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For first-time buyers
and seasoned homeowners alike, managing their credit rating
has an impact on the approved amount, rates, and terms of their
next mortgage loan. Using your credit application and credit
report, lenders calculate a credit score to determine your
credit worthiness. A good credit score can potentially mean
better rates and terms. But did you know different lenders may
use various scoring models to calculate your score? There are
several different scoring models used in the industry that may
focus on a variety of credit characteristics. That's one reason
many financial planning experts recommend that consumers check
their credit score on a regular basis in order to stay on top of
what credit grantors—including mortgage lenders—will read about
when they check a consumer's credit history. Routine checking
also enables consumers to correct any inaccuracies and catch
fraud before these problems affect their credit report and
score, and ultimately their mortgage loan.
Personal inquiries
do not
adversely
affect your score
Do your visitors know that checking their free credit report
does not affect their credit rating? There are two different
kinds of inquiries. Anyone pulling a credit report can view
"above the line" or "hard" inquiries, which include requests for
a credit file that were made for credit cards or loans for which
the consumer has applied. Hard inquiries affect a consumer's
credit rating. "Below the line" or "soft" inquiries do not
appear to requestors of your credit file and do not affect your
score. Soft inquiries include requests for your file made by
prospective employers, for pre-screened credit offers, and as
personal inquiries.
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 Citi Credit Monitoring Service |
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3-Bureau Credit Report |
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for and see what's in your report today. |
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Credit Report Repair |
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started toward a better credit profile and all the
things that go with an improved credit score. |
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Your Credit Report
