Check Your Credit Report before buying a home...

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Financing

To determine a person's money borrowing chances and the terms associated with the borrowing amount, credit card companies and mortgage lenders look to credit scores. Credit scores can range from 200 to 800. Scores of 620 and below are deemed as risky. An excellent score is 720 and above. 

Credit scores are based on five categories:

-payment history (35%)
-amount owed (30%)
-length of credit history (15%)
-new credit (10%)
-types of credit (10%)

Lenders are able to obtain your score and “reason codes,” which are the keys to improving your score.

It is recommended that you check your own score yearly by ordering reports from the three major credit scoring companies:

-Equifax (www.equifax.com)
-Experian (www.experian.com)
-TransUnion (www.tuc.com)

 

If you find any inaccuracies, it is important to notify the credit bureau.  Copies of documents that dispute incorrect entries should be included in the notification to the credit bureau. Accounts that are no longer in use should be closed. Any late payments older than seven years should be requested to be removed. All accounts and account numbers should be checked and address and Social Security number should be verified.

In order to improve your credit score:

-don't be late on bill payments
-reduce any outstanding dept
-increase savings
-be wary of schemes that create a new credit identity, these are illegal

 

 

Call or text me at 727-430-2350

or email me : ruparealtor@rupaweb.com

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Rupa Nunamaker

Coldwell Banker, St.Petersburg, FL