10/02/07
Filed under:
General
Posted by:
blog owner @ 3:26 pm
< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
On September 18, the House of Representatives passed H.R. 1852 the “Expanding American Homeownership Act of 2007″ by a strong vote of 348-72. The bill includes provisions to eliminate the 3% downpayment requirement, increase the loan limits, streamline condominium purchases, and eliminates the cap on Home Equity Conversion mortgages (HECMs). During debate, an amendment offered by Reps. Barney Frank (D-MA), Gary Miller (R-CA) and Dennis Cardoza (D-CA) passed on a voice vote. This amendment will increase the FHA loan limits to 125% of median area home price, with a cap of 175% of the conforming loan limit. Such an increase will help FHA be a valuable tool in all areas of the country from < ?xml:namespace prefix = u1 />Massachusetts, to South Carolina, to Texas, to Nevada, and even in California. NAR issued a full Call to Action to the membership on the bill and the amendment that helped make this victory possible. Thank you to those who responded.
On September 19, the Senate Banking Committee passed their own version of the bill called the “Building American Homeownership Act.” The Senate bill has not yet been introduced, but was written by Senators Chris Dodd (D-CT) and Mel Martinez (R-FL). The Senate bill increases the FHA loan limits to 100% of area median, capped at 100% of the conforming loan limit; reduces the downpayment requirement to 1.5%, streamlines condominium purchases, and eliminates the cap on HECMs. The bill also includes a second title that would reform FHA’s manufactured housing bill. Similar legislation, which NAR supports, passed the House in June. It is hoped the Senate will take up the measure in the next few weeks.
Filed under:
General
Posted by:
blog owner @ 3:25 pm
The Boulder City Council approved the Transit village Area Plan on September 18, 2007. The plan envisions adding between 2800 and 4000 new jobs and between 1400 and 2400 new housing units in a 160-acre area of central < ?xml:namespace prefix = u1 />Boulder generally surrounding the 11-acre future Transit Village on the northeast corner of 30th and Pearl. The Transit Village property is owned by the city’s Housing Division (7.97-acres) and RTD (3.33-acres) and is expected to be host of the Historic Depot, a bus transfer facility, a small park and ride, and hundreds of affordable housing units. The surrounding areas will be rezoned to encourage a mix of housing, retail, and commercial uses that would likely develop over the next three decades. The planning, rezoning and redevelopment scheme is in response to RTD’s FasTracks plan that will include commuter rail and bus rapid transit to the area, servicing the U.S. 36 corridor. Expect the Plan to evolve during the decades-long implementation in response to community involvement and market forces.
< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
09/22/07
Filed under:
General
Posted by:
blog owner @ 5:42 pm
Boulder Financial Realty will be opening a new office in downtown Boulder, Colorado in October of 2007. This “Real Estate Office of the Future” provides homeowners, buyers, sellers and investors an extensive array of resources and options unlike other traditional real estate brokerages. What was once a “worn” family grocery store from the early days of Boulder is now a environmentally remodeled fully automated Smarthome, complete with a traveling international art program with such artists at John Lennon, Jerry Garcia, Charles Harper and Salvador Dali.
Once you walk in the commercial portion of this mixed use property, one immediately feels the artistic transformation of this treasured community building. What was previously the MudLucious
Pottery Studio and leaning a foot North, is now a pillar of strength with dramatic interior steel supports, 25 foot ceilings and an international yet modern environment worthy of a magazine. Immediately you are invited to relax on the couch, flip on the plasma, and peruse the entire Boulder real estate market which offers complete market access and data including: sold information; comparable analysis’; public record information; days on the market; remodeling and design assistance software; internet log in for existing clients with detailed information and remote availability, and a resource area with multiple real estate related service providers where visitors can find and provide comments on a plethora of providers within a community system of checks and balances. “No one likes a professional who doesn’t have integrity or clean up after themselves, so our resource center is set up with copies of their insurance and these agreements in place for our clients to help avoid these types of construction pitfalls” says homeowner, Catherine Chipman.
Mixed Use properties are rare and difficult to come by with today’s planning and zoning guidelines. However, Boulder Real Estate has displayed a resurgence of a mixed use building plans which are becoming more and more acceptable by today building guidelines. The Newlands neighborhood has several developments occurring including the Broadway Brownstone Luxury Condos, the old Washington Elementary School site, many mega-homes in place of dated ranch homes…and is home to the highest capital gains of any neighborhood in Boulder for two years in a row. Nonetheless this property occupied by Boulder Financial Realty and Boulder Financial Mortgage is an old reminder and hidden gem of Boulder’s past which will awe you as you glide past the quality workmanship and custom design by this environmentally conscious homeowner. “By allowing homeowners to live and work in their home, environmental impacts are reduced considerably and community is reintroduced…or returned to this corner” she adds.
The environment is not the only thing this company has paid attention to. In addition to providing buyers, sellers and investors a more creative, experienced and well rounded approach, Boulder Financial now can offer unparalleled marketing coverage unlike like any other agent in town. According to the City of Boulder Transportation Department, in September 2007, almost 28,000 cars drive by this location every day. That’s smart business too.
In addition to that undeniable marketing advantage, the location also houses an extensive investment network for multi-unit property owners seeking insider deals and savings, has helpful workshops to maximize gain, manage liability and protect assets, provides virtual office services for other real estate related service providers and attracts a range of buyers from all over the world.
This unique real estate concept has streamlined its systems evident beginning on their website at www.BoulderFinancial.com There you will find MLS searches directed by the user, email alert options, the ability to track prices, a defined marketing plan for sellers, current market statistics and mortgage rates, and just as many resources as one might find walking through the front door.
Broker and Owner of Boulder Financial Realty, Catherine Chipman states: ” It always bothered me as an investor that every agent wanted exclusivity but only served a specific area and was not very knowledgeable about general investing to prequalify homes for me. As a result, I became an agent and since that time 15 years ago have bought, sold, exchanged, remodeled, managed, and maintained multi properties as a means to my personal retirement. Naturally with success, people notice… then they want you to do the same for them.” What also motivated this entrepreneur was the lack of focus most investment advisers tend to place on one’s largest investment. ” Real Estate is hands down the largest asset most my clients hold. They’re relieved to have an agent who will prove to them why one investment is better than another and create a retirement plan through real estate over a ten year period just like a financial advisor might do with stocks, bonds or mutual funds. We review our client’s needs, strengths and weaknesses, and then fill in the gaps to insure their success whether that be preleasing a home or designing a deferred maintenance plan to recognize deductions or sweat equity. We’re out-of-the-box thinkers and results oriented.”
That ”out-of-the-box” thinking translates to savings, shorter list times, higher sale prices, and consideration for every aspect of the client’s needs and goals for financial success . The difference is agents who are less commission motivated and more relationship oriented offering a higher degree of service at a competitive cost. “By understanding the current rental rate, current mortgage rates and our client goals, we work to set a specifically measurable path of success which speaks for itself.” Investing however is not all that Boulder Financial does. They also provide commercial real estate sales, FSBO services, telecommunications solutions and income generation for commercial buildings, preconstruction design and management, a menu of property management services and an open mind to insure the customer’s needs come first whatever they may be.
One of the important distinctions a new seller notices is their approach. Immediately the agent will ask you about your current equity position, mortgage terms and instantly know if it makes sense to keep your existing home so you can diversify your retirement portfolio with proven real estate investments. ” Sure I would make more money if I sold your home and represented you buying another. However, with my approach, my clients make more money over time by following my advice which naturally leads to referrals, repeat business, and usually a consistent interaction be it through property management questions or assistance, remodeling to improve sweat equity, or some other service related to their real estate in the future. We strive to be a complete resource for homeowners and investors because we are homeowners and investors and wish someone would have done it for us when we were getting started over a decade ago.”
For an invitation to the Tour of Home and Grand Opening party, please email RealEstate@BoulderFinancial.com or call 303-442-2626.
08/16/07
Filed under:
General
Posted by:
blog owner @ 4:31 pm
Home Buyer Survey Ranks Features That Are Important To Buyers
A recent survey of recent home buyers conducted by the National Association of Realtors (NAR) pointed out a bunch of home features that rank high with homeowners.
The 2007 Profile of Buyers’ Home Feature Preferences found that buyers preference for oversized garages (two car or more) was increasing more than their preference for any of the other 75 home features and room types on the survey. Among those individuals who purchased homes in 2006, 57 percent considered a big garage to be very important up from 41 percent when the last survey was conducted in 2004, and in spite of the fact that gas prices were spiraling through most of the year. Of those people who did not purchase a home with an oversized garage 56 percent said they would have paid a premium for this feature compared to only 6 percent who were willing to do so two years earlier. 61 percent of people living in the Midwest put oversized garages high on their list of preferences as did 66 percent of Westerners.
The largest number of respondents, approximately 75 percent, ranked air conditioning as a “very important” feature in their homes. Among those who purchased a home without it, 65 percent of buyers said they would be willing to pay a median $1,880 extra for central air conditioning; a number we suspect would be much higher if the question had been asked anytime in the last two weeks. As might be expected, many more home buyers in the South and Midwest voted for central air conditioning as a priority, with 91 percent and 81 percent, respectively, saying this feature was very important. 53 percent of all respondents viewed a walk-in-closet in the master bedroom as a priority but Southerners were particularly fond of this feature with 66 percent prioritizing it. Hardwood floors ranked high with 28 percent of respondents and granite countertops with 23 percent, an increase of 7 percent for each over the last two years.
Having a satellite or cable TV ready home was highly ranked by 46 percent of respondents which seems a little strange given the wide availability of free installation of those systems.
While much has been written about a growing buyer preference for “green homes,” those buyers who purchase existing homes are not nearly as demanding of such features as are buyers of new homes. The former place a high priority on energy efficiency in 39 percent of the cases compared to 65 percent of new home buyers who said it was very important. Older buyers, however, placed greater importance on energy efficiency than did younger buyers. 63 percent of buyers 75 and older said it was very important but only 32 percent of buyers in the 18 to 24 age group agreed.
Age, in fact, was overall the biggest determinant of home amenities. 74 percent of older buyers (those over 75) wanted a single-level home. A home that was less than 10 years of age was preferred by 43 percent and a walk-in-closet by 74 percent. More than half of buyers over 65 wanted a separate shower in the master bedroom compared to only 25 percent of those in the 25-34 age group. The younger buyers were more likely (60 percent) to want a backyard or play area.
Buyers still want bigger homes and newer homes, but they also want fewer bedrooms. In the two years between surveys the size of the typical home bought by survey respondents increased by about 100 square feet to 1,840 square feet but the median number of bedrooms went from four to three. The median age of the houses purchased was 12 years compared to 15 years in 2004.
Some good news for the construction industry; nearly 60 percent of recent home buyers undertook a remodeling or home improvement project almost immediately after purchasing their home. About half made improvements in the kitchen and half remodeled or improved a bathroom within three months after closing. These new homeowners spent a median of $4,350 on projects in that time period.
Finally, more than 50 percent of buyers believe that their home has high investment potential and another 40 percent think that the investment potential is at least moderate. Only 3 percent viewed the investment potential of their new home as low.
08/13/07
Filed under:
General
Posted by:
blog owner @ 7:56 pm
Today’s Washington Post:
“Credit Crunch In U.S. Upends Global Markets
The turmoil in the U.S. credit markets turned global Thursday, prompting central banks in Europe and the United States to pump more than $150 billion into the financial system to keep it operating smoothly.”
The Sub-Prime Crisis Is Really A “Sub-Crime” Crisis. It Is Time To Investigate and Prosecute This Scandal.
There comes a time when the frame of a news story changes. It happened in Iraq when the “war for Iraqi freedom” became seen as a bloody occupation, not a beneficent liberation. It is happening as the war on terror is increasingly perceived as a war of error, and when voting problems are reframed as electoral fraud.
And it will happen in the economic arena too, when we see the “subprime” credit crunch for what it is: a sub-crime ponzi scheme in which millions of people are losing their homes because of criminal and fraudulent tactics used by financial institutions that pose as respectable players in a highly rigged casino-like market system.
Suddenly, after years of denial and inattention, the press has discovered what they call “the credit crisis.” Vague words like “woes” are still being used to mask a financial calamity that some analysts are already calling an apocalypse, as lenders go under and the Stock Market melts downs.
A French bank froze BILLIONS Thursday saying, “The complete evaporation of liquidity in certain market segments of the U.S. securitization market has made it impossible to value certain assets.” Translation from the French: We are all in deep shit.
On Thursday morning, President Bush was asked about this at a press conference. He blamed borrowers for not understanding the documents they signed. If you have ever tried to read the documents banks prepare for mortgage closings, you will know that they are written by risk minimizing lawyers to be too long and dense to be understood. (Later in the day, the market reacted to his upbeat assessment with the Dow plunging 387 points.)
The financial insiders who watched were more than skeptical. Here are some quotes from a discussion on the Mi-implode website. One of the discussants calls our fearless leader, “President Pumkinhead:”
“Why’d president pumpkinhead have a news conference in the morning? Probably hoping no one would see it and he wouldn’t have to lie to as many people.”
Another described what he was watching with more than disbelief:
“He’s being hit with a lot of questions on mortgages, credit crisis, and the economy… and of course the economy is ‘in for a soft landing’, he’s been assured by the treasury that ‘there is plenty of liquidity’, yadda-yadda-yadda.
But he is stumbling over his words more then usual, not making eye contact, not finishing his sentences… and when he wonders a bit, he quickly goes back on script. It is very odd to watch, to say the least.”
“Odd?” Not for him, but, of course, there are more than one man to hold accountable. This is a deeper structural problem that implicates a whole industry and the process of “financialization” it promotes. This crisis is an example of what goes around comes around as the companies that suspended their usual “standards” and “rules” and self-styled “due diligence” knowingly sucked money out of people with poor credit records and who now find their own companies imploding and collapsing worldwide. Many of the victims are people of color. They were targeted by predators.
Underscore that this was done deliberately, with forethought and malice, a well orchestrated plan to create armies of “suckers” and steal—yes, I said it—their monies to leverage even bigger deals. Their greed had no limits, until the scheme collapsed.
Behind it all were the so-called “Masters of the Universe,” the wise men of Wall Street who worked behind the scenes to turn mortgage brokers and small lenders into part of what will one day be seen as a criminal network worthy of prosecution under the RICCO conspiracy laws used against the mob and drug dealers.
Read this account from the Wall Street Journal:
“Lou Barnes, co-owner of a small Colorado mortgage bank called Boulder West Inc., has been in the mortgage business since the late 1970s. For most of that time, a borrower had to fully document his income. Lenders offered the first no-documentation loans in the mid-1990s, but for no more than 70% of the value of the house being purchased. A few years back, he says, that began to change as Wall Street investment banks and wholesalers demanded ever more mortgages from even the least creditworthy — or ’subprime’ — customers.
All of us felt the suction from Wall Street. One day you would get an email saying, ‘We will buy no-doc loans at 95% loan-to-value,’ and an old-timer like me had never seen one,’ says Mr. Barnes. ‘It wasn’t long before the no-doc emails said 100%.’”
You don’t read many accounts like this of businessmen bashing Wall Street in the business press. Could it all have been stopped? Of course, if there were real regulators and rules protecting consumers and the public interest. And if there was a social movement that championed exonomic justice.
And also, if there were investigative journalists like the ones who just wrote a series on the “debacle” of the “debt bomb” in the Journal – but after the collapse, not before. And what do they admit now? That this is NOT just a subprime problem but far more serious and global.
They note that “credit problems once seen as isolated to a few subprime-mortgage lenders are beginning to propagate across markets and borders in unpredicted ways and degrees. A system designed to distribute and absorb risk might, instead, have bred it, by making it so easy for investors to buy complex securities they didn’t fully understand. And the interconnectedness of markets could mean that a sudden change in sentiment by investors in all sorts of markets could destabilize the financial system and hurt economic growth.”
Will the rest of the media follow up and explain what is really going on?
This is very serious folks, but far too many progressives, activists and politicians alike haven’t spoken out about the crime behind this rolling scandal. We should be calling for major debt reform in America, like Bono advocates for Africa. We should demand criminal penalties for the profiteers who started out to enrich themselves and seem to have ended up destroying the very system they misused. We should press the Congress to use its subpoena power to investigate the corporate criminals and their government enablers.
When they propose a bailout, we should demand a “jailout.” The Washington Post reports that the US has started a bail out “pumping more than $150 billion into the financial system to keep it operating smoothly.” Where is this money coming from? Not from the military budget you can be sure.
Blogger Carolyn Baker writes that we all must become more engaged with these issues saying she is:
“profoundly aware of the role of economic issues-perhaps more than militarism, healthcare, education, politics, or any other institution, in the dead-ahead demise of empire.
I also notice that few in the left-liberal end of the political spectrum have a firm grasp on economic issues which I suspect comes from a fundamental polarization between activism and financial intelligence.”
She writes about a book by a conservative named Michael Panzner called “Financial Armageddon” criticizing his analysis as limited, and by extension, many of the left’s avoidance of these issues as well.
She writes: “What is most disturbing to me about the book is what appears to be a total lack of perception regarding the role of fraud, theft, and malicious intent in the American and global financial train wreck which has been exacerbating over recent decades.”
Indeed! What are we going to do about this? How about starting with becoming more aware?
– News Dissector Danny Schechter edits Mediachannel.org, Interview with this writer may be found at www.DemocracyNow.org August 13, 2007 show.
06/13/07
Filed under:
General
Posted by:
blog owner @ 10:29 am
Citizens and property owners questioned the need for home size limits now being proposed by Boulder County officials as a way to limit residential carbon footprints. About 20 speakers appeared at a public hearing on June 6, most to oppose the proposed limits as far too restrictive. The so-called BuildSmart regulations include extensive and substantial NEW CODE REQUIREMENTS for energy efficiency and sustainability elements in new construction, expansions and redevelopment on building sites throughout Boulder County. HOME SIZE RESTRICTIONS are being reviewed as part of a complex Transferable Development Rights program that will require the purchase of development rights/credits in order to build above specified square footage limits/thresholds. Home size limits/thresholds under review are: mountain areas–2600SF; plains areas–4000SF; special character areas in the mountains–1000SF capped at 1500SF; and special character areas in the plains–1500SF capped at 2000SF. The only exemptions for these limitations are covered porches. BARA has communicated our concerns to the Commissioners and requested that they hire a consultant to conduct independent real estate economic analysis of the proposals before proceeding. We’ve also suggested the commissioners allow the BuildSmart code a chance to address carbon footprint issues rather than limit building size. The Commissioners expect to take final action on the proposals in early fall.
06/04/07
Filed under:
General
Posted by:
blog owner @ 11:40 am
Changes of nuisance abatement irks landlords, puzzles students
The Boulder City Council has strengthened its four-year-old “nuisance-abatement law” leaving landlords clenching their fists and students scratching their heads
The Boulder City Council has strengthened its four-year-old “nuisance-abatement law”, leaving landlords clenching their fists and students scratching their heads. The nuisance abatement law, which was passed in 2003, was expanded at the Boulder City Council meeting on Tuesday night to include offenses to state laws as infractions that can count as strikes. To the chagrin of landlords across the city, landlords can now be brought to court, rather than the tenants themselves, after tenants have committed two strikes. The definition of a strike has been expanded to include common offenses like underage drinking, which, according to the Daily Camera, is the most frequent citation issued by the Boulder police.
Bob Gentles, a landlord for several properties located on the Hill, said he didn’t understand how landlords were to blame for the transgressions of tenants.
“I think it’s completely irresponsible of the city to have the law to begin with,” Gentles said. “It’s against the law for me to be on a property without giving a tenant notice, so how could I possibly police them on a 24-hour basis? It puts the landlord in a position where he has to act like a police officer.”
With the law now including underage drinking as an offense, the obvious affected population would be students from CU who have given the Hill the reputation of a “party-zone” over the years. Gentles says the law wont affect the students partying habits, though.
“If they want the kids to change their behavior, this won’t help,” he said. “If anything, it could make them think that anything they do wrong could be blamed on their landlords, and not them.”
David Thayer, a sophomore business major who lives on the Hill, agreed.
“It’s not going to stop us from having parties or anything at our house,” he said. “It affects our landlords, not us, so I don’t see why we should be concerned, or why it was even passed.”
Other students were more wary of the effects of the changes in the law. Sam Ansel, a sophomore political science major, worried that landlords might make their tenants sign waivers agreeing to pay for any legal costs that their behavior could lead to, or hike up rent prices to safeguard against court fees.
“They’re going to start charging more overall for rent to cover themselves for things like this,” Ansel said. “Or, if its legal, they might add parts to our leases that make us responsible for any of their court costs if we mess up.”
Elizabeth Cuje of the Campus Press reported that a sunset provision of the law was created in response to the public outcry over the measure. The provision provides that the changes will be re-evaluated in 2009, and will not continue unless the council votes to maintain them, essentially making giving the new laws a two-year trial period.
Still, landlords are not satisfied. Gentles wanted to know if the city would fairly enforce the changes in the law to all parts of the city.
“It seems unequal, like student dominated areas like Goss Grove and the Hill are being targeted,” Gentles said. “If someone in the low-income housing areas [which are run by the city] has a party that high school kids go to, are they going to then ticket the city council or the mayor? It just doesn’t seem like the right way to run a city.”
Contact staff writer Brian Beer at brian.beer@thecampuspress.com
City Council approves changes to nuisance abatement policy
Elizabeth Cuje
The City Council Chambers was a sea of red Tuesday evening.
The red adorners came to voice their opposition to changes of Boulder’s Abatement of Public Nuisances. The public hearing, lasting late into the night, concluded with the Boulder City Council voting five to two to adopt the changes.
The Abatement of Public Nuisances was created in 2002 to enable local law enforcement and the municipal court to take civil action against ongoing nuisances at a specific location. Essentially, the ordinance allows the city to assign “strikes” to a property when inhabitants or visitors engage in nuisance behavior that annoys neighbors or passers-by.
The catch of the abatement is that there must be a civilian witness who is willing to participate in the municipal process. There is no public nuisance when the only person reporting the behavior is a law enforcement officer.
The city manager and the city attorney presented the revisions at the hearing, which they claim will improve Boulder’s public nuisance policy.
The updated ordinance will contain four major changes:
The allowance of state law violations (and not just municipal violations) to be considered strikes, the addition of an emergency off-ramp option to expedite urgent cases, a change to the rolling 12-month strike period to more closely match the academic calendar and the elimination of the requirement for the city attorney to prove violation of a voluntary compliance agreement before initiating abatement action.
One of the most debated changes was the emergency off-ramp proposal. The emergency off-ramp is an addition that will allow nuisance abatement proceedings to occur without neighborhood mediation. The purpose of this change is to permit an expedited abatement process for cases where the parties involved are not willing to participate or in situations of physical violence or substantial property damage.
The council also seemed hesitant toward the inclusion of state law in nuisance abatement. Two council members voted to keep the state law enclosure out of the updates. In the end, though, the proposal was passed in its entirety.
Those in red primarily consisted of landlords who feel that nuisance abatement punishes them for problems that are out of their hands.
Many voiced the opinion that the ordinance empowers poorly behaved students by attaching strikes not to a person, but to a property. They also say the ordinance forces them to try and police their tenants when that is not their responsibility.
After over an hour of public input, the council pointed out that the opposition seemed to be directed at the ordinance as a whole that has already been in effect for five years and not the changes on the table.
In reaction to the heavy outcry, the council did include a sunset clause to the updated ordinance. Essentially, the clause makes the updates applicable for only two years. After two years, the changes will cease to exist unless the council votes to keep them in place at that time.
The track record of nuisance abatement being used sparingly and effectively helped bring the council to its approval. Several council members expressed confidence that the updates will not affect the respectful and rare use of the abatement.
Mayor Mark Ruzzin put his stamp of approval on the newly formed ordinance when he said, “We can’t just wait around for somebody else to solve our problems; that’s not the Boulder way.”
Contact Campus Press staff writer Elizabeth Cuje at elizabeth.cuje@thecampuspress.com.
Filed under:
General
Posted by:
blog owner @ 12:26 am
Be a big spender at the wrong time
The bigger your total balance as a percent of your total credit limit across all your credit cards, the lower your score will be.
Rex Johnson, founder of credit union consulting firm Lending Solutions Consulting, has spent years studying FICO credit scores - the most widely used among lenders. Scores range from 300 to 850 - the higher the better, with anything above 760 being the most desirable.
Johnson estimates that you lose 1 point for every percent of your credit limit that you use. So if you have a total credit limit of $10,000 and have an outstanding balance of $4,000 (40%), your score would be 40 points lower than if you had a $0 balance.
Ideally, credit experts say, your never want your balance to exceed 30 percent of your credit limit.
It’s always good to pay off your balances every month. But creditors may take a few weeks or even a couple of months to report your payment to the credit bureaus.
To boost your score: Don’t charge anything for at least 60 days before applying for a loan, Johnson said. That way it’s likely that all the payments you’ve made to date will be reflected in your credit score by the time a lender requests it.
If you can’t pay off your total balance in full, at least keep it under 30 percent of your total credit limit.