Mortage & Credit Reports Tips

Deciding to buy a home is more than just finding the house of your dreams.  Before you even begin there is something even more important than looking through listings, it is checking your credit report.  If your report contains negative information then it may take months to clean it up before you can even apply for a mortgage.  An unexpected surprise is the last thing that you want when finding your dream home.
Every 12 months there is a central site that you can go to and request your free credit report.  It uses the 3 major reporting agencies:

• Equifax
• Experian
• TransUnion

This report can be found at: 
http://www.annualcreditreport.com

It is completely free but they will offer you additional services.  You should decline all offers with the exception of the Equifax Credit score.  They will offer it to you at a significant discount, and it is considered the most important credit score used in Cary, NC and the East Coast. 

Credit scores typically range between 375 and 900 with the lower scores indicating that you are a poor credit risk.  When you near the 900 score it is a high likelihood that any credit that you apply for will be extended to you.  There is a lot of disagreement about what the bottom and top ranges of numbers are but it is generally in your favor to have a credit score above 680.