Register for our next first-time home buyer workshop! We will have our credit expert, Steve Altonian with Credit Law Solutions there to assist you! Don’t wait and get your tickets today!

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If we had to guess, thinking about your credit score isn’t part of your everyday life. You probably don’t drive to work wondering if it’s risen lately, browse the grocery aisles inspired to run a credit check, or contemplate FICO 740 every time you take your dog on a walk.

But then you decide to buy a house.

And all of a sudden, your credit score is important, and it’s all you can think about. (I’ll take two green peppers…and a FICO 740, please.)

Between gathering real estate agent recommendations and reading our Movement blog to learn about all things homeownership, you wonder; how exactly is my credit score calculated, anyway?

Presenting…the Big Three of Credit Reporting

The three largest national consumer credit reporting agencies are Equifax, TransUnion and Experian. Your loan underwriter will most likely use one or more of these companies to gather your credit history and scoring. Each agency uses a certain formula to calculate where you’re at on a scale of about 300 – 850.

Your credit score takes into account:

Essentially, a credit report is an estimate of how good you are with any credit you’ve already used. Lenders, banks and credit agencies want to know if you’ll use their loan wisely, if you’re good at paying off a debt or if you tend to miss payments. The reasons why aren’t usually taken into account, though our loan officers and underwriters will give our customers a chance to explain most credit strikes. They just want to know if you’re worth the investment, and if you’re a risk they’re willing to take or not.

So while your credit score doesn’t need to consume you before you decide to buy a home, it does need to be on the radar. A regular credit check can help you keep your score high, give you time to fix any errors, or make up for a season of negative hits before you need your score to get a loan. Because neglecting it could force you to put off the dream house, and we definitely don’t want that to happen.

Which leads us to these smart credit habits

Check credit reports annually for errors and discrepancies. As we mentioned earlier, black marks on your credit report can seriously hurt your score. Be sure to monitor your annual report for any mistakes, and take care to correct them. You’ll need to prove your side, so be sure to do your research and have all documents and paperwork ready to disprove a mistake.

Sources:

http://www.consumerfinance.gov/askcfpb/317/what-information-goes-into-my-credit-score.html

https://www.cnbc.com/2018/02/22/heres-whats-considered-a-bad-credit-score-and-how-to-improve-it.html

ABOUT THE AUTHOR:

LINDSEY WAGNON

Lindsey Wagnon is the Marketing Communications Manager at Movement, meaning she communicates and manages related to all the marketing things. While she’s a decent writer, she excels at making ugly smoothies and killing her desk plants. In addition to editing freelance work and organizing content calendars, she leads fitness classes, sings and does a lot of church stuff alongside her pastor husband, Philip. And of course, her favorite role is as mommy to toddler Cora Lively.

Do you have a Home Equity Line of Credit? Did you know that the federal reserve increased the prime rate again? Did you know that the tax laws have changed and that home equity lines of credit are not necessarily tax deductible? Did you know that your credit card interest is going to increase again? Listen to our show and give us a call, 844-935-3634 or send us a text message, text the word “MOM” to 31996.

If you want to buy a home this summer, it’s time to get started now! Don’t miss your window and click: Reserve Your Tickets Now!

As a first-time buyer you want a home loan process you can understand, one made for real people. Here’s how we’ve uncomplicated everything for you so you can experience home ownership that’s safe, simple and just makes sense. Watch our video below and get your tickets for our next workshop.

 

 

Would you like tickets to our next event, click here to get tickets!  Would you like to call us with your questions, 844-935-3634 or maybe you would prefer to text us? Text the word “MOM” to 31996 to begin your text conversation.

 

 

We apologize for the slow posting of our last show, the Mortgage Mom Team has been under the weather. Please call us with your questions or ask your question right here on our blog and we’ll respond to you with answers! 844-935-3634. Don’t miss our next live show tomorrow, Saturday March 16th at 7AM on Go Country 105! Call us live with your questions! If you won’t be in your car, download the Go Country 105 app from THE APP store to listen live.

Mortgage Mom Radio Home Buyer Workshop

CLICK HERE FOR TICKETS

San Pedro, CA  April 29, 2018 

What a great way to spend your Sunday afternoon! Join us at the LA Harbor Masonic Lodge. Get your tickets now, they will go FAST!

Would you like a free credit report prior to the event? Contact US or begin your online application, click here!

We look forward to seeing you there! – Mortgage Mom Radio

844-935-3634

The federal reserve has made comments that three rate hikes are in store for 2018 with the potential of a 4th rate increase in the balance. What do you do if you have an equity line of credit or credit card debt? Call us so that we can help 844-935-3634!