Better Credit, Better Loan

Do you know your Credit Score?

In short, the better your credit score, the more loan options you will have to choose from.

•·        know your score

•·        take steps to maintain good credit .

What Determines you Credit Score?

•·        Your history of how you handle credit obligations (credit cards, car payments, etc.)

•·        Your income-to-debt ratio (a comparison of how much money you make to your expenses).

•·        Compiled information -Credit bureaus compile a record of debts from credit card companies, banks, department stores and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders determine your credit rating based on how well you manage your credit obligations.

•·        The higher your score, the more flexible lenders will be in your loan approval!

Tips on how to maintain good credit:

• Do pay what you owe - regularly and on time?
• Don't skip payments?
• Do have a checking and a savings account?
• Don't hold more than four credit cards?
• Don't exceed or continuously increase your line of credit?
• Do keep track of your spending and stay within your budget?
• Do you have outstanding debt that needs to be "cleaned up"

If you've got credit questions? 

Your first step should be to speak with a mortgage professional who can help you better understand what your score means in terms of qualifying for a loan. This should be Free of Charge!

I am happy to connect you to and excellent mortgage lender to help you with determining your credit.

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http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm