What do you need to know about Credit Scores?

By
Real Estate Agent with Samsel & Associates 0790808

When you're applying for a mortgage, your credit score can have a big impact not only on the mortgage rate you get but also on how much you can borrow. One of the critical first steps in buying a home is ensuring that your credit score is as high as possible to allow you the most flexibility, but many people aren't aware of how credit scores are calculated.

Your credit score is a numeric value that incorporates all of your credit and payment history into a mathematical equation and calculates the probability of repayment of any future loan. The seven factors that are included in this calculation are:

  1. loan repayment behavior
  2. credit score inquiries
  3. delinquency of loans
  4. length of established credit
  5. composition of credit
  6. quantity of credit already available
  7. amount of outstanding loans

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Will Nesbitt 03/27/2014 11:38 PM
Topic:
Home Buying
Location:
New Jersey Union County
Tags:
credit
mortgage
loan
team
score
zuhl
teamzuhl

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Rainmaker
4,797,822
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Nice infographic, Wayne and Jean.  Yes, those credit scores can make or break one's home purchase dreams.

Mar 23, 2014 09:51 PM #1
Rainmaker
4,432,467
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for sharing. Have a good day.

Mar 23, 2014 10:29 PM #2
Rainmaker
2,433,092
Captain Wayne - Rowlett Real Estate School
REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida - Panama City Beach, FL
Rowlett Real Estate School / Owner and Instructor

Great information on the credit scores.  Thank you for sharing it. 

Mar 23, 2014 10:49 PM #3
Ambassador
2,239,745
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Wayne & Jean, Consumers need to be aware of their credit and how if affects them and your post covers it nicely. Have a fantastic week!

Mar 24, 2014 02:18 AM #4
Rainmaker
4,160,435
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Wayne & Jean, great post for buyers wondering how this credit score works!  Love your infographic!

Mar 25, 2014 10:19 PM #5
Rainmaker
3,226,513
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Very nice infographic and a great source of tips for buyers!

Mar 26, 2014 09:11 PM #6
Rainmaker
4,160,435
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Wayne & Jean, cannot buy a home without good credit, so buyers need to be paying attention!

Mar 28, 2014 10:25 PM #7
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Rainmaker
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Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
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