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Stamford Realtor Jennifer Davis is in the business of helping clients attain their homeownership dreams. To do that, she sometimes has to help them overcome nightmarish credit hurdles.
"I have clients who always have to clean this up or clean that up. I've got all these different clients with all kinds of different problems," Davis said.
Seeking solutions, she attended a recent credit seminar sponsored by Stamford First Bank. She said she learned so much that she would attend a repeat if the seminar were offered again.
"It was very informative," said Davis, who sought answers to common client questions such as how soon a credit score is improved after a credit card is paid off and what the repercussions are of a bankruptcy or foreclosure. Making monthly mortgage payments on or close to the beginning of the month to reduce interest charges was among the insights Davis said she gained.
She also attended the seminar for a personal reason. "I went for my husband, who's got a lot of credit card debt," she said.
Davis and nine other area residents attended the free seminar, called "Understanding and Improving Your Credit Scores" and conducted by credit specialist Joe Strilbyckij of mortgage credit reporting firm Avantus. He told the group that two of the most relevant influences on a credit rating are making timely payments and accurate credit reporting. Strilbyckij also said lender-established mortgage and loan rates vary by applicants' credit scores.
"In these challenging economic times, it is perhaps more important than ever for people to understand how to achieve and maintain good credit," SFB President Bob Palermo said.
Davis said she'd "definitely recommend" the seminar to clients.
"Home buyers are always talking about, 'they're ready.' Well, some of them are not quite ready to buy," she said. "They all need to attend this."
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