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Credit, Credit, Credit

Posted on February 26, 2014 by Ray Williams (NMLS #216267).

Your credit score is vital!  I can’t stress it enough.  Your credit score is your key to getting a mortgage.  Whether you want to refinance or purchase.  If your credit score is not in good standing then the hopes and dreams of home ownership are non-existent.  There is no sugar coating this, you will not qualify for a home mortgage if your score is too low.  It just is what it is.

Sure you may hear something on the radio or see something flash across your computer that you can get a loan with a credit score of under 600.  The question would be “what kind of loan?” What are the rates, terms and requirements?  You are at a higher risk and would need to make sure to read between the fine lines.

The biggest mistake I usually see is that most individuals don’t know their credit score.  And I’m referring to your FICO score.  You may not know that a past parking ticket can show up on your credit report,  or that the late payments you had on a bill will show up and affect your credit.  Or how about the collection or judgment that is on your credit that you were never aware of?

If you can take away anything from this, my request is that you take this…Check your credit!

I’m not talking about the creditkarma or freecreditreport.com.  Many times those services have hidden fees and don’t offer you your true FICO score.

You are allowed to receive a FREE copy of your credit once a year.  So go to each credit bureau and get it, Transunion.com, Experian.com & Equifax.com.  You don’t need to sign up for a regular service and get monthly monitoring, just get your one free copy every year.  Review your credit report and make any needed corrections.  The last thing you want is something sneaking up on you and your credit keeping you back from purchasing a car, renting an apartment/home or get pre-approved for a mortgage.

If you need any assistance please don’t hesitate to contact us.  We are always happy to help.

 

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