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Understanding Your Credit


Get the Facts

What Does Your Credit Report Say About You?


Credit is an important part of your overall financial picture. Your creditworthiness is defined by 3 digits, and helps lenders determine your ability of re-paying a loan. There are certain items on your credit report that create your credit scores. Some factors that may affect your scores are:

  • Total Debt
  • Types of accounts open
  • Number of late payments
  • The age of accounts

One of the common myths of buying a home is that you have to have "perfect credit". Although credit is a factor in the process, having not so perfect credit does not disqualify you from becoming a homeowner. We offer an array of programs that have flexible credit options. Don't let the fear of not knowing your situation stop you from your dream of homeownership. Below are the top three credit reporting agencies. Equifax, Experian, and TransUnion are required by law to provide you with a free annual credit report, once a year.

Your Credit Report Comes Down To a Few Important Questions


What is Your Credit Score?

Your credit score is a numerical representation of your trustworthiness in paying back debt.
Each bureau will present you with a credit score based on the data they have.

What is Reported?

The items that are reported on your credit report include:

Credit Cards
  • Department Store Cards
  • Gas Cards
  • Bank Cards
  • Airline cards
Installment Loans
  • Mortgage Loans
  • Auto Loans
  • Student Loans
  • Utilities
  • Rent (Sometimes)
  • Collections or judgements
  • Bankruptcies
What Does Your Credit History Look Like?

Credit history is a record of the “health” of each reporting credit line. Your credit score is created from the list below. Account Variety means having a diverse set of account types, installment, mortgage, revolving, etc… New Credit can show up from employment screening, utility providers, insurance related inquires, and other credit inquiries.

DON’T WORRY!


Credit issues will not haunt you forever when you actively try to improve your credit. Lenders know that “life circumstances” happen such as illness, divorce, loss of job or accidents. The key is to show the lender that prior to the life circumstance you showed responsible use of credit and that after the life circumstance you re-established your credit. As you add new information to your report the old information ages. Scores will change gradually, as you change the way you handle credit

Remember the older the trade line (credit), the less impact it has on your scores.

CREDIT REPORT PROBLEMS?


Fixing credit reporting issues , such as incorrect collections showing up, late payments showing up when paid on time, active accounts that are closed, can be fixed. The key is to identify any issues and work toward having them corrected. If you want to take action, the first step would be to call the bureaus at: