Why is your credit score important when it comes to real estate anyway?
Ever since credit became about in the banking system investors have claimed that your credit score is more important than your GPA. In the corporate world today: your credit score acts as a lifeline for lenders to either deny or accept your application for a loan, be able to obtain credit, and whether you are eligible for a credit extension. Your credit score is evaluated when you go through the home buying process or even if you’re renting a property. A good credit score is essential to securing a mortgage. Usually, if your credit score is below 600 you are probably not going to buy a home in the short term; which is why it is suggested to check your score a year in advance so that you can adjust it accordingly!
Here are some tips to ensure your credit score will satisfy your new home or renting purchase:
-You should scan your credit report first to make sure it’s accurate and there are no falsely claimed faults
-Engineer a quick boost in your credit score by paying down your existing debts to the best of your ability which will decrease your debt-to-income ratio
-Keep your credit utilization below 20 to 30 percent of your collective credit
-Refrain from doing anything new or novel, like opening new lines of credit, when you’re trying to qualify for financing
-If you have recently missed a payment try getting a hold of the issuer to see if they can refrain from letting the credit bureaus know about your faux pas
Thanks to the Credit Card Accountability Responsibility and Disclosure Act of 2009 everyone is entitled to one free credit report for each credit bureau every year so take advantage of it!
Want more information on your credit score when searching for a home? In need of guidance in the new chapter of your life? Click here to get into contact with us!
Author:Brian Cordova Phone: 210-865-7653 Dated: June 6th 2016 Views: 65 About Brian: Brian offers a wealth of knowledge when it comes to your real estate needs in San Antonio. Whether y...
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