Know Your Credit Score

Filed under: Credit Issues

Are you keeping an eye on your credit profile? Today I want to share a little bit of information about credit scores. If you want to qualify for a loan, then it is important that you are proactive to boost your credit score so that you can get the financing that you need.

Things have changed quite a bit because of all the online credit score services, such as Credit Karma and other companies that watch your credit score. It’s been really great to have these options because it gives everyone an opportunity to see the dynamic changes that occur to the credit score based on consumer behavior.

Why You Need to Know Your Credit Score

It is very important that you are familiar with the trends in your credit profile. The security breach with Equifax has brought this topic to light. You need to be aware to identify any unexpected changes to your credit profile. You can know almost immediately about these changes.

These services often give you a credit score to go with your credit profile. But, be aware that this score might be different than the score you get from a mortgage lender. The algorithms are almost always different than the FICO algorithm that is used for mortgage approval. You should never assume that the credit score that you see will be the same score pulled by the lender.

Watch Your Credit to Protect Your Financial Future

Credit reporting services are awesome because they shed light on your financial outlook. But, be open to the understanding that these numbers might be a little different than the details that are used when you apply for a mortgage.

Things happen where someone applies for a loan and then discovers a big issue on their credit profile. The error could be as simple as a creditor adding something wrong. Or, you could be facing bigger problems with situations such as identity theft. Using a credit score service will help you identify these issues to solve the problems right away.

If you have questions about your credit score, you are always welcome to contact me for more information. I can help you understand how the credit score will impact your ability to get a loan. Plus, we can discuss strategies that can be used to boost your credit score so that you can get the financing that you need.

Franklin Loan Center is here to help! Call anytime for more information about our services.

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