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Maximizing Your Credit Score for a Home Purchase

If you’re planning to apply for a home loan, you’ll first want to address your credit score. Photo: Howard Bloom – Intero Real Estate (2016)

If you’re planning to apply for a home loan, you’ll first want to address your credit score. Photo: Howard Bloom – Intero Real Estate (2016)

If you’re planning to purchase a home in the near future, you’ll need to address your credit score beforehand. A credit score is a three-digit number ranging from 350 to 850 (with 850 being the best) that lenders use to evaluate an individual’s capacity to repay a loan. Consequently, your credit score will play a central role in determining the kind of home loan and interest rate you get approved for—and whether you can get approved at all. That’s why it’s important to be proactive about maximizing your credit score long before you apply for a home loan. Here are some tips on how to do so:

Find out your credit score. Many people assume they have good credit, only to get a rude awakening when their loan agent runs the numbers. To avoid this scenario, determine your credit score well in advance so you can make any needed adjustments. Keep in mind that accuracy is critical with a credit report, so rather than getting a report from an online agency, a better option is to meet with a mortgage professional. Within minutes, you’ll get a full report from all three of the major credit agencies, including your FICO score, which you can’t get by going though just one agency. Continue reading “Maximizing Your Credit Score for a Home Purchase” »

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Savvy Consumer Tip: Understanding the “Charge Back” Feature

When credit card purchases go wrong, the “charge back” feature can be a helpful ally. Watch this video for more information.

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Savvy Consumer Tip: Preventing Credit Card Fraud

Preventing credit card fraud is all about being careful. Watch this video to learn some useful tips.

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