Thursday, December 17, 2020 / by Ryan Huemmer
Want to buy a home……...you need to know your credit score.
Credit scores range from 300 to 850.
There are some free websites available where you can monitor and view your credit score.
Credit Karma offers an updated score every week and it doesn’t affect your credit score or count as an inquiry. You can see all your accounts and balances plus you can set-up alerts when there is a change to your credit profile. Like a new account.
Your credit score is a snapshot of your borrowing history and it’s truly the first indicator used to see what type of loan programs you qualify for.
Your score is built on 5 categories:
1. Payment History
2. Credit Utilization - meaning balance vs available credit limit
3. Length of Credit History
4. Credit Types - student loans, credit cards, car loans, mortgages
5. Recent Inquiries
You need a borrowing history in order to have a credit score. Not having a credit score can impact what loan programs you qualify for.
Take control of your credit and get signed up for a free credit monitoring account now.
The Huemmer Home Team has the keys to your home buying success. Let's get you started today.