Demystifying credit scores
April 14, 2016
You know that your credit score is important because it can affect whether you can get a mortgage, and on what terms. Your score doesn’t have to be perfect (almost impossible to achieve), and lenders know it doesn’t tell the whole story. But, when you increase it, you improve your chances of buying a home.
How do you increase your score? It’s helpful to know the anatomy of your credit score. The short story: payment history and debt are given the most weight, so to improve your credit score, focus on getting both in order.
For details on how to get your credit score and your credit report—two different things—check out this article at the Consumer Financial Protection Bureau. It’s got good clear info and links.
We’re linking you to a partner article we want to share. Framework partners with organizations across the country that believe in education for smart homeownership. What’s your path to smart homeownership? Find a local Homeownership Advisor here.