Credit Information

A credit (beacon) score is a three-digit number that is a computer-generated number based on how you handle your credit. In order to ensure that you have the best credit you can, below are some tips to establish and/or maintain good credit:
• Have at least two types of credit at all times. Some forms of credit include the following: credit card, line of credit, car loan, lease, etc. This will demonstrate to the lender how you handle your current bill payments which in turn will show them how you will manage your mortgage if they lend to you;
• Always pay at least your minimum payment before the due date. Paying your debt in full is best, but if you are not able to, please ensure to pay at least the minimum payment before the due date and never skip a payment;
• Never going over your credit limit. Always try to keep your balance under 70% of your limit. The higher the balance, the more impact it has on your credit score;
• Be sure not to have your credit pulled too often. While shopping for a mortgage, every time a different bank pulls your credit score, it will impact your credit. Let me do the shopping for you. I will only need to pull your credit score once for all of my different lenders.

Essentially, the higher the credit score, the lower the mortgage interest rate. The lower the credit score, the higher the mortgage interest rate. Depending how low your credit score is, you may also require a co-signer, or lender fee and it decreases your chances of being approved for a mortgage altogether. Contact me so we can work together to make sure we get your credit where it needs to be to get you what you want.