Don't Ignore your Credit Score - RE/MAX Plainfield IL Real Estate

Get a copy of your credit report as soon as you decide to move. Nearly 80 percent contain some type of error and 25% of those mistakes are serious enough to drag down your credit score, potentially disqualifying you for the most competitive interest rate on a mortgage, according to U.S. PIRG, the federation of state Public Interest Research Groups. Someone with a score of 620, for example, would pay at least one interest point higher than a borrower with a score of 720 (or may not even qualify for a loan at all), says Geoffrey Sheerar, a mortgage broker with Apple Mortgage, a New York City-based mortgage brokerage firm.

Reviewing your credit report also gives you a chance to discover and settle any delinquent accounts. "I've seen a client get a worse credit score than he should have over a $40 doctor bill that went to collection that the person didn't even know about," says Sheerar. Keep in mind, once you find a problem, it can take several weeks and a bit of legwork to have the black mark taken off of your credit report.