How's Your Credit Score?

How’s Your Credit Score?

Is that a little too personal?  Then you might want to reconsider purchasing a home.  Loan officers, bankers, potential sellers and yes, even the Realtor can ask some personal questions when you begin the home buying process.  But take heart, it is a necessary part of the process.  And there’s plenty of help along the way.  

So where do you begin?  

In this week’s blog, we are going to look at a very important first step – Your Credit Score!  

   

First, you need to know what your credit score is.   You can find out in several ways.  There are three major credit bureaus in the United States:

TransUnion, Equifax, and Experian.  Here’s a link that explains how to get your credit score:  http://www.wikihow.com/Check-Your-Credit-Score

 

Next, you need to either raise your credit score or clean it up.  Here are 11 ways to do that and here’s the link to read the full article: http://www.forbes.com/sites/moneybuilder/2014/05/02/11-ways-to-raise-your-credit-score-fast/#4fe571ee1716

 

• Dispute errors
• Negotiate
• Check your limits
• Get a credit card
• Become an authorized user
• Under-use your cards
• Raise your credit limit
• Don’t close any cards
• Mix it up
• Pay your bills on time
• Pay your bills twice a month

And finally, know the minimum credit score you need and for what kind of loan.  There are different types of home loans and different types of lenders.  Do your homework and research the kinds of products offered by the various lending institutions as well as calculate your affordability.  Here’s a great website with lots of information to help you make an informed decision:  https://smartasset.com/mortgage/what-credit-score-is-needed-to-buy-a-house

 

Wow!  That’s a lot of information AND a lot of work!  Think you might need or want some help with that?  I know I would…. here’s an idea!  Why not contact a REALTOR to help you through the sometimes confusing and murky waters of real estate, home loans, credit scores and home ownership?  And I have just the folks to help you!  Mick and Jane Goebel of The Goebel Team in Murphy, NC can answer your questions, point you in the right direction and guide you to that Perfect Home!