For Chicago Home Buyers: UNDERSTANDING YOUR CREDIT…
Many home buyers are unaware of their credit situations and how it may affect them. If you are considering purchasing a home, take the first step and get to know your credit! There are several helpful websites designed to answer questions and help consumers understand where they stand.
You can start with ordering a credit report from the major credit bureaus: Experian www.experian.com, TransUnion www.TransUnion.com, and Equifax www.equifax.com.
You are specifically looking for inaccuracies and items that need to be reflected on all three reports. For example, it may have been recorded that you were one month late on a credit card payment and that can cause your score to drop! If you have the documentation showing that you paid on time, you can file a dispute with the credit bureaus right online!
Another common issue is where a creditor is only reporting on one of the credit bureaus but not on the other two. Contact your creditor to make sure they correct this as you need positive credit to appear on all three bureaus. It's important that you also check your credit scores at least once year. Your FICO scores can affect your interest rate, how much you can borrow and how much down payment may be required.
Most lenders in today's lending world require a minimum FICO of 620. Your credit doesn't have to be a mystery or a surprise – use the tools to get to know your credit profile!
Posted at 04:23PM Oct 29, 2009 by Nykea Pippion-McGriff in Buying Comments[0]
