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!
