Know Your Credit Score Before Making A Major Purchase - CREDIT SCORE
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CREDIT SCORE: Know your credit score before making a major purchase
(ARA) - Whether you’re in the market for a new home or applying for a loan, before you start looking at neighborhoods, you need to look somewhere else -- at your credit score. A credit score can give you the information you need to negotiate loan terms and bring you one step closer to your dream purchase. The next time you’re contemplating a key purchase, start with your credit score -- it’s what lenders use to determine your credit worthiness.
Learn What Can Make or Break Your Credit
Here are a few tips to help ensure that your credit score gives you the credit you deserve:
- Payment History -- Your payment history is a significant factor in determining your credit score. A history of late payments on current and past accounts is likely to have a negative impact on your score.
- Amounts Owed -- What you owe counts significantly in the calculation of your credit score. Maintaining large balances on your credit cards may be a signal to lenders that you have accrued more debt than you can handle.
- Length of Credit History -- A portion of your score is based on how long you’ve had established credit. In general, a longer credit history can help earn you a better standing with creditor grantors and lenders.
- New Credit Requests -- Consider ways to manage new credit wisely. Applying for many different types of credit in a short period of time can take a toll on your score.
- Credit Diversity -- Mix it up. Having a combination of account types including installment, revolving and mortgage is a good way to help diversify your credit.
Know Where You Stand
Knowing your credit history early can help you prepare for negotiations with lenders. For this reason, it’s a good idea to review your credit report regularly and monitor your credit score for any changes that may affect loan terms.
Score monitoring services such as Score Watch can put valuable information in the hands of consumers preparing for a major purchase. Available at Equifax.com, Score Watch continuously monitors your FICO score and Equifax Credit Report and notifies you when a score change impacts the interest rate you are likely to receive on a mortgage, auto or home equity loan.
For more information about how to manage and protect your credit health, visit www.equifax.com.
Courtesy of ARA Content
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