February 27, 2009

Check Your Credit Score

Before you decide to start looking at homes, you may want to check your credit

One of the most important deciding factors in whether or not you are approved for a home mortgage loan is your credit score. And, now that the credit crisis and mortgage market crisis has resulted in so many problems for mortgage lenders, your credit score is even more important. Before you start looking for a home, it is a good idea to check your credit report and your credit score in order to make sure you don't have nasty surprises when the mortgage lender checks your credit.

Finding your credit report and score online

By law, you are entitled to one free credit report each year from each of the three major credit bureaus. You can get your free credit report by visiting annualcreditreport.com. You will have to sign up with each of the three bureaus, and provide your Social Security Number.

If you are just monitoring your credit, you can get one free report from a different bureau every four months. However, since credit reports can differ, it is a good idea -- if you are looking to buy a home -- to pull all three.

You can also pay for your credit report. The credit bureaus charge between $25 and $35 for a credit report (and sometimes a credit score is included). It is worth paying this price if you are checking up to buy a home.

Getting your credit score

The credit bureaus can also provide you with a credit score, but you will have to pay for it. There is no law that says bureaus have to provide your credit score for free. However, if you want the definitive score that most mortgage lenders use, you need to get your FICO score. You can go to MyFICO.com and get your score plus three credit bureaus reports for right around $50.

If you just want a general idea of your credit score, you can visit creditkarma.com. If you enter your Social Security Number and set up an account, you can get an idea of your credit score, according to the method used by TransUnion. This can be a useful benchmark.


	More on Keeping a Good Credit Score
	Improve your credit score
	http://www.allbusiness.com/personal-finance/3878766-1.html

Topic Tags: buy a home, credit report, credit score, FICO score, free credit report, free credit score, mortgage lenders, mortgage loan

by Ski Resort Markets

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