Most people do not even know what their credit score is. Do you know what your credit score is?
There are 3 major credit reporting agencies that most companies use to find out your score.
1. Experian/Fair Isaac, which ranges from 300 to 850.
2. Trans Union/Empirica, which ranges from 336 to 843.
3. Equifax/Beacon, which ranges from 363 to 850.
Each consumer reporting agency has factors that can effect the credit score. The number 1 reason for a low score is delinquency or an account in a collection status. There are other factors, but each agency is different on what helps or hurts the credit score. A general rule to keep your credit in good standing is to monitor your credit score at least once a year to make sure there are no errors or negative reports. Also, try not to have too many inquiries and too much revolving debt within a 12 month span.
Your credit score is used to determine whether your approved or declined in the mortgage business. If approved, the credit score will determine your interest rate and the type of program you may qualify for. A lot of companies look at the credit history and/or score during the hiring process of an applicant. Insurance companies use the credit score factors in determining insurability of applicants and premium amounts.
Be sure to value your credit score, it can save you a lot of money and help you get your dream house at an affordable rate, the job you've worked so hard at getting, and great insurance premiums.
This message was brought to you by:
Professional Mortgage Group, Inc., Columbia, Missouri
Feel free to contact us at Professional Mortgage Group, Inc if any questions about this topic or any other topics we have posted.
There are 3 major credit reporting agencies that most companies use to find out your score.
1. Experian/Fair Isaac, which ranges from 300 to 850.
2. Trans Union/Empirica, which ranges from 336 to 843.
3. Equifax/Beacon, which ranges from 363 to 850.
Each consumer reporting agency has factors that can effect the credit score. The number 1 reason for a low score is delinquency or an account in a collection status. There are other factors, but each agency is different on what helps or hurts the credit score. A general rule to keep your credit in good standing is to monitor your credit score at least once a year to make sure there are no errors or negative reports. Also, try not to have too many inquiries and too much revolving debt within a 12 month span.
Your credit score is used to determine whether your approved or declined in the mortgage business. If approved, the credit score will determine your interest rate and the type of program you may qualify for. A lot of companies look at the credit history and/or score during the hiring process of an applicant. Insurance companies use the credit score factors in determining insurability of applicants and premium amounts.
Be sure to value your credit score, it can save you a lot of money and help you get your dream house at an affordable rate, the job you've worked so hard at getting, and great insurance premiums.
This message was brought to you by:
Professional Mortgage Group, Inc., Columbia, Missouri
Feel free to contact us at Professional Mortgage Group, Inc if any questions about this topic or any other topics we have posted.
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