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High Credit Scores Help Chandler Home Buyers

Chandler Buyers Should Know what Makes the Credit Score

Your ability to buy property in Chandler, AZ and elsewhere is directly affected by your credit score. An excellent score of 750 or higher will often get you an excellent interest rate and lenders who really are willing to compete for your business. Shop around, and a good score above 600 can still net you a pretty decent deal. For everyone else, getting a mortgage can be a tough thing to do.

We all know that our scores can directly affect our ability to get a loan, however few people actually know what goes into the credit score. Here’s your chance to find out.

Your Credit Score is Based on Your Credit Report

If you’ve ever looked at your credit report, you know that it contains lots of information about your various financial accounts. These may include utilities, credit cards, student loans, cell phones or mortgages. Your report will show your status with each creditor, including if all of your payments are on time and up to date or if you have an outstanding payment or have paid late.

Your report will also share information about who else has requested a copy of the report in the recent past, as well as the balances on each of the accounts in your name and the types of credit currently available to you.

Learn Which Parts of Your Report Matter most when You Buy Chandler Property

The single most important aspect of your credit score is your payment history. Paying all of your bills on time, every time, accounts for as much as 35% of your credit score. This means that multiple late payments can drastically reduce your score, so be very careful to mail those checks early!

Another big factor is the balance you owe on your revolving accounts. Revolving accounts include credit cards, department store cards or other types of revolving credit like an account at a furniture store. Many credit experts believe that carrying balances higher than 50 percent of your allowable total will hurt your score.

Know the Slight Changes Caused by these Minor Credit Report Items

The other aspects of the credit report are, separately, a very small part of the total score. These include the mixture of types of credit on your report, new credit and report inquiries. By themselves, issues like a report dominated by only credit cards or new accounts will do little to hurt a solid score. However, if you are trying to increase your score to get a mortgage for Chandler real estate, it can only help to pay attention to these little details.

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