What’s your score?

July 15th, 2008

Your credit score: did you know that you have to have a credit score of 700-plus to qualify for a low-rate mortgage?

First, your credit score is a number assigned to your creditworthiness.

Your credit score indicates how well or how poorly you’ll repay a debt. The higher the number, the more likely you’ll repay on time.

Your bill paying information on credit reports provides the basis for your credit score.

Consumers who take the time to obtain their credit score, for only about $15 under most circumstances, are more likely to have a better understanding of the scores.

That includes knowledge that mortgage lenders rely heavily upon credit scores to approve or reject home loan applications. Read the rest of this entry »

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