With the fast paced buyers market, the first step to finding your next home is to take a look in your wallet and see how much money you have.  One key component to what you can afford is your credit. Your credit score is one of the most important numbers you have. Not only does your score affect your interest rates for Houses For Sale when applying for a loan, it can also impact your insurance rates, certain job prospects and even your chances of renting a great apartment. As a result, improving one’s credit has become a multi-million dollar industry.

What’s your credit score?
Your credit score indicates to lenders and other businesses how much of a credit risk you pose if they allow you to borrow money. The Fair Isaac Company (FICO®) uses an algorithm that takes into account 30 different factors within your credit report to arrive at a score from 300-850. The higher the score, the better the credit risk you are to lenders. Other credit reporting agencies, such as Experian,Equifax and TransUnion, calculate their own credit scores within their own ranges; however, the FICO® score is the standard that lenders use when they pull your credit score. Visit  www.nabilcaptan.com for more information about taking control of your credit and Real Estate News.
*Source: Nabil Captan, The Credit DVD

credit score calculator


How long will dings to your credit be held against you?
In most cases, it’s only a matter of time before they fall off your credit report. The good news is that the older the negative information, the less it impacts your credit score.

credit score dings

Improve Your Credit Now

Although it’s easy to become obsessed with improving your credit score, especially if you’re getting ready to apply for a loan, it’s best to focus on improving your overall credit report. After all, a great credit history will help to boost your credit score. Review your credit report once a year. Type annualcreditreport.com directly into your address bar on your browser for a free copy of your credit report from each of the major credit reporting companies: Equifax, Experian and TransUnion. Although many websites will promise you a free copy of your credit report, they may also try to lure you into creditmonitoring
services that you may not need. Since you’re entitled to a free credit report each year, you may not need to pay a third party to monitor your credit for you. Report any errors that you find. If you see a mistake, contact the credit reporting company in writing and be sure to include copies of any supporting documentation. Eliminate debt. Since reducing debt takes time, set short-term goals to tackle each debt, starting with the debt that has the highest interest rate. And once you’ve eliminated your debt, try to use less than 35% of your available credit. Hard inquiries into your credit history may remain on
your credit report for two years, but FICO® will only count them against your credit score for 12 months.

Also please check out the credit monitoring service provided by DRG Benefits at http://drgbenefits.com/


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