As you may have heard, the Mortgage industry is getting pretty wary about clients whose credit scores are less than perfect. So what does it mean for you?
Well, for anyone with a mediam credit score below 680, that means some more scrutiny of your credit history from mortgage underwriters. Just in case you are wondering, about 42% of Americans have a credit score between 600-700. That is alot of people! Does it mean that you can't get a loan...no. Does it mean that if you have some "skeletons" in your financial closet you won't get some scrutiny...yes.
So what can you do about it? Check your credit score. There are a number of websites that allow you to check and monitor your score. Most of them will give you a 1 bureau report free and then charge you $10-15 per month to monitor your score and any changes to your credit. In this bloggers opinion, this is a good investment! I pay for monitoring myself and have found ut exceptionally enlightening to watch my score. I feel in actual control of my score and it's moving Northward in the credit ranks.
So, if you are thinking about buying a home in the near future, check that credit and get in control. Getting your score to at least 680 will save you time, money and stress!
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