Boston condos for sale and the misconceptions about credit

Thinking about buying a Boston condo for sale? If yes, lets today discus the topic of credit and its relationship with buying a Boston condo.

With an abundance of metro Boston condos for sale you could assume that getting approved for a mortgage would be easy. However, many would-be homeowners have been denied home loans, partly because of credit problems. Banks are now in the situation where they need to be more selective when it comes to approving Boston condo loans, which means that unless your credit is excellent, the chances of obtaining a mortgage at an attractive interest rate are greatly reduced.

Unfortunately, misconceptions about our credit and our credit rating, also called our FICO score, have kept many of us from achieving the dream of owning a Boston Seaport condo. Some common credit misconceptions include:

My utility bills don’t affect my credit rating.

FALSE. Your utility bills not only affect your credit rating, but may play a bigger part in your FICO score than you might think. Your utility bills are often a clear indicator of how responsible you are regarding paying your bills on time.  Consider making your utility bills a priority every month by paying them on time and paying them in full. You won’t get that Boston Seaport condo for sale, unless you do.

My student loans don’t affect my credit rating.

FALSE. Many studies show that delinquent student loans are the number one reason people have low FICO scores. Don’t forget about your responsibilities regarding the repayment of your student loans. If you are currently delinquent on your student loans, call the loan company and discuss what you need to do to make your loans current. And, most importantly, continue to make payments in full and on time.

I should close most of my credit accounts to raise my FICO score.

FALSE. Closing your lines of credit lowers your FICO score because part of your score is determined based on the amount of available credit you have at any given time. Avoid maxing out credit cards and don’t close unused accounts, unless absolutely necessary, and your credit rating will thank you.

I have a lot of credit, but I always pay my bills on time. My FICO score must be excellent.

FALSE. Although your ability to pay your bills on time does not go unnoticed, spending up to your credit limit and having several maxed charge cards lowers your available credit, which then lowers your FICO score. Concentrate on paying down your current credit cards and don’t open any new cards.

New Boston condos for sale

Sorry we are experiencing system issues. Please try again.

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


Back Bay

Beacon Hill

Charles River Park


North End

South End

Seaport District

South Boston



Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



Call Now