How to Check Your Credit Score

On this page, you’ll learn how to check your credit score before buying a home. If you plan to use a mortgage loan to pay for the house, then you need to check your score early on in the process. The sooner, the better. Here’s how to go about it.

If you’re ready to find out where you stand, use the link provided above. This will take you to the MyFICO website, where you’ll be able to check all three of your scores (Experian, TransUnion and Equifax). If you’re not sure what your FICO score is, or why it’s so important for home buyers, then keep reading below.

Why It’s Important to Check Your Score

Now you know how to check your credit score, and which website to use. The next question is — why does it matter? Why do people always harp on this subject? What does this score have to do with you, as a home buyer?

Good credit is the key to financing. And in the post-recession economy, it’s more important than ever. Here’s the bottom line, if you want to get approved for a mortgage loan, you need to have a good credit score (for starters). You always need steady income and a certain amount of money to put down, but that’s the subject of another article.

When you apply for a loan, the lender will look into all aspects of your financial background. They will want to see your tax statements for the last couple of years. They’ll probably ask for some kind of income verification. And they will check your credit score to see how you’ve borrowed and repaid money over the years. In particular, they will check your FICO score (see link at the top of the page), so this is the one that matters most to you as well. If you “measure up” in all of these areas, you’ll probably get approved for financing.

To summarize, good credit will help you:

• Get approved for a home loan in the first place.
• Qualify for a lower interest rate on the loan.
• Reduce the size of your monthly mortgage payment.
• Potentially save thousands of dollars over the life of the loan.

I think we can all agree that these are four things worth pursuing!

This is why it’s so important to check your credit score early in the process. That way, if you find out that your score is low, you’ll have time to improve it before applying for a loan. You can find tips on how to do this below.

Credit Articles

How Do I Find Out My Credit Score?
Are you confused or overwhelmed by all of the credit-related websites online today? If so, you’re not alone. This is one of the most common questions among home buyers today. In this article, you’ll learn how to cut through the clutter and get what you need. Related article: How to view it online

How Often Should I Check My Credit?
If you’re going to buy a home in the near future, you should check your credit reports and scores. You want to make sure there aren’t any errors on your reports. You also need to find out if your score is good enough for a mortgage loan.

A Credit Score of 760 is Needed for the Best Rates
Around the end of 2008, mortgage lenders began to increase their lending criteria. This came as a direct result of the subprime crisis that devastated our economy. Under the new and stricter guidelines, borrowers will probably need a credit score of 760 or higher to qualify for the best rates.

What is Considered a Bad Credit Score in 2009?
Good. Bad. Excellent. Average. Terrible. By themselves, these words don’t mean very much. They’re simply too relative and vague to be useful to you. What is considered a good or bad score? What’s excellent? And what kind of scale are we talking about anyway?

How to Raise Your Score Fast - And for Free
Before you can improve your score, you need to know what goes into it. This articles explains the key factors used by the FICO scoring model, and what you can do to improve your score quickly. It also warns against the various scams associated with credit repair.

Common Questions About Credit
Where does my credit score come from, and why is it so important when buying a home? What can I do to improve my score if it’s bad? How high does it need to be to get qualified for a mortgage loan? You’ll find answers to these and other common questions in this article.

How to Increase Your Credit Score - Sliders vs. Climbers
With a consistent effort over time, anyone can increase his or her credit score. But you have to be willing to put in the effort. You can climb your way up the scale, or you can keep sliding along where you are now. The choice is up to you.

The Consumer Credit Blog
This blog over at the Home Buying Institute offers more than 175 articles, tutorials and Q&A sessions related to credit reports and scores. It’s a treasure trove of useful information, so I highly recommend a visit!

Now you know how to check your credit score, and how to interpret it. Remember, this is one of the top-three factors a lender will consider, when reviewing your loan application. So you need to find out where you stand early on in the process, and make improvements as needed. But you can’t do any of this until you check your FICO score, so get started today. Use the link we’ve provided at the top of this page. It will take you to the MyFICO website, which is run by the company that actually invented the FICO scoring model.

In closing: Check your credit score today, if you plan to buy a house in the near future. Don’t delay. You need to find out where you stand, so you can work on boosting your score if necessary. This is one of the top-three criteria for mortgage approval. If you want to qualify for financing on a home, you need to have solid credit. So use the link provided at the top of this page, and check your FICO score.

If you have additional questions about this subject, be sure to refer to the articles we’ve compiled above. You can also use the search tool to find information on specific topics. There are hundreds of articles on this website, so you’re bound to find what you need. Good luck.