Don’t fall for this credit myth – non-money issue affect your credit score

House Logic has some tips that might help even seasoned home buyers. Today we’re featuring…

Myth #7: Your age, sex, and other non-money issues affect your credit score.

Reality: What century is it again? Federal law protects you from credit discrimination based on non-credit issues, like race, color, national origin, or sex. Sure, credit card companies or lenders can ask, but they can’t deny you credit based on your answers. Income, expenses, debts, and credit history are what matters.

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Don’t fall for this credit myth – paying too early will hurt you

House Logic has some tips that might help even seasoned home buyers. Today we’re featuring…

Myth #6: Paying off a student loan or car loan early will hurt your credit.

Reality: Ah, no. Credit report companies definitely do not punish you for paying off loans early. They might even throw you a parade. (Not really. Put away your princess wave.) While responsibly paying installment loans may be good, paying off those loans is way better.

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Don’t fall for this credit myth – you can over-check your credit score

House Logic has some tips that might help even seasoned home buyers. Today we’re featuring…

Myth #5: Checking your credit score frequently will hurt your score.

Reality: How else are you supposed to keep track of the darn thing? It’s true that several “hard” checks by companies can ding your score a few points. Hard checks generally happen when you are actually seeking a loan or line of credit, such as a mortgage or credit card.

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Don’t fall for this credit myth – no credit history is good credit history

House Logic has some tips that might help even seasoned home buyers. Today we’re featuring…

Myth #4: If you’ve never had credit, you have a perfect credit score.

Reality: There’s no reason to save your credit virginity for that special something. If you’ve never used credit, it’s anyone’s guess how well you’ll handle it once you do. Credit reporting agencies call it a “thin file,” meaning there’s not enough information on you to create a credit score. So if you’re a newbie, get an itty-bitty card or loan, and starting fattening up that file.

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Don’t fall for this credit myth – closing old credit cards erases the history

House Logic has some tips that might help even seasoned home buyers. Today we’re featuring…

Myth #3: Closing old cards will erase any negative history.

Reality: If it was that easy, we’d all be driving Teslas. Credit-reporting companies keep information on your file for seven years, no matter what.

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Don’t fall for this credit myth – it’s OK to pay credit cards a day late if you pay them off in full

House Logic has some tips that might help even seasoned home buyers. Today we’re featuring…

Myth #2: It’s OK to pay credit cards a day late if you pay them off in full.

Reality: ”Missing a payment is the biggest way to hit your credit score,” Lowry says. “If you pay a student loan a day late, your score can go down as much as 100 points.” So much for that degree making you smarter.

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Don’t fall for this credit myth – keep a small balance you keep on your credit card

House Logic has some tips that might help even seasoned home buyers. Today we’re featuring…

Myth #1: Always carry a small balance on your credit card.

Reality: The credit score gods want to know two main things: that you pay your bills on time, and that you don’t constantly max out the credit you have.

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Congrats to Jenny L! Enjoy the new home in the Longfellow neighborhood of Minneapolis

Working with Claire Bastien, Jenny L was able to find the perfect home for her in Longfellow:

We wanted to use that as an excuse to talk about her new neighborhood!

Longfellow is a neighborhood in South Minneapolis bordered by the Mississippi River and the Light Rail. It’s a pretty quiet neighborhood with a city feel. It’s not far from so many amenities – some stemming from proximity to the light rail. But generally in walking distance there are restaurants, bars, a couple of small art galleries and shops to get what you need.

Here’s what TripSAvvy has to say about the neighborhood…

Longfellow is a primarily middle class, professional neighborhood. The housing available – small single family homes – attracts small families and couples. Because the neighborhood is so close to both downtowns, many people work in Downtown Minneapolis and Downtown St. Paul. The eastern parts of the neighborhood, near the river, is wealthier, and the western half, near Hiawatha Avenue and the Light Rail line, has more working class residents.

Longfellow is home to the Minnehaha Falls and the surrounding park. In the summer the area is bustling with picnickers, runners, biker and walkers. In the winter, the sturdy come daily to see the Falls slowly freeze.

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Columbia Heights: Named 2016 All-America City

Big congratulations to our new favorite homeowners in Columbia Heights, MN! It gives us a chance to talk about Columbia Heights.

Columbia Heights is a first-ring northern suburb of Minneapolis. It is bordered by the city of Fridley to the north and west; New Brighton and Saint Anthony to the east; and Minneapolis to the south.

Big news this year, the National Civic League selected Columbia Heights as one of ten cities to win the 2016 All-America City Award for outstanding community accomplishments! You can learn more from the video:

 

Demographics Facts

  • As of the census of 2010, there were 19,496 people, 7,926 households, and 4,558 families residing in the city.
  • There were 7,926 households of which 27.7% had children under the age of 18 living with them and 38.5% were married couples living together
  • The median age in the city was 36.9 years.
  • The median value of home is $153,100
  • 64% of the homes are owner-occupied
  • Average travel to work is 24 minutes
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New Mortgage Tip #4 – be realistic about a budget and the life you enjoy

Happy to share great advice from House Logic on getting a mortgage.

Tip #4 – be realistic about a budget and the life you enjoy

Track your spending monthly, so you really know how much you spend. Factor fun into your future when deciding which mortgage offer is the best fit. “Two years into your home purchase, you want to be happy you did it,” says Jacobin. “You don’t want to be mortgage poor.”

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