Del Norte CA. Understanding
Mortgage credit Scores
Del Norte CA mortgage borrowers should understand the difference between credit scores and credit report.
A credit score is a numerical expression of how well the borrower is managing his finances expressed in numbers on a scale of 350 to 850. Where 350 is the lowest and 850 is excellent.
A credit report is a factual representation of the borrowers debt reported by all financial institutions to the credit bureau.
Your credit report would contain the following items:
Payment history—Payment history on all credit cards. Car Loan. Mortgage.
Amount owed—how much do you owe on each debt as of this very instant when the credit report is pulled.
Length of the credit history—Showing when the debt was taken and how the debt has been repaid over time
New Credit—Any new debt that a borrower takes is reported on the credit report
Type of Credit used—banks would like to see all type of debt that has been taken by the borrower. Car loan, Credit Card, Mortgage, student loan.
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What is An A+ Credit Score
Credit score works on a scale of 350 to 850. An excellent score means 740 plus. Basically the more the credit scores are close to 850 the excellent it is. Such mortgage borrowers qualify for lowest mortgage rates.
Credit Score of 740 Plus is excellent.
Credit score of 720 and above is considered good
Credit score of less than 720 and 680 is considered fair
Less than 680 but above 660 means the mortgage borrower can be helped
Below 660 the mortgage becomes challenging
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Free Credit Reports
Every Del Norte mortgage borrower is entitled to a free credit report once a year by law. You can request Equifax, Experian or Trans Union to give you a copy of free credit report.
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How credit report can affect your mortgage
Before Del Norte CA borrower pursue refinancing efforts. They should check their credit report. It’s advisable though not necessary to do so because that ways borrower can pick on those reporting’s that may be out of error and can work on removing those.
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For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
Artical by Roger Shanker
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