Credit Score

What is the Credit Score?

A Credit Score is a three-digit number, typically between 300 and 850, represent the creditworthiness of an individual. A Credit score is primarily based on a credit report, information typically sourced from 3 credit bureaus: Experian, Equifax and Transunion.

3 Credit Score Tips before applying for a Home Mortgage

Tip #1

Payment History

Follow your payment schedule to the letter, to have a healthy credit.

Tip #1

Tip #2

Reduce debts

Try to eliminate as many debts as you can, fewer monthly payments translate into more mortgage availability.

Never get close to your credit limit if you are in the process of Buying a House, always stay below 10% of the total available credit line.

No new Debts, avoid applying for new debts while you are in the process of obtaining a mortgage.

Tip #2

Tip #3

Is my Credit Score ready?

The minimum Credit Score to buy is 550 through the FHA government program entering with 10% downpayment.

To buy with the lower 3% or 3.5% downpayment, you must have a credit score of 620 or higher.

If your credit score is greater than 740, it is considered excellent and you would obtain the best terms in the market.