AgentOwned Realty

Home buying, mortgages, What effects your credit scores when purchasing a home?

Posted By: David Schuj In: Mortages
Date: Mon, Aug 29th 2016 11:21 am

Things, they are a changing, especially with credit scores. 

Did you know making minimum payments, although they are made and made on time, can hurt your score.    The new process in the credit bus is called Trended data.   This is a history of how much of the loan you are paying off when making the payments.

In the past, credit bureaus only included credit card balances.  Now, how much you are paying can be recorded.  This helps the creditors determine if you are carrying a balance month to month,  or paying more than your balance.  The article from Loan Officer Rhonda Hammang indicates that this will not "impact all of your lending decisions, its increasingly being used in mortgage applications and could impact your interest rates or whether you get approved".  Obviously the creditors are starting to use minimum payments as a sign of someone who may be burdened with too much debit or may have problems paying their debit.   

For more information on home purchasing Call Dave Now at 843.922.2003 or email me at