Building Your Credibility
There is nothing that can underestimate the value of a good credit score. Whether you are buying a home for the first time or considering borrowing money for any given reason, your credit score is very important and plays a key role in determining whether or not you qualify for the amount of money you want.
The best way to build credibility is to know what your credibility is. Knowing what your credit score is and understanding how it ties into your investments is essential to taking full advantage of the credit points that you have and the investments you wish to make.
Before applying for a loan, check with Equifax, Experian and Transunion. These three companies have rating pertaining to your credit score and will give you a detailed report on what your good credit ratings are, as well as where you can improve. They basically work on a point system - giving points for good credit and taking away points for late payments and unpaid debts including bankruptcy.
If your credit score is high, you could be pre-approved for a loan, and lending companies will be more willing to work with you - perhaps offering more money and/or a lower interest rate. A loan officer will also look at your assets like other property that you own, bank statements, income and your employment record.
Knowing your credit score is the first step to consider before you apply for a loan. Understanding what goes into establishing good credit will save you time and money. If your credit rating needs work, then knowing where you stand will give you the tools necessary to build up your credit and apply for a loan with a good chance of having positive results.
ABOUT THE AUTHOR:
Richard sells real estate in the San Gabriel Valley which is about 12 miles South of Los Angeles. For more information, visit his website at http://www.westsangabrielvalleyrealestate.com
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