Your Mortgage and Your Credit Score - You Think You're Ready to Purchase a House; Things You Should Know Says CreditAndYou.com
Distribution Source : PRNewswire
Date : Tuesday - January 11, 2005
GLENSIDE, Pa., Jan. 11 /PRNewswire/ -- You've looked at neighborhoods, floor plans, and tracked the miles to work. You've collected the names of all of the real estate agents that your family and friends have used. You have even decided that you will need to paint the door fire engine red like the home in your favorite decorating magazine. You're ready, or are you? Have you considered the one piece of information that will affect the home you can afford, the neighborhood you can move to, the interest rate that you will pay and the monthly mortgage that you will write a check for the next fifteen or thirty years? What have you missed? Perhaps the most important piece of the puzzle. Your credit score! It will affect all of this and even your ability to buy a house at all.
"You must know your credit score," says CreditAndYou.com founder Dennis Cary. "By the time you finish purchasing your home everyone will know your credit score. You should know it first. You need to know the score and the items that lower it, if any. "
Things that negatively affect your score:
Credit Score Inquiries Report Errors Collections Charge Offs Late Payments Judgements Tax Liens Repossessions Foreclosure Bankruptcy Many New Accounts Not Enough of a Credit History Credit Cards That Are Near Maximum Limits Too Many Credit Report Inquiries Too Many Credit Cards New Debt (i.e. new car payments) Number of Lost Credit Cards Reported
"Now, before you do anything else towards buying your new home, stop, and order your credit report and score," says Cary. If you can figure out what color to paint your front door you can find a website that will provide you with all three credit reporting companies and your score.
Why be so concerned about your credit score?
Your loan officer will be concerned about your credit score. In fact everyone that will assist you in buying your home will be interested in your credit score. Your lender will look at your credit score as a way of determining how likely you are to be faithful to your home loan.
What should you do if you have a low credit score?
If you have a large amount of outstanding debt, start paying it off. Give up your latte a day and give that money to one of your credit companies. Your latte will taste better from the kitchen of your new home!
For more information about CreditAndYou.com and simple steps anyone can use to repair their credit or to get a better understanding of credit scoring visit http://www.creditandyou.com/
Date : Tuesday - January 11, 2005
GLENSIDE, Pa., Jan. 11 /PRNewswire/ -- You've looked at neighborhoods, floor plans, and tracked the miles to work. You've collected the names of all of the real estate agents that your family and friends have used. You have even decided that you will need to paint the door fire engine red like the home in your favorite decorating magazine. You're ready, or are you? Have you considered the one piece of information that will affect the home you can afford, the neighborhood you can move to, the interest rate that you will pay and the monthly mortgage that you will write a check for the next fifteen or thirty years? What have you missed? Perhaps the most important piece of the puzzle. Your credit score! It will affect all of this and even your ability to buy a house at all.
"You must know your credit score," says CreditAndYou.com founder Dennis Cary. "By the time you finish purchasing your home everyone will know your credit score. You should know it first. You need to know the score and the items that lower it, if any. "
Things that negatively affect your score:
Credit Score Inquiries Report Errors Collections Charge Offs Late Payments Judgements Tax Liens Repossessions Foreclosure Bankruptcy Many New Accounts Not Enough of a Credit History Credit Cards That Are Near Maximum Limits Too Many Credit Report Inquiries Too Many Credit Cards New Debt (i.e. new car payments) Number of Lost Credit Cards Reported
"Now, before you do anything else towards buying your new home, stop, and order your credit report and score," says Cary. If you can figure out what color to paint your front door you can find a website that will provide you with all three credit reporting companies and your score.
Why be so concerned about your credit score?
Your loan officer will be concerned about your credit score. In fact everyone that will assist you in buying your home will be interested in your credit score. Your lender will look at your credit score as a way of determining how likely you are to be faithful to your home loan.
What should you do if you have a low credit score?
If you have a large amount of outstanding debt, start paying it off. Give up your latte a day and give that money to one of your credit companies. Your latte will taste better from the kitchen of your new home!
For more information about CreditAndYou.com and simple steps anyone can use to repair their credit or to get a better understanding of credit scoring visit http://www.creditandyou.com/
posted by Kirby P at 7:18 AM
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