Louisville KY Real Estate Blog

Baby Boomers are On The Move!

Baby Boomers On The Move!

Keeping Current Matters recently published this quick piece on Baby Boomers relocating to be closer to family, to enjoy better weather or simply because they want to!  

If you're considering making a move to or within the Louisville KY market, or making a move to another state, call me at 502-608-4941 or complete the simple contact request below.  We will be there for you when you need us!

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What If You're A 'Credit-Invisible'

What If You're "Invisible" to the Credit Bureaus?

RIS Media recently published an article about people who have not used credit in the past, and are therefore "invisible" to the credit bureaus.

As you probably know, Credit is one of the Four Cs that lenders use to determine if you qualify for a home loan in the Louisville KY real estate market. (The others are Character, Capacity and Collateral). Back in "the day", people who paid cash for every purchase were considered to be careful and honorable.  However, in today's world, judicious use of credit is important in developing a "Credit Score" which lenders use to determine whether they will or won't be able to approve you for a home loan. If you don't have one, you're "invisible"!

So, if you don't have any credit cards, car loans, mortgage payment history, store accounts with large merchants, etc., it may be time to take a few steps.  Don't wait until you are thinking of buying in six months -- do these things a couple of years before you try to get a mortgage -- if possible.

Mortgage companies will look for at least two or three "trade lines" -- in other words, companies which  have granted you credit that you have used prudently.  

What to Do:

  1. If you don't have any credit established, START SMALL -- open a couple of credit accounts with $200 credit limits, use them,  and pay the bill on time!  Perhaps take a small car loan and pay down the balance as agreed.  
  2. Don't borrow more than you can afford, as credit bureaus will look at the amount of credit you have, vs the amount of credit you are using.  You don't want to be at 100% of...
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