First time home buyers watch your credit score like your blood pressure
Greg Cook has written a witty and informative post for first time home buyers. His advice concerns a prospective buyer’s credit score and how to keep it healthy and high. He compares how to keep your credit scores and your blood pressure healthy.
First time home buyers watch your credit score like your blood pressure
In this "credit crunch" world having a good credit score is even more important when you're a first time home buyer.Why is my credit score different from time to time?
I met with a First Time Homebuyer last week and when we took a look at his credit score, we found it was about 50 points lower than six months ago, even though the items on his credit report were all reported the same. Needless to say he was concerned, so I had to break out the ol' medical book to explain.
Your credit score is like your blood pressure. It will vary up or down depending on a number of factors. If you're applying for a number of credit cards, you're eating a bunch of Krispy Kremes as far as your credit score is concerned. The Krispy Kremes are guaranteed to raise your blood pressure and the credit inquiries are guaranteed to lower your credit scores.
Conversely, if you're taking care of yourself, eating healthy and getting enough exercise your blood pressure will stay in the healthy range. If you are prudent,use your credit sparingly and pay your obligations on time your credit score will be very healthy.
Just like your blood pressure, there are a number of factors that can influence your credit score at any given time. I know it's cool at cocktail parties and/or family gatherings to boast about your "score" but focus on the things that will keep it in the healthy range.
Until they invent a sphygmomanometer(blood pressure monitoring machine) for your credit score, the annual check-up of your free credit report is the best start.
What can I do to maintain a good score?
Maintain healthy credit activities and monitor your score at least once a year. If you are planning on becoming a First Time Homebuyer, start your "exercise regimen" at least six months ahead of time, so you can get down to your "fighting weight" and be ready to go when the time is right to step into the "home buying ring".
We have helped hundreds of first time home buyers and their families and they all have one thing in common, they contacted us.
Greg Cook
First Time Home Buyer Specialist
FirstTimeHomeBuyersNetwork.com
951-265-4532
greg@firsttimehomebuyersnetwork.com
http://firsttimehomebuyersnetwork.com
NMLS ID #283159
CA RE Broker #01116365
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