A good credit score is like a report card for adulthood. – Anonymous
Building great credit is one of the most empowering financial steps you can take. It’s not just about numbers-it’s about freedom, opportunity, and peace of mind. Whether you’re dreaming of owning a home, starting a business, or simply securing a lower interest rate, strong credit can help pave the way.
- Start by paying your bills on time-every time. Payment history is the single most important factor in your credit score.
- Keep your credit card balances low and avoid maxing out your cards.
- If you don’t have much credit history, consider a secured credit card or becoming an authorized user on a trusted family member’s account.
- Check your credit reports annually for errors and dispute anything that looks wrong. Get your FREE credit reports here: annualcreditreport.com
- Stay patient-credit builds over time, not overnight. The habits you practice today shape your financial tomorrow.
Great credit gives you the power to say yes to big life moments-on your terms. It’s not about perfection; it’s about progress, discipline, and believing in your ability to take control of your financial future. So start now, stay focused, and remember: every smart financial decision is a step closer to the life you’re building with intention and confidence.
Mirror Check! What’s Happening with YOUR Student Loan Debt?
by Mortgage Gumbo with Dwayne Stein Personal NMLS175109 Branch NMLS851695 Company NMLS3029
Let me start by saying God bless all our troops and service members. In today’s politics , some overlook the freedoms we have because of their bravery.
We’ve all done it, avoid the truth sometimes and convince ourselves in our mind of what we want to hear, not need to hear. For years on Mortgage Gumbo we have been discussing student loans and what the blow back would be when the day came you would actually have to begin paying them back. We discussed what would happen when the relief ends and you were not one of the chosen few to have them cancelled.
Now we are starting to see the effects of false hope.
1 in 3 student loan borrowers risk default as delinquency rates soar.
5.8 million federal student loan borrowers were 90 days past due on their payment in 4/25 according to TransUnion. This is 31% up from 20.5% in 2/25 (just 2 months). This is the highest delinquency rate on student loans ever
So why a mirror check? Because if you have student loans, you have to address this. By definition, default is when you go 270 days past due – this means 1.8 million will be in default next month. Defaulting on student loans could mean wage garnishment, collections, and bad credit, which can take years to rebuild. It can lower credit scores 60-100 points. I recommend eating the frog! Look in the mirror, address it, and try and get ahead of your student loan debt.
Mortgage Update by Carol Cole, Loan Depot Area Manager NMLS# 89240
Avg rates for week ending 07/04/2025
FHA/VA/USDA 5.99% to 6.25% **
Conventional 6.375% to 6.625% **
**Rates are subject to change without notice, are based on loan amount, program, occupancy, credit score and loan to value
Rates Take a Breather After Surprisingly Strong Jobs Report
After a few good weeks for interest rates, things hit a bit of a speed bump this week thanks to a stronger-than-expected jobs report.
Thursday’s jobs report was the main event-and it came in stronger than expected. That meant more jobs were added, and the unemployment rate moved slightly lower. For interest rates, this was bad news. It suggests the economy may not be slowing down as much as some had hoped, and that makes it harder to justify lower rates in the near future. As a result, rates moved back up after falling for most of the past two weeks.
Even though this week interrupted the recent trend toward lower rates, it doesn’t mean that trend is over. July 15th is on the horizon and with it comes the next CPI report (Consumer Price Index). This is the key inflation data that will offer the best insight yet as to whether tariffs are having an impact on inflation. If the impact is low, rate cut expectations would likely increase fairly quickly. But if the impact is big and obvious, rates would be more likely to rise.
