Your Credit Score

Real Estate Agent with First Choice Real Estate

Credit is used today for so many things like buying a car, purchasing a house, getting a job, and background checks, so we need to constantly monitor and improve our credit.

The Credit Score:

 Know your Score.

Credit scores range from 300 to 850, and the higher the score, the better you are. They're based on whether you've paid your mortgage, car loans, credit cards, and other debt on time in the past. You'll need a score of at least 620 to qualify for a home loan and 740 to get the best interest rates and terms. The score that you get when you go directly online is based on the consumer module.  The credit score that the bank/lenders gets may differ because it is pulled off a different credit module.  Usually the banks/lenders score will show lower than the consumer pulled credit score. When a lender/bank pulls your credit they will pull from all three bureaus, which will generate 3 different credit scores.  For qualifying purposes the lender will use the MIDDLE of all three score.  So if your score is 640, 630, and 650 the lender will use the score 640 to qualify you.

You're entitled to a free copy of your credit report annually. Access all three versions (Equifax, Experian, and TransUnion) of your credit report at Review it annually to ensure the information is accurate.

I will continue this blog on credit tomorrow so tune in for more info.

If you are looking for a home, access complete listings from MLS (Multiple Listing Service) at

If you are a seller and would like a FREE marketing analysis of your home feel free to contact me at 413-222-7746

Comments (2)

Lucas Whalen
Stonebridge National Lending - Blue Springs, MO

I just wanted to add in the lender will use your middle score for qualifying.  So if you have 580, 630, 650 scores they will qualify you for a loan based on the 630.  I have seen over 100 point swings between all 3 scores before with no real rhyme or reason.

Apr 05, 2011 03:36 AM
Susan Williams
First Choice Real Estate - Westfield, MA

Thank you, I will edit my blog to include this since it is a very important point.

thank you


Apr 05, 2011 03:47 AM