Tagged : credit score

Found 5 blog entries tagged as "credit score".

Getting mortgage pre-approval is one of the first steps toward buying your dream home. Pre-approval boosts the likelihood that the seller will accept your offer and gives you a detailed quote for your homebuying budget. 

But homebuyers often hesitate because they think that pre-approval hurts their credit score. Will it? 

The truth is that it will temporarily lower your score, as is true whenever a creditor pulls your credit report. But the benefits of getting pre-approved outshine the slight dip in your score.

Does a Pre-approval Impact My Credit Score?

A pre-approval usually requires a hard credit inquiry, although a soft inquiry is all that is needed for a pre-qualification. A hard inquiry can lower a borrower's FICO score by about

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There are plenty of reasons why you should boost your credit score. But if you’re preparing to purchase a house, know that an exceptional credit score can increase your chances of getting a lower interest rate on your home loan. 

If you want to raise your credit score, there are several quick, simple things that you can do. While it might take some months to see an improvement in your credit score, you can start boosting your credit in just a few hours.

What is a Credit Score?

A credit score is a number from 300 to 850 that predicts your likelihood of repaying your debt. The higher the score, the better a borrower looks to potential lenders.

Your credit score is calculated based on various factors: payment history, debt burden, length of

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Did you know that you could save thousands of dollars if you prepare your credit before applying for a mortgage? Your credit score is one of the most critical factors that determine your mortgage interest rate and which home loan program you qualify for.

This article will show you how you can get your credit in top shape for your upcoming mortgage.

1.) Learn where your credit scores stand.

First off, know that your credit score doesn’t have to be perfect to buy a home. Several loan programs allow buyers with credit scores in the low 500s to purchase a home. However, you should be aware that with low credit scores typically come paying higher interest rates.

Because of this, we recommend you begin by checking your credit scores so that

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Removing negative marks from your credit report isn't just for raising your credit score. It's also the key to getting approved for a home loan with a favorable interest rate. Use these strategies to eliminate negative information from your credit report.

Did you know that there are loan programs specifically for those with less-than-perfect credit? Contact Legacy Home Loans to learn about your mortgage options and how you can qualify while rebuilding your credit!

How to Remove Negative Marks on Your Credit Report

Submit a Dispute to Credit Bureau

The Fair Credit Reporting Act is a Federal law that says you have a right to an accurate report and can dispute any errors. The easiest way to that is online, but you can also mail your

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Your credit plays a key role in financial opportunities, today and in the future. Understandably, the current pandemic environment is making it more challenging. But still, there are actions you can take to protect your credit. 

Here are tips that the Consumer Financial Protection Bureau suggested for protecting your credit during these trying times.

 

Request A Free Copy of Your Credit

Did you know that you're entitled to a free credit report every year? Unlike the hard credit inquiries that creditors do when you apply for credit, this free annual report does not negatively affect your score. 

Additionally, Equifax, TransUnion, and Experian (the three nationwide credit reporting agencies), also provide you with a free credit report

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