Thinking of Buying a Home? Check Your Credit Report
On a regular basis clients will tell me that they haven’t checked their credit in quite some time, think that if they pull their credit score they’ll lower their score or they go to the wrong sites to check it. If you’re Thinking of Buying a Home – Check Your Credit Report. Credit reports are one of the most confusing topics thanks to commercials and articles everywhere on the subject.
The most reliable site that lenders will suggest is AnnualCreditReport.com. It’s fairly easy to use, it’s free, accessing the site won’t affect your credit score, and you can request your FICO scores for a nominal fee.
According to this recent article, “Of the 200 million or so Americans with active credit files, only about one-fifth make the effort to obtain one or more of their reports in a given year.” Obtaining a FICO score from this site costs $7.95 per FICO score, which is still pretty inexpensive.
Not checking your credit can cost you $$ if there are mistakes. Companies tend to charge finance rates based on FICO scores and late payments. If your report contains errors or mistakes that lower your FICO score, you’re likely to be charged a higher finance rate. Fixing these in advance of shopping for a mortgage is highly recommended. Plus, you’ll want to fix those mistakes and re-approach a bank or credit card company to determine if finance rates can be lowered. It never hurts to ask!
So if You’re Thinking of Buying Home, Check Your Credit Report. And then, contact me to help!