Credit scores are driving forces for nearly everything these days. A low credit score may mean having to put a deposit down when opening utilities or not being able to obtain new credit for an auto loan, credit cards or a new home. With a low credit score you can also count on higher rates on any new financing. Here’s a breakdown of how your credit score is derived:
There are quite a number of credit sites that will monitor your credit scores/report for you. You can also access a free credit report from each bureau through www.annualcreditreport.com once a year. For a more information on the points above you can click here. Feel free to also visit us online to try our mortgage calculators, request a copy of our insider's guide to credit scoring and home financing, request a copy of our homebuyers guide or get started on your mortgage application!