Pick a mall pick apart some stores or pull your credit and pick apart the scores?

Before you run out and buy that new Louis in hopes of adding numbers to your social circle, you may want to consider a more important number. No, its not your social security number, the number of friends you have on Facebook, nor the number of followers you have on Twitter.

It is your credit score!
How can this very important number that helps banks to decide whether or not to lend us money be the most overlooked number in our lives? It is our risk number! ...need a car, credit card or mortgage? You can bet your bottom $ that the bank will know this number before you do! Sad, but true! Why is is that we fail to watch this score the same way we watch our weight or the number of times Lebron scores in a game?

What is a credit score?
According to FairIssac (the guidelines governing credit scoring) it is a number used by lenders to help them decide: "If I give this person a loan or credit card, how likely is it that I will get paid back on time?" A score is a snap shot of your credit at a particular point in time.

Fico is the most widely used score. It is used to make billions of credit decisions every year. Check out the pie graph below to learn how your Fico score is broken down.

                                 Be in the know! Get your free Fico score at www.myfico.

The most important thing that I've learned about credit in my entire career is that, "Credit is a revolving thing" Banks can not make money if they do not lend money, and use other people's money. Unless you have several foreclosures and repos, your credit can be repaired! The question is not how bad your credit is, rather what you are willing to do to fix it? Is it worth devoting your time & energy to this overwhelming task if it means a better interest rate or more suitable loan terms? That's like asking is it worth time to hit the gym! Your Fico score is a vital part of your credit health just as walking/cardio is vital to our physical health, yet getting people to focus and devote time to either of these is like pulling teeth! If you are reading this article, pat yourself on the back because you have taken a step in the right direction! Order your free Fico score and then find out where you stand with the three major CRA's (Credit Reporting Agencies) You are entitled to one free report per agency, per year, and you have the right to dispute any mistakes! If discrepancies can not be corrected or proven right, they must be deleted! The form for disputes should be listed on the CRA's website.
www.equifax.com >>> www.transunion.com >>> www.experian.com

Don't just assume they are always right because CBS news reported in 04' that CRA's were wrong 80% of the time! Stay tuned to my blog for the next step to managing & maintaining your CREDIT SCORE after you have ordered all 3 scores and viewed your Fico score for free.

www.mycreditacademy.org Repairing your credit alone? Sound like a dummy mission? Try my friends at Credit Academy, be sure to tell them Ebony sent you! :)

itty bitty Piggy-A buyers market

This little piggy went to the market...He wasn't afraid to buy! He knew that interest rates and home prices were at an all time low. He knew that studies have shown home owners are happier & healthier since home ownership has a huge impact on net worth, education, civic participation and overall quality of life.

This little piggy stayed  home... He had his TV turned to the news who of course has to show more doom & gloom in order to sell advertisements. He didn't know that owning a home is one of the best ways to build long-term wealth. He failed to observe how that historically a home owner's net worth is 31-46 times higher than the net worth of a renter. He didn't understand why home owners enjoy stable housing cost and tax benefits while rent increases 3% per year with absolutely NO deduction at the end of the year for mortgage interest & property taxes.

This little piggy had enough sense to do the research... He learned that people who own homes vote more, volunteer more, and contribute more to their neighborhoods. Additionally he found out that when more homes in the community are owner-occupied, the neighborhood and its value is more stabilized and there is less crime and deterioration.

This little piggy did none... He just didn't have a clue!

If you see an itty bitty Piggy in the market...

This little piggy said wee, wee, wee...She was speaking with her French Realtor on the phone who verified for her that 67% of American households are owner occupied. Every home purchased pumps a whopping $60,000 into the economy for home improvements, furniture items, cable services etc. and most importantly Housing accounts for more than 15% of the National Gross Domestic Product. Real Estate is and always will be a key component in driving our nation's economy. Say yes to responsible home ownership! Go about it the right way by doing your own research, hiring a competent Real Estate agent to assist you and being truthful with your lender about what you can afford. Foreclosures are growing at a rapid rate, yet they can and have been prevented in some cases. Spread the word to your family and peers!

Keep me honest! Check the facts here for yourself and feel free to email me if you find something to be incorrect or misleading!

• Save up to $2000 per year on your taxes w/ MCC (Mortgage Credit Certificate) Also learn about the Home Protection Program (Protecting Your Home during job or spouse loss): http://www.nchfa.com/
• Housing info. & statistics straight from the source: Realtor.org/homeownership

The ugly truth about renting....

Another Investor opportunity....The fact of the matter is, the media's doom & gloom, job loss, foreclosures, economic outlook, and tons of other circumstances and fears will always cause some to believe that they may never own a home. An investor will buy a home and fix it up just for renters based solely on this preface. Yet, actually behind the smoke & mirrors you will find that the 'renter' is actually buying the home for the 'investor'. What a good deed by the tenant to do his landlord such a huge favor by paying off his asset for him and then continuing to give him a monthly profit! SWOOSH!>>>> NOTHING BUT NET!>>>> For the investor that is! All he had to do was keep the grass cut, have the exterminator spray for bugs and send his brother Joe the plumber over to unclog the commode a few times and he has done his yearly duties and earned $12,000 profit less repairs and maintenance + tax benefits while the renter on the other hand has paid out that same amount as a loss. If you have rented over the last 10 years paying at least $1000 per month, you have just paid a whopping $120,000 toward someone elses investment. The real ugly truth is that while you may choose to rent as the safer option, you are still buying a home, you are just buying it for someone else!

Check out the Rent Accumulation Chart below to see just how much you have contributed to someone elses investment!