Santa Maria Credit: Understanding Credit Scoring and Credit Repair (part 1) This is just a re-cap of a previous blog seems to be an ongoing question, concern and even mystery.
Today's blog will be the first of a two part series and will focus briefly on understanding credit, credit repair and other pertinent information that makes easier to understand. Also, what you can do to increase your credit score as well as protect it.
Credit repair is a subject consumers often face with fear and apprehension, and rightfully so. In reality, the average home shopper knows very little about their credit score and the process of how it is generated. Sub-prime borrowers, with less than perfect credit, who expect an A-Paper loan, often find themselves at a loss when trying to find ways to upgrade their credit history. There is good news, however, to improve less-than-perfect credit scores and get a loan for the home you really want and can afford.
The first step in remedying your credit score is to make sure that you have a current copy of your credit report. Congress amended recently, the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. You will want to request a free credit from each of the three companies. (go to www.annualcreditreport.com)
It is also important to know just what a good credit score is. Most A-Paper scores generally begin around 680, although this number may differ slightly among lenders. Do not be too discouraged if you come up a little short of this number, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money.
I will be posting the second half of this blog later in the week. Please look for it.
If you have any questions about credit or buying a home in Santa Maria, CA or on the Central Coast or other Real Estate related questions please contact me by visiting my website: http://geneperez.net
In buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better information please let me know. Gene Perez DRE 01321588
