Thinking of Buying a Home? Check Your Credit Report

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

Thinking of Buying a Home? Check Your Credit Report       

Jan Green, Green REALTOR, Scottsdale, AZ  

On a regular basis clients will tell me that they haven't checked their credit in quite some time,  think that if they pull their credit score they'll lower their score or they go to the wrong sites to check it.  If you're Thinking of Buying a Home - Check Your Credit Report.  Credit reports are one of the most confusing topics thanks to commercials and articles everywhere on the subject. 

 

 The most reliable site that lenders will suggest is AnnualCreditReport.com It's fairly easy to use, it's free, accessing the site won't affect your credit score, and you can request your FICO scores for a nominal fee.  

 

According to this recent article, "Of the 200 million or so Americans with active credit files, only about one-fifth make the effort to obtain one or more of their reports in a given year."  Obtaining a FICO score from this site costs $7.95 per FICO score, which is still pretty inexpensive. 

 

 

Not checking your credit can cost you $$ if there are mistakes.  Companies tend to charge finance rates based on FICO scores and late payments.  If your report contains errors or mistakes that lower your FICO score, you're likely to be charged a higher finance rate.  Fixing these in advance of shopping for a mortgage is highly recommended.  Plus, you'll want to fix those mistakes and re-approach a bank or credit card company to determine if finance rates can be lowered.  It never hurts to ask!  

So if You're Thinking of Buying  Home, Check Your Credit Report.  And then, contact me to help!

 

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Rainmaker
364,905
Sharon Lord
Maracay Homes - Peoria, AZ
New Home Advisor

Jan - a very good suggestion for home buyers BEFORE they get too deep into a search!  I also like Credit Karma - it's free - and you can verify a lot of info/track activity, and also it gives suggestions for ways to improve your credit score - i.e. "pay down Credit card A by $500 - credit score goes up x points".

Apr 01, 2013 09:23 AM #1
Rainmaker
915,262
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Sharon - sounds good.  The Lenders always suggest annualcreditreport.com so I don't steer to far from that.  I'll try Credit Karma myself as a demo though!  Thanks for commenting!

Apr 01, 2013 09:41 AM #2
Rainmaker
644,168
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Jan, the scores that you get from these sites can be different from the score when the report is scored for a mortgage application.  The best advice I can give, is to pay all bills on time!

Apr 01, 2013 11:16 AM #3
Rainmaker
915,262
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Kathy - you're right on all counts!  There are definitely different scoring methods.  

Apr 01, 2013 12:55 PM #4
Rainmaker
534,941
Mark Don McInnes, Sandpoint
Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Good morning Jan,  Credit awareness is indeed so important prior to buying Came to see what you have to say via a comment you made on Mimi's recent post.  Anyone who uses 'Brassy' is worth taking a look at.  

Make it a great Sunday.  Mark

Nov 08, 2014 11:25 PM #5
Rainmaker
915,262
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Mark Don McInnes, Sandpoint - Thanks for stopping by!  We have all had some crazy scenarios in the past and I'm sure you can speak to that as well!

Nov 09, 2014 11:04 AM #6
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Rainmaker
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Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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