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Health & Fitness

Your Credit Score

Tell the truth, have you checked your credit score lately?  Now answer this question…..how does your credit score affect your purchasing power?  Many of you reading this blog understands how important a credit score is when considering to purchase a new residence or if you have thought about refinancing your present mortgage.  Many don’t want to even think about learning your credit score because you are completely aware you have missed a car payment or two, maybe disputed a cell phone bill and haven’t paid it after months or maybe even a year!

It is a good idea to know your credit score.  The better your credit snapshot, the better the lending terms you’ll receive if and when you decide to apply for a mortgage loan or to refinance an existing mortgage.    You have heard me say, a pre-approval is better than a pre-qualification when looking for your next residence.  When pre-approved, the lender has gotten your current credit scores from the three credit report agencies: Equifax.com, TransUnion.com or Experian.com.

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You ask why are there three agencies?  Remember there are several factors that affect your credit score.  Factors include your payment history, your current ratio of debt to income and signs of responsibility  and stability.  Not all creditors report to all three agencies.   Your goal in ordering your credit report from all three agencies  is to make sure that all of the information stated on each report is accurate and correct.  Recently had a young woman be turned down for a mortgage loan.  Why?  She was irate when she learned the cell phone bill that she was still fighting over 17 months later had “tanked” her opportunity to purchase a $61,000 condo.  Yes, she finally paid the $96.48 bill and now will have to wait several months before moving out of her parents home.

Carol Murphy

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Keller Williams, Greater Cleveland West ~ Carol Murphy Team

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