Q & A with Dottie Herman

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Q1 - I was thinking about applying for a credit card that would give me more points and rewards for all the money I charge. What should I consider before doing this in regard to my credit scores?

A - Most consumers do not realize that simply applying for a credit card can hurt their credit scores. Every time a creditor analyzes and underwrites your credit card application, a copy of your credit report is pulled. This causes an inquiry, which can drop scores 2-5 points. If multiple or a series of credit card applications are filed, it can be viewed as extreme inquiry activity, and scores may drop by even more. Once the application is approved, the mere opening of the account can reduce scores by more than 80 points, depending on the actual credit profile, score, and age of credit. Therefore, making an educated choice and having a strategy before applying can help minimize damage to your credit while filling more of your needs as a consumer. It's essential to consider your credit score, credit card needs, and the timing of your short and long term goals before you take any action.

Based on the little I know about your specific credit, my advice to you would be to buy your Fico score and then browse credit.com to find the right credit card, or the one that you know will be approved based on your current Fico score. However, one more thing to consider is if you plan on getting financing in the next year or two, you might want to wait, since opening the new account will drop your scores.

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Q2 - I'm from Australia and have just started out in real estate. My main goal is to be in NYC, and to break into the real estate market there hopefully by December/January. Any advice? Do I need more than 6 months' experience to be noticed in New York?

A - The success of your career in real estate depends largely on your commitment to learning your product, making the most of each opportunity that comes your way, and staying passionate about what you do. The experience that you gain on your home turf should be a solid foundation from which to launch your career in real estate in New York, but you will have to do a lot of research to learn as much as possible about this city, its real estate and the intricacies of the process to best serve your clients.

Research the licensing requirements and attend one of the top schools to ensure that you are fully prepared to begin practicing real estate in New York. Once you have obtained your New York license, we would be happy to interview you for a position with Douglas Elliman. Having the right company behind you is crucial to your success as an agent, and we provide our agents with the best resources and largest global network to put to use for their clients. Please contact us when you are in New York, and we will gladly schedule a time for you to come in. We wish you the best, and look forward to seeing you in the future.

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Q3 - What should I look for in a real estate attorney?

A - It's very important that when you're talking to the attorney, that you have a rapport with them. You don't want to feel rushed off the phone, and that your attorney is not giving you short answers when you want a long one.
Almost inevitably the first question when people call is how much do you charge. That's important, but there's more to it than price. Be really careful of somebody who's saying they will do your closing for a discounted price. You want service. You don't want to overpay for the service, but you also want a level of service. Be very careful of disasters with really cut, budget attorneys.

The other thing is you really want to make sure you're dealing with somebody who has the experience, someone who is in the market constantly, because markets change dramatically and what used to be a standard may not be a standard anymore contractually. You need people who are really active enough so that A, they know what they're doing and B, they can advise you on what is and is not a market norm. If somebody's asking a question such as should I give a financing contingency, the answer to that question is different today than it was two years ago.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com