DFW Home Buying and Debunking Credit Score Myths

July 20, 2010 by admin · Leave a Comment

DFW Home Buying and Debunking Credit Score Myths

Are you ready to consider DFW home buying for your future? Many people are weighing their options when it comes to buying rather than renting and in order to buy, they will need a credit score that will allow them to obtain a loan. Those interested in DFW home buying should check their credit score themselves to find out if their rating is going to get them the best interest rate.

When you get ready to check your credit score in preparation for DFW home buying, the only one that is free is AnnualCreditReport.com. This is due to federal regulations that allow one from each of the three major credit reporting agencies each year. Experian, Equifax and TransUnion are the top three used by virtually everyone. The only thing you will have to pay for is the actual number used to rate your credit worthiness and this is only a small fee. If your credit score is around 760 or higher, you will get the best interest rate when shopping for your DFW home buying loan.

There are a number of people who think their credit score is probably not very high. However, if you have paid your bills on time and had no major delinquencies, you might be surprised. And no, if you have had a bounced check or two, this will not lower your score. Neither will checking it yourself, which you should do on a regular basis. If you do not check it you will have no way of knowing if you have wrong information on the report or if someone else is accessing your credit information.

Many people choose to get one report every 4 months from each of the three credit reporting agencies. This allows them to keep track of their credit report on a more regular basis and if any major changes show up that need to be disputed, they can do so right away. This is another thing that people do not realize. They think that once something goes on your credit report, it has to stay. If you challenge something on your credit report, the credit company has to investigate. They have to receive proof from the reporting company that this is indeed your debt and if they cannot prove this, it must be removed from your credit information. DFW house interior

One of the ways of keeping your credit in check is to apply this rule whenever you are considering buying something. Do you really need what you are considering or do you just want it? Be honest with yourself and this can help keep you from getting in over your head with credit card debt. This is also a way of teaching your children that money is not always in the ATM machine for you to take out whenever you want. Help them to understand that you have to work for the money to be there. This will have a huge impact on helping them to handle credit as they get older.

If you would like more information about DFW home buying or if you have credit score questions, please give me a call at 817-300-9634 or visit my Contact Us page and send me a quick message. I’ll respond right away!