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Your Credit Report

YOUR CREDIT REPORT STEP 1:  Determine Your Credit Score Your credit worthiness is determined by both your FICO score AND the debt you carry.  Tips:

  • Meet with a mortgage professional and run your credit report. It’s FREE.
  • Pay down credit card debt first, before paying down of mortgage debt.
  • Don’t be late on any of your payments. Even just 30 days affects your FICO score negatively – 720 is the magic number.
  • If your credit isn’t at this optimal number, work with your lender to create a Credit Repair Strategy . A lender who is committed to your long-term success will be willing to guide you through this process.

STEP 2: Repair Your Credit/Manage Your Credit Sometimes credit needs attention before you can qualify to purchase property. If your FICO score is too low, you need to get some help to fix it. Tips:

  • Take care of needed debt repair early in the game!
  • Ask for everything from your creditor in writing, on letterhead, signed, and include account numbers.
  • Manage your current balance on your credit cards so they are not maxed out.  In some cases it is better to have 2 credit cards with less than 50% of the available balance charged then 1 credit card maxed out to the limit.
  • Tradelines! Make sure you have enough tradelines of credit to qualify for your mortgage. Typically 3 tradelines is a requirement with at least a 2 year history.

Courtesy: Jennifer Ellison, Summit Funding

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Buying and selling a home is more than just a transaction. It is a process that involves identifying your dreams, goals and objectives, creating a plan and rallying a team of best-in-class advisors to support you along your path from vision to reality.

I look forward to supporting you in this exciting dream-building journey and earning your trust and friendship for years to come.

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