Credit scores are vital in order to obtain loans. The higher your score the less of a risk you are to any lender. These scores can range from 300 to 850 and your credit score is tracked by 3 major credit companies: Equifax, TransUnion & Experian.All three of these companies take into account how long you've had established credit, how often you use your credit and what you are using it for. Making your payments on time is extremely important. How many missed payments you've had or if you have filed for bankruptcy all affect your credit score dramatically. They also keep track of how much of your total credit you're using. They will look at the total amount of money you owe, including all debts. Should you keep opening up new accounts, a flag will arise to anyone checking your credit and to the credit score companies. It is desireable to have variety in credit. such as a mortgage,credit cards and installment loans (such as a car payment). A short sale or foreclosure of a home dramatically affects your credit as well. If you default on a loan or settle with a credit card company to pay less than what you owe them, can affect your credit detrimentally.. You can find free credit reports online and should check them a couple of times a year. To repair your credit there are banks and agencies that will assist you. Most importantly, getting your payments made on time and paying down your debt will repair your credit over time.
Genesis Heritage Real Estate, Inc. is a full service real estate agency servicing Dutchess Westchester, and Putnam New York counties. Our success is rooted in regarding our clientele as family with Blue Ribbon Service and individual attention to detail for the needs of both buyers and sellers. Explore GenesisHeritageOnCall.com the official website of Genesis Heritage Real Estate. Contact Genesis Heritage Real Estate today.
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