Your Credit Score!

January 23, 2012

In today’s Real Estate Market its important to understand your credit score.  The Fair Isaac credit scoring is divided in to five risk categories:

  • 780-850 Low Risk
  • 740-780 Medium to Low Risk
  • 690-740 Medium Risk
  • 620-690 Medium to High Risk
  • 620 and Below is High Risk or “Non-Prime”

If your credit needs work its a good time to evaluate what you need to do to improve your score.  The factors influencing your credit score are:

  • Current or late payments
  • How late your payments are
  • The number of open accounts you have
  • How much credit you are using in relation to how much credit you have available (it is always good to never use more than 50% of your credit cards availablebalance)
  • If there are serious delinquencies on your file like bankruptcy, liens and charge off accounts

Take some time to learn about your credit, what option are open to you and what you can do to improve your overall score.  Home ownership is the American dream and the SoTahoe group wants to open doors for more homeowners!

This information is deemed reliable, but not guaranteed.

The South Lake Tahoe Real Estate Group want to help you find your Lake Tahoe dream home!

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