Photo by Derick Moreno | 239Listing.com
Did you know that a healthy credit score can actually save you thousands of dollars on your mortgage? Many people don’t realize how a low credit score can stop them from being offered great interest rates when buying property. But more surprisingly, many people don’t even know what their credit score is. In fact, four in ten American’s have never checked their credit score, according to 1,000 Americans surveyed by Chase Slate Credit.
Lenders take credit scores and credit history into account when deciding whether to approve a home loan application and setting the interest rates on the repayments. Your credit score is determined by your history of paying your bills on time, your debts and spending habits. Scores can vary from as low as 300 up to 850. A score of over 740 is generally considered as excellent.
You can easily take control of your credit score by getting to grips with your financial habits, simply by:
• Regularly reviewing your credit score and credit report.
• Making positive changes to your spending habits.
• Paying your bills on time.
• Not exceeding your credit limits.
Just by making a few modest changes, this can make a huge difference to your credit score and boost your purchasing power. But the first thing you need to do is understand your credit score and report , after all it could be the key to your next home.