So your credit online credit report Honolulu reports might vary slightly from one company to the next. There are different types of scores, but the one you should be most concerned about is your FICO credit score. When you apply for a mortgage loan, the lender will use this score to determine the level of risk you bring the table. They will consider other aspects of your financial background as well.
But the FICO credit score is at the top of the list. It can make or break your chances of getting approved for the loan. It also influences the interest rate you get from the lender. This is why it's so important to check your credit reports before applying for online credit report Honolulu a mortgage loan. If you missed the connection between these two things, here it is again... Credit reports contain information about your repayment online credit report Honolulu of debts. free government credit reports This information is used to produce a FICO score that ranges between 300 and 850. You have three scores -- one for each of the reporting companies mentioned above. Mortgage lenders will use these scores when considering you for a loan. A low score can hurt your chances of getting approved for the loan, and it may cause the lender to assign a higher interest rate as well. With that introduction out of the way, let me get back to the personal story I promised online credit report Honolulu to share.
This story illustrates why it's so important to check your credit reports before buying a home. free credit report annual My wife and I have been through the home-buying process several times in online credit report Honolulu the past, so we are very familiar with it.
We realize the importance of keeping a clean credit history. So we checked our credit reports and scores before getting pre-approved for a mortgage loan. Sometimes you can have negative items on your credit report that you never even knew existed. We checked all three of our reports through AnnualCreditReport.com, which is the website I recommend using. I recommend this website because it is the only one that is regulated by the federal government. This is the official website for obtaining your free credit reports from all three reporting companies.
If you go anywhere else, they will probably try to sell you some kind of credit-monitoring or identity-theft protection service.
If you only want to check your credit reports, you should do it through the website mentioned above. annual credit report site When I checked my reports, I was happy to find that there were no negative items on any of them. This means that no one has ever reported me for late payments, unpaid debt obligations, etc. It shows mortgage lenders that online credit report Honolulu I have a history of paying back my debt obligations.
Obviously, this is something the lender wants to know.
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