Understanding Your Credit Score

One of the most important pieces to the puzzle in obtaining home financing is your credit score.  The higher your credit score is, the more favorable you are looked upon by lenders.  Your score and the information contained in your credit report, will determine your eligibility for certain home loans.

There are many factors that affect your credit score.  Some of the most common are:  your bill paying history, the number of accounts you have and what kind, how much of your available credit you are using, how long you’ve had your accounts open, your recent credit activity, whether you’ve had a debt referred for collection, a foreclosure or a bankruptcy, and how old these are.

The good news is that no matter what your credit score is, you can take immediate steps to begin improving it.  Beyond the obvious of making sure your payments are made on time, you can raise your score by paying down loan balances or paying loans off early.

If you have questions about your credit score and profile, and are in the market for a home loan, we will be glad to give you a credit review at absolutely no cost or obligation.  Just reach out to us at 855-GO-ALCOVA or visit us at www.GoAlcova.com.