Whether you’re thinking about buying your first home or your next home, your credit score will play a huge role in determining what kind of mortgage rates are at your disposal. Follow these tactics to keep your credit score protected.
1. Know ALL of Your Accounts:
Between student loans, car loans, mortgages, credit cards, and all the other lines of credit at your disposal, it’s sometimes hard to remember all of your accounts, but nothing could be more important. Knowing your accounts, and their statuses, is the only way to know if someone opens or closes an account without your consent.
2. Monitor Your Scores:
That’s right, “scores.” There are three credit bureaus (Experian, TransUnion, and Equifax), each with their own scoring system. Different lenders trust different bureaus, so it’s important to know where you stand with each of them.
3. Read Your Reports:
While scores are a great gauge of your credit, reports are where you’ll see all the information each bureau uses for their calculations. By keeping a close eye on your reports, you’ll be able to address any suspicious activity before it gets out of hand.
Credit scores are the resting heart rate of your financial well-being. Keep them strong and steady, and you’ll land a favorable mortgage without breaking a sweat. Reach out to me if you have any questions or if you’re ready to start house hunting!