Your Credit Score
What do you know about credit scores? In today’s financial world, a proper understanding of your credit score and how it affects you is becoming more and more crucial. Following the financial crisis of the last decade, people are waking up to the importance of credit and the role it needs to play in a healthy economy. It is therefore that, as a responsible citizen, you can no longer afford to not arm yourself with a basic knowledge of credit scores, how they work, and how they come into play in your life.
For a long time, the general public didn’t need to worry too much about their credit; it was little but a handly number to help you buy expensive items like home loans, cars, or the like. Now, however, it can serve as a deciding factor in your ability to acquire more common necessities, like automobile insurance or cell phone service. Employers have even begun to use your score as a gauge for your sense of responsibility, and can refer to your score to determine your eligibility for a promotion.
In this document, you will find everything you need to know about credit scores. Here we will cover a brief history of the credit score, the significance of the credit score, how your score is calculated, the role it plays in your mortgage interest rate, and tips for how to address the problems you might run into in regards to your credit. Topics covered include all of the following:
- The History of Credit Scoring
- Why Your Credit Score is So Important
- The Five Factors of Credit Scoring
- How Does a Low Credit Score Affect My Interest Rate?
- How Does the Underwriter View My Score?
- Disputing Errors on the Credit Report
- What if I Have No Credit?
- Dealing with Credit Challenges
- Dos and Don’ts During the Loan Process
- Credit Remediation
If you require any additional advisement or assistance regarding your credit score and your mortgage loan process, please contact David Haley.
Full Article: Your Credit Score