You’ve heard of Pre-Marital Counseling, but credit counseling? Do you know what each other’s credit scores are? Your credit reports will teach you a lot about each other, your attitudes toward money and paying bills. This is very important in a relationship to help decide who will take responsibility for the money. Usually it’s one spouse or the other. Sometimes, you’re both adept at handling your money so you’ll do it together.
What are your plans for large purchases? A new home? An Automobile? Even that really cool HD Television? If you visit a qualified mortgage professional, they can help you with your financial plans so everything that you’d like to achieve together becomes possible.
Purchasing a home today takes planning. It may be a short term plan, say in the next 6 months. But most likely it’s a long term plan, that can be 1-3 years out. There are so many things you can do to optimize your credit score, this will help with not only purchasing a house, but also will help your car insurance rates, your credit score will determine a path for your future.
Only a qualified mortgage professional with special training in credit score optimization can help you achieve the highest credit scores possible. There will be a new credit scoring model that comes out in June of 2008 called FICO 08. This will again change the way credit scores are calculated. Putting emphasis on different types of credit. If the person you’re talking to hasn’t heard of FICO ’08 run, don’t walk from their advice! They will not be up to date on the changes in credit scoring.
Unfortunately even some of Suze Orman’s advice could be incorrect once the new scoring model goes into effect. Find a mortgage professional that is up-to-date and make an appointment. Even if you don’t plan to buy a home for 5 years. Get a plan in place that as a couple you work on together!
Contributed by Grand Rapids Mortgage Pro, Deb Laakso, COE of The Mortgage House and member of Grand Rapids Dream Weddings
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