About Fayette County, GA

Contact Cas Tuck #770-3654638. BROOKS COUNTRY LIVING ON 5 ACRES OF PRIVACY. HOME SITS WAY BACK FROM THE ROAD. SPLIT PLAN. 3 BEDROOMS 2 BATHS. BROOKS ELEM SCHOOL. 20X40 SALT WATER INGROUND POOL. PERFECT FOR OUTDOOR ENTERTAINING. STORAGE BUILDING. COVERED REAR PORCH. HORSES ALLOWED. To see complete property tour: http://www.advantagehometours.com/tabid/1214.aspx.   

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As a concerned father of four in Fayette county, it is always distressing to see how our regions real estate woes are effecting our kids education.

I read an article by Ben Nelms at The Citizen...

http://www.thecitizen.com/~citizen0/node/41896

where he reported on the Fayette County Board of Education learning that the 2011 budget cuts could be another $10.3 million less than 2010, which was $12.65 million down from the year before.

With figures like this in our relatively small county, its easy to feel a little demoralized!

These cuts are state level education cuts, and don't yet reflect any new budget cuts as a result of our shrinking tax digest. As the taxable values of the Fayette county real estate have decreased, the county will receive less money. This means less money for our school system. A strong public education system directly effects our home values, as buyers tend to flock to areas with strong public schools.

Regardless of the severity of budget cuts that our schools in Peachtree City, Tyrone and Fayetteville are forced to deal with, we can be very thankful we have not experienced the level of declining values that other regions (South Florida, Las Vegas, parts of California) have suffered.

This post is more about credit in general, than mortgages specifically. The inquiry issue is a real one and does apply to mortgage shoppers.

Too many credit inquiries can injure your credit score. One reason for this is so you will know if you qualify for something without having them pull your credit. Basically, before you apply for credit, ask what the minimum credit score is, what the minimum income requirement is, what the interest rate and payment schedule is.

By doing your research you will know whether you meet basic requirements and if you can afford the payment schedule. If you don't meet the score requirement or find out the payment will be higher than you anticipated than you know not to even bother applying - in other words you have just prevented the injury inquiry.

Too many times people apply for credit without knowing the minimum requirements and specifics of the account they are applying for. Do your research, you should know what you are applying for before you grant a company permission to view your credit. Avoiding numerous inquiries is an excellent strategy to keep your credit score from needlessly dropping.

If additional credit is what you are looking for, you can call your existing credit card company and ask for a credit line increase based on your payment history with them. You want to make it clear that you do not want your credit pulled.

Another thing to keep in mind is that underwriters, especially FHA loan underwriters will ask you to explain recent inquiries.

I often wonder if credit reports are intentionally confusing to the consumer, or if it is just a by-product of way too many laws!

Many of my customer base seeking FHA and USDA mortgage loans often asks...."When will that negative item fall off my report"? A very fair question indeed!

Here are some basics on credit bureau reporting time periods as governed by the Fair Credit Reporting Act.

Understanding Credit Bureau Reporting Time periods

Delinquencies (30 - 180 days): Can remain seven years from the date of the initial missed payment.

Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years.

Lost credit card: If there are no delinquencies, credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.

Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

Child support judgments: Remain seven years from the date the judgment is filed.

Civil and small claim judgments: Remain seven years from the date the judgment is filed.

City, county, state, and federal tax liens: Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.

Inquiries: Most inquiries listed on your credit report will remain for two years. All inquiries must remain for a minimum of one year from the date the inquiry was made. Some inquiries, such as employment or pre-approved offers of credit, will show only to you.

Positive open credit information remains indefinitely and paid positive accounts remain 10 years, making your credit report a great benefit for you in obtaining and using financial services. Negative information is purged from your credit report so that if you have credit problems you will have an opportunity to build a good credit history over time.

While a negative item can plague you for 7-10 years, the truth is that if you rebuild your credit and make all of your payments on time, it will begin to damage you less and less each year. FHA loans become very forgiving after 2 years, while conforming loans impose a more daunting 4 year period.

Talk to me about your specific situation, as I can often suggest some action items that you can begin working on now.