You Cant Afford Not To Fix Your Credit

Dated: 09/05/2018

Views: 217


Fix Your Credit


Picture this:

You are standing in the checkout lane with that new purchase and you swipe your credit card…..DENIED.  Does this sound familiar? As your stomach drops to your knees and feel your face turning red, you realized that you are over your credit limit OR your payment was late.

Throughout most people’s lives, this very situation has occurred.  Is it important to be in control of your credit? YES!!!!

Your credit score impacts your life tremendously, especially if you want to purchase a home.


*WHAT IS A GOOD CREDIT SCORE?

Credit scores can range from no credit to above 800.  Credit scores below 600 are considered low. Having a score above 700 is considered good; whereas a score above 800 if great or excellent.

*WHY SHOULD YOU HAVE A GOOD CREDIT SCORE?

A credit score indicates how likely a person will repay a loan.  The lower the score, more risk is involved lending a person money i.e. late payments or no payments made at all!  Not having a credit score or having a low credit score impacts your ability to purchase a home. Banks and Mortgage lenders associate lack of credit score or a low credit score as a large risk when loaning a person hundreds of thousands of dollars.  Moreover, the lower your credit the higher the interest rate of a loan.

*HOW TO FIX YOUR CREDIT SCORE:


  • Meet with a Mortgage lender to discuss a plan of action. Did you know lenders are able to rapid re-score your credit?

  • Make sure your credit report is correct and there are no errors.

  • Pay down your balances on credit cards, auto loans, and open lines of credit.  Work on balances with the highest interests rates first and then proceed from there

Bottom Line:

Many potential home buyers over estimate their credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.


Blog author image

Vince Caropreso

Being the CEO and Team Leader of Team Caropreso, Vince specializes in Listings, Marketing, REO/Foreclosures,Short Sales and working with Investors. With 18 years of experience and selling over 700 hom....

Latest Blog Posts

5 WAYS TO MAKE BUYERS FALL IN LOVE WITH YOUR HOME

It’s clichéd, but it’s true — you never get a second chance to make a first impression! Before your home hits the market, it may need a little face lift. We know you love your home (it’s

Read More

Beauty Of Breakfast Nooks

What is the most important meal of the day?  Breakfast!!!! Then why are a majority of individuals spending their mornings eating over the sink as a way of rushing to get

Read More

How Smart Is Your Security Camera

SMART SERIES PART 2Once upon a time having a security system or even just some video cameras meant that you either lived in a dodgy neighborhood or you had something really awesome to steal. Today,

Read More

Will Home Automation Change Your World

If you’ve been paying any attention at all to the world of smart homes and home automation, then the fact that smart switches and smart lights exist could not have escaped your notice. But if’

Read More