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Credit Ratings...
How Well Do You Score??
With mortgage rates being so incredibly low, now is the perfect time to buy a
new home or re-finance. Before you apply, be sure to check up on your credit
rating to ensure your score is in good shape...You'll get better rates with a
good standing.
Your rating or FICO score is a credit rating system produced by Fair, Isaac and
Co. and is used by most lenders to determine your credit worthiness. Numbers
from your credit report are assessed, and a score is tallied somewhere between
300 and 850. A low score says you're a bad credit risk, a score of 750 or
higher ensures you get the financing requested at a more competitive rate.
Visit the
Fair Isaac Web site
for details that affect your score and take advantage of their credit simulator
to estimate your score.
Copies of your credit report are available at each of the three credit
reporting agencies...
Equifax
Equifax.com
800-685-1111
Experian
Experian.com
888-397-4742
Trans Union
TransUnion.com
800-888-4213
Monitor your credit score at all 3 Agencies because scores can vary.
Inaccuracies can happen and will adversely affect your score so investigate
even when not planning to apply for a mortgage or loan.
If your FICO score is not in the best credit worthy position, the following are
some steps you can take to improve your credit score before you apply for that
mortgage or refinance.
You can also search for today's mortgage rates by state for your home loan.