Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
For anyone who has looked into to buying a Ocean View home several times—but kept getting discouraged every time because of a negative credit report—read on!
You probably already know that you are not alone—but so what?—it’s small consolation, especially when you consider how much financial ground you lose every year you continue to pay rent (the entire amount of which has zero tax deductibility). Many people mishandle credit in their teens and 20s, not knowing how it can come back to bite them when credit reports determine their credit worthiness. In Ocean View, we see the fallout in the form of mortgage application turndowns or discouraging interest rate proposals.
But that just makes it all the more important that you stop letting past errors continue to keep you from getting the loans and rates you want. You can choose to take action now to clean up that credit score. Not only will it speed the moment when you become eligible for the significant benefits of home ownership—the actions you take now will serve to set you in the driver seat when it comes to credit management. You will become aware of any apparently minor oversights that can depress your credit score for years to come. It will put you ‘in the game’ of credit report management, instead of continuing to be a passive outsider.
Steps Ocean View consumers can take now:
Review your credit file for accurate information
The credit reporting bureaus’ job is to report the most accurate information possible, but in the past the Federal Trade Commission has found that 5% of reports have at least one mistake. Get your current credit report from any number of services (start with a free one: you can always subscribe to a paid service later). Check all the accounts and verify that the amounts reported and the account statuses are correct. If a creditor reported your information incorrectly, file a dispute through the credit bureaus’ online sites to get the inaccuracy fixed. The same FTC report says that 13% of consumers who reported an error saw a boost in their credit score.
Get old negative accounts removed
Credit reports carry negative information like missed payments or a collection account for seven years, but are required to delete it after that. If an account is lingering past the seven year mark, use the dispute tools available on credit bureaus’ websites to mark the account as too old for reporting. Note that the seven-year time period is calculated from the date of first delinquency, not the date the account was first opened.
Talk to collection companies about their input
Even when you pay off collection accounts, that history continues to hurt your credit score. Some lenders look solely at those details when starting the process, so even paid collections can disqualify you for a loan. Instead of dealing with this frustrating problem, while you are negotiating with collection agencies to pay off a debt, ask that they put in writing that they will remove their report as part of their part of the bargain for your satisfaction of the debt. Some agencies will and some won’t (but it can’t hurt to ask).
Once you have acted, and begun to see the negatives dropping off your current credit report, your path to local home ownership will open up markedly. Then it’s time to give me a call!
First of all, a Spoiler Alert: It’s not fair to peek down where the answers are! Now that we’re clear on that, this is a quiz that will tell you how "Decade Sensitive" you are when it comes to Sussex County home décor. It took a little browsing around to put this together, but it sure was fun.
The idea is to match the décor item with the decade it is most closely associated with. Ready? GO!
A. Popcorn Ceilings
C. Sherwood Green & Stratford Yellow
D. Stainless Steel Appliances
E. Shag Carpets
F. Sustainable Materials
G. Kitchen Islands
Now that you’ve matched the items with the decade, you’ve probably noticed that there is a lot of ambiguity here, because Sussex County home décor themes didn’t just go in and out of style at the beginnings and ends of decades. The answers are combed from a variety of sources, but here is what the consensus (sort of) agrees on:
The 50s: Answer-C. Sherwood Green and Stratford Yellow were first popularized for kitchen appliances during the postwar era. The 50s can be forgiven for these unnatural apparitions, which might have had something to do with the advent of vinyl flooring in the kitchen …
The 60s: Answer-A. Popcorn Ceilings – Thank you, The 60s, for giving us this innovation. They were popularized for conveying a "textured" look, adding insulation, and cutting down sound. We’ve been scraping them off ever since…
The 70s: Answer-E. Shag Carpets (of course!). Sometimes associated with the 60s, but unmistakably reaching peak popularity in the 70s, a "period when wall-to-wall carpeting was fairly new." Its fluffy look and feel remained popular until The 90s, when it is said to have "faded into oblivion." Hardly—it’s still causing vacuum cleaner jams in Sussex County homes with cool "vintage" décor.
The 80s: Answer-B. McMansions, aka "garage Mahal," "starter castle," and "Hummer home." They may have been around since The 70s, but the term first appeared in the Los Angeles Times in 1990. Even the wisecracking nickname couldn’t curb the irresistible advantages of the mass-produced luxury home. Unexpectedly, some of them turn out to have been quite well-built.
The 90s: Answer-G. Kitchen Islands. If you placed these in The 80s, you’ve got a good argument, because that’s the era when modern kitchen design really took off. In The 90s, though, the ‘island’ first took its place in the majority of new kitchens spacious enough to make it practical. They are still everywhere, so you’re forgiven if you put them in The 2000s or Now.
The 2000s: Answer-F. Sustainable Materials. Even defining "sustainability" can get you into an argument (it could be salvaged wood countertops; might be granite), but the Green movement that took off in The 60s began to get serious government support in the New Millennium.
NOW: Answer-D. Stainless Steel Appliances. You can’t get away from them: today’s prospective Sussex County home shopper is finding glistening stainless steel refrigerator and oven doors in kitchens all over the place. This finish may have been around for more than a decade, but is NOW available at so many price points it’s hard to think of a single décor item that is as widespread—or one that’s more likely to stay popular long into the future.
With or without the stainless steel appliances, if yours is one of the Sussex County homes that will be listing this spring, do give me a call!