Do not let a low credit score stop you from owning a home, while credit history is important, you can still own a home with a low credit score. We understand life is not always fair and people have ups and downs with their finances. Many borrows often face struggles in improving and maintaining a good credit score. This is due to many factors which may have an impact on finances. At 1st Florida Lending, we offer free advice of how to overcome Credit issues. A good credit score is very important in purchasing a home.Credit ScorinygCredit scoring is a system creditors use to help determine whether to give you credit. Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points -- a credit score -- helps predict how credit worthy you are, that is, how likely it is that you will repay a loan and make the payments when due.Rapid Rescoring Rapid rescoring allows borrowers to get accurate information updated into their credit files within a few days, rather than waiting weeks or months for the credit bureaus to do it on their own. Raising your credit score can help your qualify for a loan with better rates and terms.Credit Report Versus Credit Score: What's the Difference?Your credit score is a three-digit rating that quantifies your credit risk. Among other uses, lenders reference this number to help assess your creditworthiness; a higher credit score indicates less risk.Your credit report details your credit history. Individuals who feel that their credit score is incorrect should look for inaccuracies in their credit report. You can correct erroneous information in a credit report that results from misinformation or identity theft by disputing your credit report.Credit Check: Why Should I Care?Why is it important to check your credit report regularly? Many people frequently pay attention to their credit scores when they buy big-ticket items such as a new car or a home. While these are some of the most familiar reasons consumers monitor their credit reports, credit scores and reports actually are used for many other reasons as well. A good credit score can get you better rates on common necessities such as car insurance premiums, cell phone contracts and apartment rental agreements. Some employers even check prospective employees’ credit reports before making final hiring decisions. In addition, despite increased public awareness of identity theft, the crime continues to grow. Therefore, monitoring your credit report and score has never been more important. Understand, Build and Manage Your CreditCredit plays an important role in your life — affecting the purchases you make and much more. The more insight you have about credit, the easier it is to strengthen your financial well-being. .
Videos to Improve Your Awareness of your Credit
How do I recover from holiday debt?
How to file a dispute on your Experian Credit Report
We were told to stop paying our Mortgage to qualify for a short sale?
If we had a foreclosure on our investment property. Does this affect our credit
How will paying off credit cards impact my credit?