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Your Credit Score

What It Means to You as a prospective Home Buyer

The subject of credit scoring has become an increasingly hot topic, and for good reason.  For many yhears, the general public only associated the concept of credit scoring with the need to purchase high-ticket items such as a new car or a home.  Today, credit scoring goes much further.  Your credit score can affect your ability to get a good rate on commodities such as car insurance, cell phones, or even determine whether or not you get the job that you want.  Indeed, the financial snapshop provided by the credit score has also become a guage for many employers, especially those who seek to place employees in a position of financial responsibility.

The Five Factors of Credit Scoring

• PAYMENT HISTORY - 35% IMPACT
• OUTSTANDING CREDIT BALANCES- 30% IMPACT
• CREDIT HISTORY- 15% IMPACT
• TYPE OF CREDIT- 10% IMPACT
• INQUIRIES- 10% IMPACT

How does a low credit score affect my interest rate? How does the underwriter view my score? Disputing errors on the credit report. What if I have No Credit?  If you would like answers to these or any other credit challenges call or email me for additional help.

I look forward to helping with all your Real Estate needs!

Patty Trantham