Having a good credit score is important in order to be pre-approved for a mortgage, but the credit score is not the only thing Mortgage Loan Officers take in consideration when they have to check a file. The number of your accounts (lines of credit), utilization (ratio of usage of lines of credit), late payments and accounts on collection are important information as well and could have a negative impact on your file, even if your score is good.
On the following link, also recommended by the Federal Trade Commission, you will be able to check your credit report for FREE (once a year) and also know your credit score. This will allow you to have a clear view of your finances, provide you the necessary boost of confidence to apply to a mortgage or give you the necessary time to work on some items before you can successfully apply for a mortgage and don’t get burn in the process.
www.annualcreditreport.com – AnnualCreditReport.com is a website operated by the three major U.S. credit reporting agencies, Equifax, Experian, and TransUnion.
The site will request your name and last name, your date of birth, social security number, current and previous address (if needed). You can select to get the report from the 3 bureaus of credit or pick any of them (select all 3 so you can have accurate information).
If your credit report is great and you are ready to start the house buying process, give me a call, I will be happy to help you.
Clarisa Moody
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