The fact is, we all need money! We have:
car payments,
insurance payments,
mortgage payments,
and all of life's other expenses.
This means you'll work harder to cash a larger paycheck and it also means you might apply for a loan at some point to have cash available in case of emergencies.
Our recent onslaught of Fed Funds Rate cuts means lower interest rate credit cards and lower rate second mortgages (HELOCs). But you can also directly exercise a degree of control over the interest that you pay on your loans; be it the rate on your plastic or the rate on your mortgage.
An excellent Credit Score (or more specifically your FICO Score) translates into the best rates on every kind of loan; car loans, credit cards, home equity lines of credit, first lien mortgages, etc.
Now your FICO Score will range between 300 and 850. If your score is currently above 700, you have excellent credit. If it's slightly lower than 700 (between 680-699, it's still good credit but given our current market landscape, it's definitely time for a boost! Anything less than 680 is going to cost you an added premium to today's current mortgage market rate.
So do you know your FICO score? If you don't, you can get a FREE credit report from a series of different sources. For example,
- www.annualcreditreport.com. Make sure you sign up for a tri-merged credit report. This will provide you with your FICO score from all (3) three credit reporting agencies.
- Contact your current lender and request a FREE copy of your credit report. (They should have no problem providing this to your for free).
- You can contact me here, type "free credit report" in the comments section, and I'll contact you for a FREE copy of your credit report.
When you register for a copy of your credit report, be sure to request reports from all three credit reporting agencies (Transunion, Equifax, and Experian). Not all information is reported the same to each credit reporting agency. As such, you will notice different FICO scores from each of the three credit bureaus.
If you notice any items inappropriately noted on your credit report, formally notify the respective credit bureau noting the discrepancy. At this point they'll have (30) thirty days to respond and verify the information otherwise it's coming off!
So check for mistakes. In fact, recent studies show that at least 79% of credit reports have errors noted on them which once again begs the question:
Do you know your credit score?
If you have any question regarding inaccuracies in your credit report, or if you have questions on how to improve your FICO score in general, ASK ME here or call me directly at (323) 810-2175.
Mortgage Planner
Direct: (323) 810-2175 | Fax: (323) 223-0302
Check Daily Mortgage Rates: www.industry-report.com
Apply Online: www.ricardobueno.com
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