Posts Tagged ‘brooklyn ny real estate agent’

2010 and Rebuilding or Protecting Your Credit Score

Saturday, January 2nd, 2010
2010 and Rebuilding or Protecting
Your Credit Score

By M. Anthony Carr

If the latest numbers on credit card delinquency are any indicator, U.S. consumers are starting to get a handle on their credit card debt. In the 3rd quarter of this year, according to data from TransUnion, a credit reporting agency, the delinquency rate dropped to 1.1 percent. The Associated press reports: “The decline is significant because of its timing. Delinquency rates usually rise in the third quarter from the prior period as people spend on summer vacations and back-to-school shopping,” said Clifton O’Neal, a TransUnion spokesman.” How you handle your debt affects your credit score and rating, which is what affects your ability to get a loan to purchase a home.

The good thing about credit scores is that they are merely a snapshot of your credit at a given time. Missed payments, high credit vs. limits, too much credit, et. al., can all be corrected and cleaned up and your credit score return to a new high level.

Tim McLaughlin, senior vice president of Weichert Financial Services, answers the question – what dings on your credit affect your score and why it seems all the good loans, seem to favor those with good credit.

The Fair Isaac Corporation maintains the most popularly used score (referred to as the FICO score) and it ranges from 300 to 850.

“There are five major ‘dings’ that impact your DCS (Decision Credit Score, or FICO score) the most,” some obvious, some not so obvious:

Maxed out credit cards: Doesn’t seem like a big

deal in the grand scheme of things, right? Oh, it is: a maxed out credit card can reduce your DCS anywhere from 10 to 45 points, according to Fair Isaac, a hefty price to pay for accumulating debt. 30 Day late mortgage payment: In addition to the late fees, this occurrence adversely impacts your DCS by 60 to 110 points … a whopping impact for being late on your mortgage.

Debt settlement: Also known as debt arbitration or debt negotiation, it is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. The downside, a 45 to 125 point drop in your DCS.

Foreclosure: Unfortunately, an occurrence we are seeing far too often as of late. In addition to the event, it will reduce your DCS 85 to 160 points.

Bankruptcy: The event that would have the single biggest negative impact on your DCS, reducing your score 130 to 240 points; an almost irreparable event.

FICO has its own web site dealing with the scoring prices and it’s a good starting place for those trying to repair their credit rating.

Here are the three credit reporting agencies that use the FICO score:

  • Equifax (
  • TransUnion (
  • Experian (

  • Charles D’Alessandro

    [email protected]
    tel 718 253-9600
    fax 718 253-9573

  • 3 Ways to Find Out If You Have a Bad Brooklyn Real Estate Agent!

    Wednesday, December 2nd, 2009

    Most articles across the Net that focus on finding a real estate agent tell you what to look for to find a good one. What if you already have one, though? How can you tell if your Brooklyn New York real estate agent is the one that caused previous clients X, Y and Z to have never-ending nightmares? What if they’re related to the Wicked Witch of the West and, horror of horrors, you don’t know?
    It’s enough to give a person the terrors, even though Halloween is already past. In the interest of helping you have a good experience (thus raising the reputation of agents everywhere), here are three things you can do if your Brooklyn real estate agent starts giving you the heebie jeebies:

    1. Find out if they’ve had any training since real estate school. Although it depends on the state, most agents have to complete a three- to six-week period of schooling. If they pass the real estate licensing exam they find a broker, sign a form, sign up with some real estate associations and are immediately moved into the echelons of “real estate professional.” That’s it.

    If your agent hasn’t had any more training than that, there’s a high probability they don’t know everything they need to know to give you the professional help you need. Real estate school can only teach so much, especially in three to six weeks.

    1. Try to reach your agent by phone and email. If you get a voice mail, leave a message and see how fast they return the call. See how fast they return the email. Many agents leave comments on the listings such as “for questions, comments or to show, contact listing agent,” which means the only way potential buyers can get any extra information or see your home is by contacting your agent. If your agent never returns emails or phone calls, you may be missing out on potential buyers.
    1. Consider if they’re willing to show you houses you want to look at, or if they’re too busy. Some agents have a strange rule that they’ll only show a certain number of houses. Other agents seem to be too busy to show you a few extra homes you’re interested in. If either of these are the case, don’t call another agent – get rid of the one you have, first.

    If you find that your Brooklyn NY real estate agent is a genuine nightmare, take a step back and reassess whether you want to use them or not. If you decide you want to hire another one, first let your original agent know and officially cancel the contract. Look for the real estate agent that will work for your referral.

    If you’re looking for an experienced, well-educated real estate agent, I can help. Call me Charles D’Alessandro at Fillmore Real Estate at 718 253-9600 ext 206 or email me at [email protected] for more information. I Love referrals!