I have had the pleasure of working with a lot of home buyers looking to buy their first home or even their second or third home. I can’t tell you how many times I meet people who are ready and willing but not able. They have a steady job with a good income and by all accounts should be able to buy that new home. There is just one little 3 digit number getting in the way. Their credit score!
It breaks my heart to tell them that they will have to wait on reaching their dream but I will never leave it there. I love to encourage my homebuyers to take control of their credit score and make it work for them. It can be a 6 month process to get it under control but it’s worth it in so many ways.
Your credit score is calculated based on the information on your credit report. Their are three credit reporting companies in the United States- Equifax, Experian and Trans Union. Each maintains info about you and your credit history. This information is received on a constant basis from the different companies that have extended you credit. Your score is a number that ranges between 300-900 and based on your history of borrowing and repaying money. Employers, lenders, landlords, and other service providers will buy this information (your credit report) to help them decide if you are credit trustworthy.
Your Credit Score (FICO) is made up of the following:
Filed under: Credit Report, Credit Score, DFW, Dallas, Fort Worth, Home Buyer, Mortgage, New Home, Real Estate, Relocation
