Credit
I have been a real estate agent and a loan officer, so am intimately familiar with how credit works.
When I was a loan officer
(aka mortgage specialist), I worked with credit-challenged individuals
to help them repair bad credit – ie, increase their credit score – so
that they could qualify for a home loan.This was eye-opening for me on many levels because so much of what you had to do to repair bad credit just didn’t make sense. Before you can fix
your credit, the first thing you need to do is understand what it is
and how lenders use it. To that end, following is some basic info.Your credit score is a number based on the information
in your credit file that shows how likely you are to pay a loan back on
time. The higher your score, the less risk you represent.The credit score that lenders use is called a FICO®
score. Your FICO score helps a lender determine whether you qualify for a
loan and what interest rate you'll pay.
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