Your Credit Score

Your credit score is the single most important piece of
information banks use to determine how much interest
you'll pay for a home loan (or if you get a loan at all).
 
 
 Experian, TransUnion, & Equifax hold the keys to your credit score and home ownership future.  The credit information they show to mortgage companies can make the difference between getting a "Yes" or "No", or "5.5%" or "6.875%".  In many cases, a low credit score can mean the mortgage company may not be able to offer you a loan at all.  You should know your credit score (commonly referred to as a FICO Score) and the items on your credit report that determine your credit score. 

Quick Tip:  You may order your credit report from each of the 3 listed agencies by contacting them online, by phone, or by mail.

  


Credit Repair

Many people must repair their credit rating in order to
get a home loan or qualify for a better interest rate.

 
 
 Many credit repair companies out there provide consultation or assurance of cleaning your credit up in as little as 30 days.  Make sure you shop these companies for the best offer, as they are all different and have different ways of offering you help.  Many times, consumers choose to take the credit repair effort into their own hands.  If you go that route... make sure you have a plan of action in order to achieve the best results in the shortest amount of time.  If you need the credit file repaired and rescored quickly, you will want to initiate a Rapid Rescore.

Quick Tip:  The newer the item on the credit report, the more impact it will have on your score.  i.e.  pay the newer items first & and keep the other items current.
 

Credit Report Agencies

There are three nationwide credit reporting agencies.
 
 
 These agencies are widely known as the last word on credit score.  Keep in mind that they each calculate credit score differently and you may have three very different credit scores between them.  Mortgage companies typically will base their approval level on the middle of these credit scores.

Contact information for each credit report agency is below in case you need to contact them to dispute an item on your credit report.  You may contact these bureaus by phone or go online to get your score, order your free report, or dispute inaccurate items.

Equifax
1-800-685-1111
www.equifax.com

Experian
1-888-EXPERIAN (397-3742)
www.experian.com

Trans Union
1-800-916-8800
www.transunion.com


Quick Tip:  If you've been turned down for credit based on your credit report, you may be able to obtain a FREE copy of your current credit report by contacting the credit bureau in question, or to get a copy immediately, click the banner below.


 

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Revised: 09/09/14
Credit Score