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Dallas Best Mortgage

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         1910 Firman Dr. Suite 104, Richardson TX 75081, NMLS# 277498
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    What's Credit Score?
    There are many factors to be considered in lending you money: your income, assets, employment, credit scores, and other factors. Among them, credit scores are the most important one. They were created to help lenders compare people who apply for loans across the board without being subjective. Lenders only lend money to those who have the ability to pay it back.

    The credit score supplied by Fair, Isaac and Company (FICO) is the most widely used credit score by lenders. Most Americans have credit scores ranging between 600 and 800. A low credit score is less desirable and may cost you more to borrow cause lenders usually charge a higher rate to compensate them for the higher risk of default.

    What may Help Your Credit?
    • On-time payments

    • Length of credit history --the longer the period you have established credit, the better

    • Stable employment

    • Anything opposite to the factors below

    What may Hurt Your Credit?
    • Late payments or missing payments

    • Maxing out your credit limits or carrying a high balance

    • Credit inquiries or multiple applications in the last 6 months for a loan, credit cards or department store cards (multiple inquiries for a loan within a 2-4 week period may not hurt you as lenders understand that you were shopping for a mortgage. Inquiries made by you to your own credit does not impact your credit score.)

    • Bankruptcy in the last 7 years

    • Too many open credit accounts (4-6 cards may be enough to keep you in a good range)

    How to Know Your Credit Before Applying For A Loan?

    Before you apply for a loan, check out your credit scores. It is better for you to do so before lenders do. Then you will have time to correct mistakes and improve your credit scores if necessary.

    The three major credit bureaus that keep track of your credit are Equifax, TransUnion and Experian. You should check your credit from all three credit bureaus because they may not track the same accounts and they do not share data with one another. As a result, each bureau may give you a different credit scores. Lenders usually look at all three scores. For a fee, you can view your single credit reports from the credit bureaus or obtain a combined report.

    Companies to order a combined credit report from three credit:

    myFICO.com
    TrueCredit.com
    ConsumerInfo.com
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