Jason Durban’s Blog

What’s in your FICO® scoreFICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.
These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.Payment History·         Account payment information on specific types of accounts (credit cards, retail accounts,     installment loans, finance company accounts, mortgage, etc.) ·         Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items) ·         Severity of delinquency (how long past due) ·         Amount past due on delinquent accounts or collection items ·         Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items     ·         Number of past due items on file ·         Number of accounts paid as agreed  

Amounts Owed·         Amount owing on accounts ·         Amount owing on specific types of accounts ·         Lack of a specific type of balance, in some cases ·         Number of accounts with balances ·         Proportion of credit lines used (proportion of balances to total credit limits of revolving accounts) ·         Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)Length of Credit History·         Time since accounts opened ·         Time since accounts opened, by specific type of account ·         Time since account activityNew Credit·         Number of recently opened accounts, and proportion of accounts that are recently opened, by type of accountNumber of recent credit inquiries·         Time since recent account opening(s), by type of account ·         Time since credit inquiry(s) ·         Re-establishment of positive credit history following past payment problems ·         Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.) Please note that: A FICO score takes into consideration all these categories of information, not just one or two.
No one piece of information or factor alone will determine your score. The importance of any factor depends on the overall information in your credit report.
For some people, a given factor may be more important than for someone else with a different credit history. In addition, as the information in your credit report changes, so does the importance of any factor in determining your FICO score. Thus, it’s impossible to say exactly how important any single factor is in determining your score - even the levels of importance shown here are for the general population, and will be different for different credit profiles. What’s important is the mix of information, which varies from person to person, and for any one person over time. Your FICO score only looks at information in your credit report.
However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.

Your score considers both positive and negative information in your credit report.
Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your FICO credit score.

If you have any question call me @ 205 532 0205 or e-mail me at jdurban@kw.com

Don’t Become an Identity Theft Victim…

According to recent statistics released by the U.S. Department of Justice, about 1.6 million households experience theft of existing accounts other than a credit card (such as a banking account), and 1.1 million households discover misuse of personal information (such as their social security number) annually. In addition, a recent poll revealed that “sixteen percent of adults say they have had their credit or debit card used by someone they don’t know without their permission” and that “substantial numbers” of people have taken specific steps to help prevent identity theft from happening to them.

Here are some important tips for keeping your information safe and sound:

Give it to me in writing. While many of us have limited our exposure to telemarketing calls by utilizing the Do-Not-Call registry, charities are exempt from the Do-Not-Call rules. If you receive a phone call from any charity, ask the caller to send you information in the mail instead of giving out your credit card information over the phone. If you get any resistance, just hang up. If someone isn’t willing to give you the chance to review some information, they could be interested in more than earning a commission.

Just the facts. We often give unnecessary information like our date of birth and income level when we’re filling out things like warranty cards for new products we’ve bought or supermarket club cards. Share only what’s really necessary in every situation.

Navigating the Net. Never post your address or your full date of birth on any social networking sites because both are pieces of information needed to steal your identity. In addition, if you utilize internet job sites, never give a potential employer your Social Security number until they are ready to hire you. Also, thoroughly investigate companies before you submit your resume and check the privacy policies of any online job boards to make sure they won’t sell your information.

The world of paper. Even though the Internet has added a whole new dimension to identity theft, there are still important steps to take when it comes to paper items. First, never keep your Social Security number in your wallet, glove compartment, and other easy-to-access places. Also, never have it printed on your checks or use it as your password. Second, when you are ready to get rid of old documents that contain important information, shred them. And last, if you have to mail something that contains sensitive information, drop the letter in a secure mailbox instead of a mailbox that anyone can open (like the kind at the end of many people’s driveways).

The bottom line is this: When it comes to your personal information, share it on a need-to-know basis only

Birmingham is the 3rd fastest growing Real Estate market in Country.  That was posted today on www.ccnmoney.com.    If you need anything do not hesitate to call. When you have a chance check out our new web site at www.thejteamkw.com. Remember, if you know of someone who needs to buy or sell Real Estate, call me with their information and I will follow up them immediately!

FSBO Need to be careful!!!!

I know another Real estate Agent telling me I shouldn’t sell my home FSBO.   I wouldn’t do that because, “I Get It!”  I’m a DYI (aka do-it-yourselfer’) also.  I understand about saving money!  “I GET IT!”  My goal is to help you and make sure you do not leave anything on the table!

Fact : The average FSBO sells for 15% less than a home listed with a Realtor!

Why does this happen? 

-Typically the FSBO push away the good qualified buyers and attract bargain shoppers and investors.  These bargain shoppers and investors typically are better negotiators.  They are capitalizing on your inexperience and using your equity as their investment.

-Buyers, for the most part, understand that a Realtors service isn’t going to cost them anything, so why wouldn’t they want that type of experience on their side?  Most buyers don’t want to negotiate with a seller so they use a Realtor.

“I GET IT!”  So be careful and do your homework.  Price your home correctly and shouldn’t have to move more than 5%.  Good Luck, if you would like more information go to my web site at www.jasondurban.com  Good Luck

I closed on a deal this week where the client was reluctant in getting a home inspection.  Their main concern was the $200 - $300 extra cost.  I explained to them in a very calm and professional manner that they were nuts!  I think that this is on of the most important parts of the home buying process!  It answers some many questions, costs so little, and can be used as leverage in negotiation!  Luckly the above mentioned client agreed with me and decided to get an inspection and the inspector found no major problems!  Here are some important points when you reach this stage in your house hunting quest:

1. First things first - make sure the offer your Realtor has drawn up for you is subject to a home inspection.  This way if the home is to much for you to handle you can terminate the contract.
2. Get your agents advice and referral - evidently you trust this person with one of your biggest investments.  Ask them who they would use for their personal home!
3. The price is always negotiable for a home inspection - But make sure it is a win - win for everyone! You want a happy home inspector, inspecting your home!
4. Speak Up!  If there was something of importance you saw with your Realtor during a showing, make sure you tell the inspector.  Also ask questions, i.e. “How life expectancy in the roof?”or “tell me about the HVAC (Heating & Air)system?”
5. Depending on the size of the home, the inspection should be a minimum of 3 hours.  Make them earn their money! 
6. Be their for the whole inspection.  This way you know every “nook and cranny” of the home you are purchasing.  Remember this isn’t your agents responsibility, although they will be more than happy to help depending on there schedule,  you will be writing the monthly mortgage payment.
7. Make sure you get a copy of the inspection.
8. Do not get to caught up in the cosmetics of the home like wallpaper or paint those are easy fixes and you are going to decorate the home to your personal taste eventually.  Focus on the major items, the expensive fixes: Roof, exterior siding, chimney, foundation, plumbing, electrical, insulation, HVAC unit, signs of mold or mildew. 
9. Remember if the inspector finds something its not the end of the world.  Simply find out the replacement cost is and then make a decision.

I hope this has been informative and helpful.  Good luck and happy house hunting! If you have anymore questions or need to contact me go to my website www.jasondurban.com for more info.

Welcome to Jason Durban’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Hoover.