So, what’s your number?  No, we’re not talking about your phone number, we’re talking about those three digits that have a pretty big impact on most areas of your life; your credit score!  That’s not saying that having a high credit score won’t get you a date, but this isn’t a dating site.

Your credit score can be used to determine everything from (getting a date, oh wait we covered that already), approval for rental applications, employment opportunities and most commonly recognized as a determining factor for loan approvals of all kinds, including a mortgage loan.

So, is this elusive credit score we speak of?  First, a credit score is a three-digit number between 300 and 850; the higher the number the better. There are a lot of credit scoring models out there, but most follow a range of 300 to 850.

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Knowing your credit score is a good thing.  Having good or bad credit will drive your life decisions.  You can find out your score by obtaining a free credit report.  A credit score is calculated by using information that is contained in each of your credit reports from the three major credit bureaus: Equifax, Experian, and TransUnion.

Credit scores are based on how you handle your financial responsibilities.  The score itself is based on the length of your credit history, the types of credit you hold, how much debt you carry relative to your credit limit and how often you make credit card payments on time, just to name a few.

While none of us wants to have a poor credit score, that makes it our job to maintain our credit report in order to obtain your financial objectives in life.

One of the ways to continue to build credit is to maintain a healthy number of credit accounts and avoid late payments.  And, of course, you can always improve an average credit score by making all payments on-time, keeping debts low and adding new accounts as you can handle them.

This is just a small glance into credit scores, but what we know for sure is higher credit scores means better interest rates and better mortgage programs saving you tens of thousands of dollars or more during the time that you own your home.

If you have questions please don’t hesitate to give us a call.  We can help you get you approved on a great mortgage, but we can’t help you find a date.