By Stacy Borho, MBA
AVP, Residential Mortgage
Credit scores impact people in more ways than they realize. Your score affects financing cars, homes and student loans. Your score also helps determine your insurance premiums, job opportunities and even places to rent!
Things you do – or don’t do – also impact your credit. Late payments, credit card balances near the limits, too many credit cards, collections, closing credit cards, and the list goes on. If there’s no activity that affects your score, you can totally LOSE your score, though it only takes as little as six months to rebuild it.
To make things more difficult on consumers:
- There are many scoring services.
- You don’t have just one credit score.
- Your credit score can change each day, week, month and year because it is constantly being updated.
- Creditors do not have to report to all three major credit bureaus.
Since the first thing a mortgage lender does is pull your credit score, I’ve made it a mission to really understand credit scoring and how it works. As someone who knows a lot about credit scores, I want to help you understand what your credit report really says and, more importantly, how it affects buying a home, the cost of insurance, and other facets of your life.
Let's talk. I'd love to help you make sure you're on the road to homeownership.