Tips on Credit & Getting a Credit Report


Obtaining and managing your credit is very important and can save you thousands of dollars each year in lower payments.  Lenders determine how big of a credit risk you are by reviewing your past credit history.  If you have never used credit before you will be given a higher rate which equates to higher monthly payments.


Consider a family who wants to buy a house with a $350,000 loan and a 30 year fixed rate mortgage.  With a 720 FICO score they could qualify for a 4.5% fixed rate.*  If their score was 600 they would pay approximately 5.5% for that same 30 year fixed rate mortgage.  Based on a $350,000 loan, that difference would cost them an additional $214 per month or an additional $77,000 over the loan’s 30 year lifespan.  FICO SCORES DO MATTER!


Home mortgage lenders require 3 prior loan accounts with at least a 2 year history of making timely payments.  Two of those accounts can be revolving accounts like credit cards and at least one needs to be an installment loan such as a car loan where the payments are the same every month.  If you have not managed your payments well, you may not qualify for a mortgage loan and if you do it will be at a higher interest rate.



Caution – Do not obtain your credit from just any “Free Credit Report” source.  Many companies offer this service then sell your information to anyone who will buy it.  Identity thieves commonly buy this information and steal your credit and money.  The service is free to you because they make a lot of money from selling your information to others.  When you accept the terms of their contract/agreement, you unknowingly agree to allowing them to sell your information to their third party partners.


Free Annual Credit Report

You can get a copy of your credit directly from each of the three credit bureaus.  Lenders will require that they run your credit report when you apply for a loan with them.  They do this even if you have a copy because they want to ensure that they receive accurate data that has not been altered.  When your credit is run it will lower your score by approx. 4-6 points on average.  Continually applying for credit can greatly lower your score.  The scoring model thinks that you are desperate for credit and may be unable to pay your bills.


If knowledge is power, we now have the power to change our destiny

Through our alliance with the credit industry and new technology, we can now take an existing customers credit profile and determine exactly what they need to do to raise their credit scores to a specified number.  We can identify what actions are necessary for each established account, and how many points each action will raise that score.  If knowledge is power, we now have the power to change our destiny.


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