All Things Credit Series Blog Post One

Dated: July 14 2021

Views: 130

All things credit! Tip #1 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

WATCH CREDIT VIDEO HERE>>https://youtu.be/13FZLNCJ3g4

A credit score is a three-digit number designed to represent the likelihood you will pay your bills on time. The companies that generate and track these numbers are called “credit bureaus”. The most widely known credit bureaus are TransUnion, Equifax, and Experian. There are “alternate” bureaus as well, but for our objectives today, we’re going to talk about “The Big Three."

Once you apply for credit, lending organizations typically obtain credit reports and scores from all three bureaus. Rather than averaging your scores, they use the middle score of the three to rate your “creditworthiness” and to evaluate their risk in extending credit to you. According to myfico.com, FICO scores, are calculated using many different pieces of data in​ your credit​ report. This data is grouped into five categories:

● Payment history (35%)

● Amounts owed (30%)

● Length of credit​ history (15%)

● New credit (10%)

● Credit​ mix​ (10%)

Be conscious, there are multiple credit scoring prototypes available; the most well-known and perhaps the most widely used are “FICO” scores. Recently, the“Vantage” score model has also become popular. These two scoring models are not the same thing be aware that there may be some variation. The credit score does affect the percentage rate you’ll be offered when getting a loan such as a car loan, or a Home Mortgage. To qualify for a Home Loan, you must meet traditional least credit score provisions. You should also know about your credit score, whether it meets the minimum required score, and then how you can improve it.

𝐋𝐨𝐨𝐤𝐢𝐧𝐠 𝐓𝐨 𝐁𝐮𝐲 𝐀 𝐇𝐨𝐦𝐞?-https://bit.ly/3jYd9KI

𝐅𝐢𝐧𝐝 𝐘𝐨𝐮𝐫 𝐇𝐨𝐦𝐞 𝐕𝐚𝐥𝐮𝐞-https://bit.ly/34VHzVz

Genevieve Partsch Hearthstone Real Estate 767 Willamette St, Eugene, OR 97401, USA 541-543-3610

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Genevieve Partsch

As a licensed realtor under Hearthstone Real Estate and serving Lane County, Genevieve Partsch stands out strongly for her intense passion and a strong commitment to ensuring that real estate buyers a....

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