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It's a good idea to know how your credit is. You can get a free credit report if you were turned down for a loan, denied housing, insurance or employment within the last 60 days.
Also, when you go to apply for a mortgage, the lender will pull your credit and will usually share a copy of it with you if you ask.
Credit scores range between 300 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score: |
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- Your payment history: Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.
- How much you owe: If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.
- The length of your credit history: In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
- How much new credit you have: New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.
- The types of credit you use: Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.
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You can order a report from any of these credit bureaus:
www.experian.com
www.equifax.com
www.transunion.com
https://www.annualcreditreport.com/
http://www.freecreditreport.com/
http://www.MyFico.com/
I can assist you in getting pre-approved for a mortgage. This is a logical first step because knowing how much you can afford will keep your search for a home realistic and within budget.
If your plan is to move from one home to another, just putting your home on the market isn’t enough. Your home will need to be ready to show and you’ll need a strategy to accomplish the sale and purchase of another home in a reasonable time frame.
With 10 years selling homes in metro Salt Lake and 20 years in the real estate business, I have many strategies and an in depth understanding of what it takes to help you sell and buy another home. Call or email me if you’d like to take advantage of this opportunity!
Contact SLCHomeBuyer.com and Kevin Coyle
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