Everyone has one. Is it 650, 730 or 570?

Will your credit score effect your borrowing leverage? Yes it will.

The three main things that help you have a good credit score are first, having a long history of making all debt payments on time, second using the proper mix of credit, and third not maxing out on available credit.

Combine these 3 key elements and you get a good credit score. A good credit score = better rates and ease in applying for a mortgage.

There are a couple of credit bureaus such as; TransUnion or Equifax. Either one can be used when a lender requests your credit history.

Here is a link to a credit score rating tool. It only estimates your credit score based on the answers you supply and must not be relied on as accurate.

If you are thinking about making a purchase of a home this year, check out the tool above and then contact a REALTORÒ hopefully me! The REALTORÒ will guide you through the steps necessary to find a great home for you including introducing you to a mortgage professional that will run a credit check on you to determine your buying power.

One final thing to remember is, the more times a credit check is run on you also figures into your credit score.   Having a mortgage broker run one check while working with various lenders to obtain a mortgage on your behalf is much better than having 3 or 4 banks run separate credit checks. Each check is a check mark against your good credit. So caution should be used when applying for a mortgage.

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