Shomeka's Quick Tips
Do you know your home value?
Do you know the current value of your home? It's so because whether you're selling or renting, having an accurate estimate can help you make informed decisions. Understanding your property's worth can also assist in planning your financial future and ensuring you get the best deal.
Shomeka's Quick Tips
You ask why it is essential to have a good credit score when purchasing a home. Having a high credit score can significantly impact your ability to secure favorable mortgage terms, influence the amount you can borrow, and even affect the interest rates offered to you. In today’s housing market, maintaining a good credit score is crucial for financial stability and achieving your homeownership goals.
Below are several methods to enhance and establish your creditworthiness.
37%
of People Don't Do This
Pay all bills on time.
Your payment history accounts for 35% of your FICO® Score. Set up automatic payments or use calendar reminders to ensure you never miss a due date.
30%
of People Don't Do This
Maintain low credit utilization.
This ratio is the percentage of your available credit that you are using. Aim to keep your utilization rate below 30%, and ideally under 10%, to avoid a negative impact on your score.
https://www.experian.com/blogs/ask-experian/credit-education/score-basics/credit-utilization-rate/
33%
Of People Do This
Review your credit reports for errors.
You can get a free copy of your credit reports annually from all three major bureaus—Experian, Equifax, and TransUnion—by visiting AnnualCreditReport.com. If you find an error, dispute it immediately.
https://www.lendingtree.com/credit-cards/study/americans-check-credit-reports/
