The 21st Annual WCAoR Golf Tournament to Benefit Local Charities
Upcoming Events:
n Twin Creeks Country Club to host this year’s benefit
May 18 HBA Builder/Associate Mixer Palmer Todd - 5 p.m.
tournament for the second year in a row
T
trip for up to four players to play 18 additional holes at Twin Creeks. All proceeds are to benefit WCAoR and its charities.
he Williamson County Association of REALTORS
Along with the best ball team competition, there will be
in conjunction with its Charities Committee will
opportunities to win great prizes for longest drives, closest
again host the 21st Annual golf tournament on
to the pin and the always entertaining putting contest.
May 24 at Twin Creeks Country Club located in Cedar
You don’t need to be a golfer to come out and have a
Park. Shot gun start is scheduled for 10:30 a.m. preceded
great time; network with various industry representatives
by breakfast at 8 a.m.
and support a great cause.
Individual entry fees are $130 per golfer which includes round of golf, cart, breakfast, lunch, drinks and a return
For more information on playing or sponsorships please call Kevin Finch at 914-2033 or Jim Goldrick at 255-1550.
May 19 AYREP: Top Producer Panel Hyatt Regency Hotel - 4:30 p.m. May 20 WCAoR Luncheon Cedar Park Rec Center - 11:30 a.m. May 24 WCAoR Golf Tournament Twin Creeks Country Club - 8 a.m. May 29 Sky Realty Blood & Marrow Drive Sky Realty office - 10 a.m. June 8 NAPMW General Meeting Norris Conference Center - 11:30 a.m. June 10 ABoR Foundation: Party & Property Tour Barton Place Condominiums - 5 p.m. June 16 NAHREP Monthly Meeting Cool River Cafe - 11:30 a.m. June 18 HBA: 1st Annual Chili Cook-off Travis County Expo Center - 5 a.m.
May 2010 • Vol. 15 • Issue 1
Check out Savvy Inspections Commentary on page 17
enjoyable. entertaining. It’s all about you.
Top Ten Things Buyers Should NOT Do Before Applying for a Home Loan
T
oday’s tightened lending market can be so daunt-
port history.
short amount of time, they can start making the lenders very
ing that it's enough to keep potential borrowers
It is a good idea to close accounts only when their avail-
suspicious. A lot of banks and credit card companies try to
from even thinking of buying a home. Buyers
able credit is low and if they’re new accounts. It is especially
avoid people who have histories of applying for many things
need the best possible credit report and score. But how many
good to close accounts if the above criteria match and the
at once, as if desperate. But buyers don’t have to worry that
of them know they inadvertently could be hurting their
cards have a high interest rate or charge annual fees.
loan shopping will mess up their credit. Multiple hard in-
chances of getting approved by doing certain things in the
Not Using Credit Cards
months before applying for a loan? To make sure that doesn’t happen to your buyers, share this list of the Top 10 Things NOT to Do.
A lot of the credit card companies are closing accounts that aren’t being used. That’s right; they’re taking on a use- it or
Closing Accounts
quiries on your report within a 45-day window are considered the same as one inquiry. Not Paying Fines or Credit Card Bills
lose-it mentality. In these economic times, credit card com-
Not paying old fees can have a negative impact on credit
panies are afraid of just letting anybody sit on a pile of credit.
scores as well. That’s right, not paying library charges and
If buyers want their credit score to plummet faster than a
If your buyers have an account that has a lot of history, it
other minor things such as parking tickets could all end up
B-list celebrity’s status, simply have them close some of their
is a good idea to keep that account active by encouraging
accounts. A lot of people think that closing an account that is
them to use it every so often.
paid off or barely used is a good thing, but this is not true. When an account is closed, it cuts away at their available credit and also increases their debt to credit ratio. As a rule of thumb, don’t close accounts, especially if they have a high available balance. Simply pay off the balance and leave the account open. If possible, keep the account active by making small purchases every now and then simply to re-
P. O. Box 81366 Austin, Texas 78708-1366
If your buyers are not paying their credit card bills, tell
Keeping High Balances
The credit scoring system isn’t built around common sense.
on a credit report.
Lenders look for people who use credit just right. Not too
them that information is being reported to the credit agencies and they are only hurting themselves. Call up the credit card company and work something out with them.
much and not too little. People who have high balances on
Ignoring Errors
their card are a red flag to lenders. It shows they are strapped for cash and are having a hard time making payments. Repeatedly Applying for New Credit
Presorted Standard U.S. Postage PAID Austin, Texas Paid Permit #715
quickly as it could take up to 90 days to get changes made. Once buyers have successfully disputed and removed nega-
So should clients say yes to
tive items from their credit report, tell them to wait a few
every credit offer then? Not ex-
months and then order another copy to verify the updates
actly. Repeatedly applying for
and see if their score improves.
new credit hurts your buyers’ credit scores in two ways:
Buyers can order a copy of their report directly from one of the three credit bureaus or can get a free copy of by going
First, by opening new ac-
to www.annualcreditreport.com. They are entitled to a free
counts, they are decreasing the
one each year, but beware of services that charge monthly
average age of their credit his-
membership fees.
tory. Lenders like people who have a long history of borrowing and paying back on time.
You can visit us online 24/7 at www.realtylineonline.com
If there are any errors on their credit report, correct them
Making Late Payments Paying late and missing payments will ensure that your
And second, credit scores
buyers’ credit scores drop. With all the technology available,
take a hit with every hard in-
there’s no reason to mail in a payment four days before the
quiry. If your clients get multiple hard inquiries in a very
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