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  CREDIT – IS IT THE GOOD, THE BAD, OR THE UGLY?

We’ve entered a time when credit scores are more important than ever. If you’re planning a mortgage, poor or even marginal credit scores mean you will need money for a down payment and get ready for high interest rates. Great credit gives you great mortgage programs, super rates and no money down (if you choose). It’s as simple as that.

Credit scores are numbers assigned to your personal financial habits that tell the risk of doing business with you. The higher your score, the lower the risk and the better your program selection. For home financing, aim for 680+ to gain a more diverse capability of loan programs.

If you’re like me, before I got into this business, I had no idea what a credit score was and if my “number” was good or bad. So here are a few pointers:

       - Get a copy of your credit report

     - Understand why your scores are where they are

     - See if your credit report is correct

     - Fix and/or dispute problems

     - Take action, if necessary, to make improvements

It’s best to take the time to review your credit with a trained professional. They can help explain the report, which can be a bit difficult to read, and help with suggestions. You can also get a free copy at www.annualcreditreport.com but will pay extra for the actual scores.

Check out the “FREE TIPS” icon on our web site for a pick list of credit helps. We’ll also be happy to set an appointment to review your credit report as a complementary service.

The bottom line is very simple and important to all of us.  Good credit saves you money!  Bad credit costs you money.  Ugly credit can just flat knock you off your horse.

Note :  On my next blog I am going to give some tips on maintaining good credit and share my own personal (horror) story.