Get a Copy Of Your credit Report With Score
The first thing you need to do before purchasing a home is get a copy of your
credit report.
You can go to Consumerinfo.com and order a 3-in-1 credit report from all three bureaus with credit
scores. You can view your credit report online in seconds a print a copy for yourself. Generally, a
middle credit score of 700 is excellent, 660 is good, 620 is fair, and below 620 is marginal. The cut-off
point for most zero down first time home buyer programs is 600 credit score and 3% down programs
is 580. If your credit score is below 580, you should start repairing your credit 6 months to a year prior
to purchasing a home.
Listed below are some factors which will impact your credit score:
1) Previous credit performance which includes major delinquencies, length of time since last
delinquency, and judgements, bankruptcies, and liens. Only time will heal bad credit and the more on-
time payments you make on all your accounts since your last delinquency, the better your chances are
of improving your credit score. I know people who have had terrible credit in the past, but they paid off
all the negative items on their report and today they have excellent credit scores.
2) Current level of indebtedness which includes proportions of balances to credit limit and total
amount owed. If you make perfect payments on your credit cards but you are mixed out on them, your
credit score may suffer tremendously. You want to keep your credit card balances below 50% of the
limit, even if it means opening up a few more cards (if you don’t have too many already) or raising your
credit lines.
3) Amount of time credit has been in use. You may not want to close a credit card which you have
had for a long time.
4) Pursuit of new credit which includes time since last account opened and inquiries. Don’t let
every tom, dick, and harry run your credit report because every time somebody runs your credit report it
will lower your score. Also, if you just recently opened many credit card and/or installment accounts, it
may lower your score.
5) Type of credit used which includes the number of revolving and installment accounts. You may
have to close some accounts if you have too may credit cards and/or installment loans. Also, some
finance plans, such as 90 days same as cash, may lower your score.
6) Consumer Credit Counseling may lower your score and you will not be eligible for most first
time home buyer programs unless you get out of the program completely.
7) Transferring balances between credit cards can be a killer on credit score if the lender runs the
credit and it shows the mixed out credit card you transferred balances to as well as the balances of the
credit cards prior to the transfer since the companies did not update the bureaus in time.
8) Defaulted Student Loans can dramatically lower your credit score. You can apply for a
rehabilitation loan and if you make on-time payments for 12 months, they must erase all the negative
credit which will improve the score.
The first thing you need to do before purchasing a home is get a copy of your
credit report.
You can go to Consumerinfo.com and order a 3-in-1 credit report from all three bureaus with credit
scores. You can view your credit report online in seconds a print a copy for yourself. Generally, a
middle credit score of 700 is excellent, 660 is good, 620 is fair, and below 620 is marginal. The cut-off
point for most zero down first time home buyer programs is 600 credit score and 3% down programs
is 580. If your credit score is below 580, you should start repairing your credit 6 months to a year prior
to purchasing a home.
Listed below are some factors which will impact your credit score:
1) Previous credit performance which includes major delinquencies, length of time since last
delinquency, and judgements, bankruptcies, and liens. Only time will heal bad credit and the more on-
time payments you make on all your accounts since your last delinquency, the better your chances are
of improving your credit score. I know people who have had terrible credit in the past, but they paid off
all the negative items on their report and today they have excellent credit scores.
2) Current level of indebtedness which includes proportions of balances to credit limit and total
amount owed. If you make perfect payments on your credit cards but you are mixed out on them, your
credit score may suffer tremendously. You want to keep your credit card balances below 50% of the
limit, even if it means opening up a few more cards (if you don’t have too many already) or raising your
credit lines.
3) Amount of time credit has been in use. You may not want to close a credit card which you have
had for a long time.
4) Pursuit of new credit which includes time since last account opened and inquiries. Don’t let
every tom, dick, and harry run your credit report because every time somebody runs your credit report it
will lower your score. Also, if you just recently opened many credit card and/or installment accounts, it
may lower your score.
5) Type of credit used which includes the number of revolving and installment accounts. You may
have to close some accounts if you have too may credit cards and/or installment loans. Also, some
finance plans, such as 90 days same as cash, may lower your score.
6) Consumer Credit Counseling may lower your score and you will not be eligible for most first
time home buyer programs unless you get out of the program completely.
7) Transferring balances between credit cards can be a killer on credit score if the lender runs the
credit and it shows the mixed out credit card you transferred balances to as well as the balances of the
credit cards prior to the transfer since the companies did not update the bureaus in time.
8) Defaulted Student Loans can dramatically lower your credit score. You can apply for a
rehabilitation loan and if you make on-time payments for 12 months, they must erase all the negative
credit which will improve the score.
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