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Your FICO Score will take a hit from Damage Points

December 9, 2009 By Doug Francis

FICO Damage PointsReal Estate Agents have all wondered how FICO Scores are impacted when events happen to consumers, and FICO has released an informative chart that you need to see. It seems that if you have a high score and are 30 days late on your minimum payment then your penalty will actually be greater than someone who already has a lower score.

This great chart came to my attention from a post Justin McHood wrote at “The Phoenix Real Estate Guy.com” and I felt it was important to share. Consumers have a resposibility to manage their credit and can get a copy of their report either through a service like Equifax or free through AnnualCreditReport.com. Requesting a report to review will not negatively impact your score, but if you apply for a new BuyMore-Card then it can be a ding. Get it?

In a recent post of mine, I mentioned how important having a 720 or better score is when trying to get a mortgage, and how a real estate client had one error repeated three times impacting his FICO Score. Once cleared his score jumped 40 points!

So let’s be careful out there during the Holiday Season in Northern Virginia and not run our cards up to the max because that will damage your score 20+ points… even if you did it by accident. There are plenty of stories out there to keep you up at night. Keep it real because you need to keep your credit reputation as good as possible in today’s world. And remember that is important to examine your ratio of available credit to used credit… an important FICO Score variable.

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Filed Under: Blog Tagged With: Credit score, FICO, mortgage, real estate

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he "starred" in a tech commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the town tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing ~ and my marketing starts here. My elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

Thanks for reading... and feel free to contact me at 703-304-6827 or send me an email at doug@dougfrancis.com anytime!

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