Credit Scores

Credit Scores

Do you know how your credit score can affect your mortgage rate?  The higher your credit score, the lower your interest rate, which translates to more purchasing power.  Lenders look for borrowers with low balances, a long history of on-time payments and a mix of credit utilization -for example, an auto loan and a few credit card accounts.  The lenders look at outstanding debt relative to available debt, the length of credit history and any new credit applications.  Ideally a borrower should check their credit approximately a year before buying a home.  That allows for time to correct any errors and change the way a borrower uses credit to improve scores.  You can obtain your credit report from Equifax, Experian and TransUnion for no charge.  You should get the reports from all three and check them carefully for any errors.  You can easily dispute any errors and then make sure that they get corrected.  If you're buying a home soon, try not to apply for new credit as multiple new accounts can lower your score.  So, happy saving - your credit is important!


Margaret Laurano Headshot
Author:
Phone: 201-859-6323
Dated: August 20th 2015
Views: 836
About Margaret: Margaret has over 30 years of experience with a background in commercial real estate which gives her...

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