You and Your Credit Rating

Definition of Credit:   Trust in one's integrity in money matters and one's ability to make payments when due. (Webster's New Collegiate Dictionary)

Your credit reports are an ongoing look at how you manage your finances. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you.

Good credit requires three basic steps:
  1. Evaluating your current credit
  2. Establishing new credit (for first-time borrowers)
  3. Improving your existing credit
Obtaining Your Credit Reports - 3 major credit repositories:
Equifax
P.O. Box 740241
Atlanta, GA 30371
(800) 685-1111 		Experian
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742		 TransUnion LLC
P.O. Box 2000
Chester, PA 19022
(800) 916-8800
Credit Scoring - FICO scores
700 - 800 Excellent
620 - 700 Good
400 - 620 Fair
Most Important Factors Affecting Credit Score
Length of your credit history
Payment History
Outstanding Debt
Credit Inquiries
Types of Credit
One does not need to have perfect credit in order to get loan approval. However, the better your score is, the lower your mortgage rate is going to be. Generally, any judgments, collections and tax liens need to be paid off prior to getting your loan approval.

* Credit reports should be checked at least twice yearly for mistakes & errors *





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