A 700 score or above is ideal and will save you big time money. A difference of about $220 per month on average on a 30 year, $250k loan compared to a credit score of 600-699.
Tips to raise your credit score!
- Order your credit histories from the three primary credit bureaus: Experian, Equifax and Transunion
- See any errors? Ask for them to he removed. Foreclosure, bankruptcy, tax liens and collections actions-any of these will remain on your record for 5 to 7 years.
- Pay your bills on time! Late payments are killers.
- Don’t use your credit too much. Rule of thumb-You should not use more than 30% of your credit line, better yet, over all debt should not be more than 30% of your income.
- Don’t close unused credit cards, but at the same time don’t open new accounts.
- 10% ———— New Credit
- 10% ———— Credit Mix
- 15% ———— Length of Credit History
- 30% ———— Amounts Owed
- 35% ———— Payment History
8 Facts about bad Credit scores
- It might hurt you in getting your dream job.
- 19 people fall victim to identity theft every minute worldwide.
- A low credit score adds up to $1,000’s more in interest.
- Bad credit means paying higher auto insurance
- Might even affect your ability to get a cell phone. They might require a deposit and or co-signer.
- Can hurt your relationships. Money management can be very attractive!
- Affects professional licensing.
- It affects in buying your home.
As you can see, money matters matter!
When you hire Recuset Realty- team Doral for your real estate needs, you not only get highly qualified professionals on your side, but also access to information, markets, technology and a team of real estate experts.
You also tap into a global network with vast experience in residential, commercial real estate, and property management.
Richard Recuset could be reached at 786-471-5228, Richard@teamDoral.com.
“Si usted no dispone del tiempo y/o no posee los conocimientos, entreguele la propiedad en manos de un Corredor calificado”
*Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advise and is for information purposes only.