Do You have the Credit Score Blues?
Recently we wrote an article about getting ready to apply for a mortgage. And a question came up from a reader that caught me off guard “What is a Credit Score?” and then the next question that sprang up was “why is it so important?” Well I found this video from CreditDVD, which does an excellent job both explaining What is a Credit Score and why it is important to all consumers wishing to use credit to fund their purchase.
The video is a bit cheeky, but it explains in very basic details how your credit score will affect your ability to purchase with credit. Your credit score can range from 300 to 900. Your FICO score is comprised of a compilation of your credit history from the three major credit reporting bureaus, Equifax, Transunion, and Experian. Basically your credit score is determined by a formula that is calculated that is proprietary information and owned by Fair Isaac. It takes into consideration:
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Your past payment history
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Your outstanding debt
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length of time you have had credit
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number of inquiries
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and the types of credit you currently have
Don’t know what your credit score is? Get a free copy of your credit report here.
Are you ready to purchase a new home and want to explore your options? Call us today so we can assist you in the process of getting pre-approved for a mortgage. Call us today at (716) 650-0051 or fill out the form below.
About Colleen Kulikowski, Licensed Real Estate Salesperson (716) 650-0051
Colleen Kulikowski is a Licensed Real Estate Salesperson at MJ Peterson specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.
Comment
Kelly Kilpatrick
March 4, 2008 at 2:12 amColleen: This is great! Knowing your credit score before you shop is very wise. Often there are errors that can be corrected within 30-60 days through the bureaus. Correcting errors BEFORE an application for a mortgage is made can save consumers thousands of dollars over a period of time.
Where buyers often get into trouble is when they find their “dream home” and then discover their FICO score is just lower than the Lender’s cut off for preferred pricing. In a short escrow there’s often not enough time to improve a score.
Love the video!
Colleen Kulikowski
March 4, 2008 at 11:09 amKelly — Me too! It took it to such a basic level without being boring. It drove the point home well. So many times we have seen this happen. We just had a deal fall apart because of the client’s credit report.
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Trackbacks for this post
Colleen: This is great! Knowing your credit score before you shop is very wise. Often there are errors that can be corrected within 30-60 days through the bureaus. Correcting errors BEFORE an application for a mortgage is made can save consumers thousands of dollars over a period of time.
Where buyers often get into trouble is when they find their “dream home” and then discover their FICO score is just lower than the Lender’s cut off for preferred pricing. In a short escrow there’s often not enough time to improve a score.
Love the video!
Kelly — Me too! It took it to such a basic level without being boring. It drove the point home well. So many times we have seen this happen. We just had a deal fall apart because of the client’s credit report.
[...] Do You have the Credit Score Blues? [...]
[...] Do You have the Credit Score Blues? [...]
[...] Do You have the Credit Score Blues? [...]
[...] Read Also:Â Do you have the Credit Score Blues? [...]
[...] Grand Island Single-family home Market Report March 2008 Do You have the Credit Score Blues? [...]
[...] Read Also:Â Do you have the Credit Score Blues? [...]
[...] Do You have the Credit Score Blues? [...]
[...] How will you determine if the Buyer is financially qualified? Read Also: Do You have the Credit Score Blues? [...]
[...] Do You have the Credit Score Blues? [...]
[...] Do You have the Credit Score Blues? [...]
[...] Do You have the Credit Score Blues? [...]
[...] Read Also: Do you have the credit score blues? [...]
[...] Do You have the Credit Score Blues? [...]
[...] Read Also: Documents You Need to Apply for a Mortgage Do You have the Credit Score Blues? [...]
[...] Read Also: Do You have the Credit Score Blues? [...]