HOAs Affect Your Credit Score

HOAs Affect Your Credit Score

  Watch out!  HOA fees can now affect your credit score.   Homeowner’s associations (HOAs) offer community features and maintain community standards, usually for a fee.  According to the Community Associations Institute, homeowner’s associations and property management companies collect about $70 billion in HOA payments yearly. Until now, HOA payments have gone largely unreported to national credit-reporting agencies, which is good news if you’ve been habitually delinquent on your dues.  However, beginning in October, Equifax will roll out a new program which includes HOA data.  Sperlonga, a credit data aggregator, is the first company to provide HOA payment and account...Read more
How To Raise Your Credit Score FAST

How To Raise Your Credit Score FAST

    Learn how to improve your credit before applying for a home loan Your credit score can greatly impact the rate of your home loan, both positively and negatively.  Lenders look at your credit score as one factor in determining your debt-to-income ratio (DTI).  Having a high credit score can help you secure a better rate on your loan which translates to lower monthly payments.  A low credit score may place you in an “at risk” category, and lenders will charge more for assuming that risk.  With banks increasing their scrutiny of applications for mortgages and other loans, a strong...Read more