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My life as a number: importance of Credit for 1st time buyers
Credit is an important part of buying a home. Lenders will scrutinize your credit history to determine if you're qualified to buy a home and what interest rates and fees to charge. The difference between having a just okay credit and good credit can cost you tens of thousands of dollars over the life of a loan. Here are some practical tips to establish good credit:

*Having a steady source of income and stable employment for 2-3 years
 
*Having a good record of paying your bills on time - the common myth is that paying off balance monthly gives you a good credit points; when in reality, paying ON TIME is what matters the most.
*Keeping outstanding long term debts, like a car loan
 
So how do lenders check your credit history? The answer is by running a credit report. A credit report gives others a "snap shot" of your credit worthiness. It will show what types of credit you currently have and/or what you have had in the past. It also shows if you have paid your bills on time, filed for bankruptcy or if you have ever been evicted from a rental property.
 
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