Good credit is more important than ever, if you want to get a Brooklyn real estate loan.Â Â Knowing whatâ€™s on your credit report and how lenders view various aspects of your report is crucial.
First Things First
Get a copy of your credit report from all three of the credit reporting companies: Equifax, Experian, and TransUnion. You are entitled to one free report every year from each of the three credit reporting companies.Â Whether youâ€™re considering getting a loan or not, you should always take advantage of that opportunity to make sure your credit reports are accurate.
FICOÂ® scores range from 365 to 840. While the standards for what lenders consider a â€œgoodâ€ FICOÂ® score changes constantly and varies by lender, hereâ€™s a general breakdown of todayâ€™s standards:
What Determines Your Score
There are many things that can affect your score.Â Magically (or not), each of the three companies tend to view things just a little differently, which means your score will not be the exact same for all three. Thatâ€™s why itâ€™s so important to get copies of your report from all of them. However, the two main things that all companies consider in rating your credit score are delinquencies and debt-to-income ratio.
What You Can Do To Immediately Improve Your Score
If you would like more tips on how to improve your chances of getting a Brooklyn real estate loan, I can help. Call me today at (718)253-9600 ext206 or email me at firstname.lastname@example.org for more information.