5 Steps to Buying a Howard County Home in 2011 – Step 3
Step 3: Know Your Numbers – Time for the Credit Check
So the pendulum has swung. Maybe it was too easy to get credit in the recent past. Maybe it’s too hard to get credit now. Maybe yes, maybe no. Either way, your credit score is an all important number, and you should know what it is when you are looking to buy a Howard County Home.
Everyone is entitled to go to AnnualCreditReport.com and check out their credit reports for free each year. There are three, from each of the credit bureaus – Equifax, Transunion, and Experian. The scores themselves are not free, but the detailed reports are. Check for errors and take care of any disputes that might be necessary. Each bureau provides instructions detailing how to correct any issues, which you should definitely do prior to considering the purchase of a Howard County Home.
Interestingly enough though, the scores are almost always different, as each of the bureaus has their own secret formula for taking in the data and then generating their score. A step or two from now, when your chosen lender pulls your credit scores for you, I’ll be very surprised if the numbers aren’t all different! The middle score tends to be given the most weight by potential lenders when you are attempting to qualify for a Howard County Home.
And while we’re on the subject, paying down debt is generally good, but don’t close out any accounts until you talk with your lender. Decreasing the credit available to you by closing accounts will change your ratios, and you may unintentionally lower your score and hinder your ability to purchase a Howard County Home.
Here are two links on articles regarding your credit / FICO score which you might find to be useful when preparing to buy a Howard County Home:
Did you miss the first two Steps to Buying a Howard County Home in 2011? Step 1 | Step 2
