If you need assistance, please call 512-794-6644

Cleaning Up Credit

Wednesday, February 06, 2019   /   by Holly Northup

Cleaning Up Credit

Regardless of whether you plan to buy or sell real estate in 2015, resolving to clean up your financial situation is a great step in the right direction for all of us to take in order to accomplish our goals.

Of course, if you are going to be purchasing a home in the near future – watching your spending habits and squaring away any financial issues that you might have is an absolute MUST.

Many people are far from financial freedom, but moving towards fiscal responsibility is critical to making life easier and it allows for a simpler mortgage process if and when we choose to buy a home.

In a recent blog on Trulia, the author came up with “5 Credit Habits to Break in 2015.” I would like to share these with you because they can help us all become more cognizant of what our financial situation is and can help us attain future goals.

The five credit habits to break were:

1. Not checking credit reports.  Credit reports are the report cards of our financial health.  These reports show lenders how safe or how risky we are for a loan.  Checking credit reports occasionally allow us to see if we are in good standing, if we need to make changes and if there are any mistakes that need to be cleared up.

2. Running up or maxing out credit cards. Having credit cards can be a great asset to one’s financial portfolio.  However, carrying huge balances on credit cards is a disadvantage and will be seen as a problem to lenders looking at your credit history.

3. Paying only the minimum balances due on credit card/store accounts.  Again, having credit cards can be very beneficial, but the downside is that many people get stuck in a pool of debt that they never seem to be able to get out of.  Paying only the minimum will never actually pay off the balance, it will only pay the interest due.

4. Applying for credit indiscriminately.  Having too many credit accounts is problematic because it allows for the possibility of running up huge debt, which lenders will see as a drawback.

5. Making late payments on accounts.  Most creditors charge for a late payment, which ultimately means you are paying more for the debt you’ve accrued, therefore, making it more difficult to pay off the balance.

Don’t let your financial situation get away from you.  Make it a priority to be aware of where you stand with creditors and what is needed to get you in tip-top shape.  Your goals depend on it!

If you or someone you know is interested in buying or selling real estate in the Austin area, please contact Kathleen Bucher at 512.794.6644 or KathleenBucher@mac.com.  It would be an honor to earn your business!
The Bucher Group | Austin Portfolio Real Estate
Kathleen Bucher
1801 S Mopac Drive Expy, Ste. 100
Austin, TX 78746
512-794-6644
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Based on information from the Austin Board of REALTORS (alternatively, from ACTRIS) for the period through 2019.® IDX information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data last updated: December 15, 2019 Texas law requires all real estate licensees to provide this link to Information About Brokerage Services:www.trec.state.tx.us/pdf/contracts/op-k.pdf