One of the most important factors that many home buyers face is that of their credit score. You have the right to get one free credit report per year. There are also many different apps and websites that keep you updated on your credit score and any changes in your credit report. These programs even guide you in how to improve your score.
Why Do We Have Credit Scores?
A credit score is a number that shows how creditworthy a person is. Lenders look at this score in order to assess how risky a person may be to lend to. This lessens the potential risks that the lender may face, keeping people who may be at high risk for defaulting from securing a loan in the first place.
What’s A Good Score?
Credit scores range from 300 to 850, with 850 being the highest score that you can get. A credit score of 700 or above is considered good. A credit score above 800 is seen as excellent. The bottom line is that the better your credit score is, the more reliable of a borrower you will be seen as by lenders.
If your credit score is less than stellar, however, you need to get to work so that you will be able to get loans in the near future. Here’s some steps that you can take to improve your credit:
Pay Off Outstanding Debt
If you owe anything on medical collection accounts, credit cards, legal judgements; basically any debt that will show up on your credit report, you need to pay these off. Getting rid of debt can help you to increase your credit score more quickly.
Rebuild Your Credit
You’ll need to keep up any accounts that you have with good payment history and maintain the good work. You should be diligent to maintain those on-time payments for an increased good payment history. Even if you have accounts that have had late payments previously, you can still work to get the accounts back in good order.
If you don’t happen to have any existing credit accounts, you’ll need to get one in order to begin establishing credit. A good way to do this is to apply for a credit card and only charge what you can afford each month in order to help establish a credit history.
Look At Your Whole Financial Picture
Aside from your credit score, you’ll need to take a look at your bigger financial picture. Everything from the amount of savings that you have available to how much of a home you’ll be able to afford is important. You need sufficient income so that you’ll be able to buy a home and provide a down payment along with money to pay closing costs.
Once you start investigating your credit score and how to improve it, you’ll be on your way to better financial health.
Welcome Home! This well maintained 3 bedroom 2 bath home has had many updates through the years by its original owner. This open floor plan design offers a large living room with fireplace and beautiful bay window. The kitchen and dining room flow nicely into the living area and exterior deck. There are also 3 bedrooms on the upper level with hardwood flooring and 2 bathrooms that have also been updated. The lower level offers a great mudroom and laundry room as well as an additional family room with brick fireplace and home office. You may also walkout to the beautiful lot with close to an acre of land! This home on a gorgeous lot in a sought after neighborhood and community will not last. Great commuter location and access to the thriving town of Hudson with nearby bike trail, shopping, and restaurants! Come see for yourself and Please Make Yourself At Home!
This is a Raised Ranch style home and features 7 total rooms, 2 full baths, 3 bedrooms, 0.90 Acres, and is currently available for $419,900.
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