So, What’s Your Credit Score?

mortgage-pre-approval

Having good credit is a crucial part of being approved for your new home.

When trying to purchase a home, there are few things more important than your credit score. Maintaining good credit is an extremely  important aspect of people’s finances that they completely neglect until it is too late. Becoming aware of your score when you are applying for a home mortgage is too late. Did you know that most lenders require a minimum score of 680? Do you know what your credit score is?

Disturbing Facts about Credit Scores

  • 79% of all credit reports have errors
  • 25% of all credit reports have errors large enough to keep you from obtaining credit

Tips for Maintaining Good Credit

  1. Occasionally obtain a copy of your credit report and go through it line by line to ensure it contains accurate information. If you notice an error, notify the reporting agency as soon as possible.
  2. Keep your credit card balance at less than 30% of your limit.
  3. Be sure to pay your bills on time. Even just a few late payments can really damage your credit score.
  4. Avoid going to a collection agency at all costs. If you are contacted by the collection agency, you have 30 days to resolve the problem before it appears on your report. A collection account can lower your score significantly!

Do You Have Questions About Your Credit? Contact the Real Estate experts at Colony Title!

We at Colony Title want to be your Title Company and real estate law firm. For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 or visit ColonyTitle.com today! Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years of experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Tags: , ,

Leave a Reply