Your Credit Score

Credit Scores - Be careful where you get your Score
It's no secret that your credit score is the driving force behind getting the best mortgage and mortgage rates.

Admittedly, what makes up your credit score can be confusing. And though many FREE credit report companies want to provide you with your credit score, none will be 100% accurate. Most times, the credit scores from these companies are lower than the real score. The only real way to get the credit scores used by lenders is to go directly to three credit repositories (Equifax, Experian, and Trans Union). A qualified lender can get your there.

So, what if the credit scores you receive are disappointing?

Here are some things to consider:

Is the score really low or are you just disappointed that it's not over 800? We regularly have clients that are upset to find out their score is 760. A 760 credit score will qualify for the best mortgage rates (actually 740 will get you there too). Keep it in perspective.
Is the score really a surprise? When discussing someone's credit score and going through each individual item, many consumers are quick to point out that they knew there was some slow pay in the past, and/or collections, etc. For the most part, the credit reporting agencies are accurate, so if you have "stumbled" in your credit past, it will probably show up on your credit report and reflect in your scores. That said, if there is an error on your report, it can be easily corrected.
Are you willing to work to improve your credit score? THIS IS REALLY THE KEY. Today's credit scores does NOT have to be tomorrow's scores. If you are willing to face your credit demons, you can improve you credit report and scores. We have improved scores in as little as 15 days.
Seek advice from credit experts. Credit scores are sensitive and the wrong actions can cause your scores to go down (even when you think you are doing the right thing). And, once your score has gone down, it's much more difficult to move it up. Credit professionals have the knowledge and tools, such as "what-if simulators", to help point you in the right direction.

The MY EMPLOYER MORTGAGE team has the expertise and tools to help you improve your credit and credit scores. And, advice is always FREE.

440-247-5656