No Surprises!

Knowing your credit score could be critical to qualifying for a loan. Credit scores (also called FICO scores) give lenders a snapshot of an applicant's fincancial life. They are often used to help determine whether you get that new credit card, car loan or mortgage for your dream house. So it's important to look after your credit score.

The FICO scale is 300-850 and the higher your score, the better. The average consumer's score is 720.

Even if you pay all of your bills on time it  is probably wise to get current copies of your credit report before you begin looking seriously for a loan. Sometimes there may be errors on your credit report that adversely affect your ability to qualify for a loan. You can have mistakes corrected right away, if you know they are there. Request credit reports from each of the three national credit bureaus; Equifax, Experian and TransUnion, since information collected by each agency may vary, and always ask for your credit score as well. Getting all three with the scores can cost about $35.

Having a lower than average FICO score means you may have difficulty qualifying for the lowest interest rates. This can cost you thousands of dollars over the life of a home loan. You can improve your score by paying bills on time, keeping a low balance on credit accounts and getting new credit only as needed.

Mary & Debby

Any questions or concerns please feel free to call us anytime!

(909) 851-6422 or (909) 210-2872