did not listen. Not only did they not close they also lost the $1000 earnest money they put down to hold the property because the fault was on them. Listening to a family member that has no background in mortgage lending nor credit repair advised them to increase their score by opening a new credit card...they did. And they went crazy with it....spending almost up to the max limit. WOW!! Of course they asked me to bail them out??? What can I do!?!? I advised you not to do anything that may fluctuate your credit when I have over 8 yrs of credit enhancement experience. Now they are living in his fathers basement with 3 kids
On the good side of things...I just got a call from another buyer I'm working with the DID listen to my advise by building her credit up before meeting with a lender. I started working with her January 2009 and her score is already up 24 pts.
If you're in the Charlotte area....contact me for your real estate needs or questions about relocating to Charlotte 704-839-6005
No comments:
Post a Comment