Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 4/3/2016

Credit cards can be a great source of safety and  convenience but they can also be trouble. Buy now and pay later can have serious consequences and lead to financial trouble. So in order to stay financially fit it is important to use your credit cards wisely. Here are a few tips to help you make the most of your credit cards: • This seems simple but pay off your balance every month in full.  Interest charges on your credit card purchases can add up fast. • If you do carry a balance, pay back as much as you can as quickly as possible. You don't have to wait until the payment due date. • Avoid using your credit card to withdraw cash or transfer money. Interest is charged on these transactions immediately. • If you are considering a card with an annual fee, be sure that whatever reward or benefit you're getting is worth the cost. Bottom line stay within your budget. Only use credit cards for things you can afford. If you can't afford it don't buy it. You will be much happier without the new sweater when you have enough money to buy a new home.




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Posted by Thomas Murphy on 12/23/2012

One of the biggest things that can impact your ability to get a loan for a home is your credit score. Credit scores measure the risk a lender may take when deciding on a mortgage. If your credit score is not where you want it to be have no fear it's never too late to become credit worthy. Your credit score is also known as your FICO (Fair Isaac Corporation) score, it is one of the tools that lenders use to evaluate a borrower's ability or likelihood to repay a loan. Credit scores range from 300 to 850 points. Credit scores over 720 are often considered excellent.  Scores of 680 – 719 are considered good. Scores that fall between 620-679 are questionable and typically require more review by the lender. A score under 619 usually disqualifies you from getting the best rates or even a loan at all. Here are five ways to raise your credit score: 1. Obtain your credit score from the three major credit score reporting agencies. They are Equifax, Experian and Transunion. 2. Review your report and look for any discrepancies. Your report will also give you a good idea of why your score may be low. According to myFICO.com, credit score calculation is based on five key components: payment history, amounts owed, length of credit history, new credit and types of credit used. 3. Come up with a plan to improve the five key components. Payment history carries the most weight it makes up 35% of your score. So be sure to pay your bills on time. 30% of your score is determined by the use of your available credit. Only use 30% of your maximum credit limit for each credit card and revolving accounts, using anything over that hurts your credit score. 4. If you have any past-due bills, judgments or collection accounts make arrangements to pay them as soon as possible. Some creditors may accept a portion of an amount due as payment in full. 5. Minimize your requests for new credit. Credit inquiries make up 10% of your score and can ultimately bring it down.