Triangle Real Estate Buying Tips: Know Your Credit Score
Before you even begin looking at Raleigh homes for sale, you need to take a good look at your credit. Mortgage lenders will analyze your credit, so you should do the same.
You can start by requesting copies of your credit report from all three credit-reporting companies:
- Experian
- Equifax
- TransUnion
According to the Fair Credit Reporting Act, you are entitled to one free credit report per year. To request your credit report from all three companies at once, visit at AnnualCreditReport.com
Generally, depending on the type of mortgage you are requesting, a credit score above 700 is considered good. Anything below 680 will make it more difficult to obtain credit.
If you pull your reports and fall below 680, the first thing you should do is read your reports carefully.
Errors can happen easily and it is your job to find them and fix them. If you think you have discovered an error, consumer protection laws require you to notify credit bureaus in writing of any inaccuracies they report. Follow up with a phone call and document everything!
Another thing you can do to repair your credit score is to begin slowly closing unused credit accounts. If you have too many lines of credit open it can lower your score. Most experts recommend keeping 2-4 major credit cards.
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[...] giblest wrote an interesting post today onHere’s a quick excerptIf you think you have discovered an error, consumer protection laws require you to notify credit bureaus in writing of any inaccuracies they report. Follow up with a phone call and document everything! Another thing you can do to repair … [...]