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New Year, New You, New Home

Work on your credit to qualify for homebuying

by MIKE HALL, Owner/Agent/Broker

Credit Card

Every year, millions of people make a New Year’s resolution. Some want to lose weight. Some want to kick a bad habit. Others want to find a better job. Is yours to buy a home?

Home buying relies on getting approved for a mortgage using your credit score or FICOâ score. Your FICOâ score determines how much you can borrow, and if you would be approved at all. What can you do to make sure you have a high FICOâ score?

The first step to improve your credit score is to get a copy of your credit report from the three reporting companies – Experian, Equifax, and TransUnion. For information on requesting a free copy of your credit reports, go to the Consumer Financial Protection Bureau. Check for outstanding debt, payment history, debt in collections, and any inaccuracies.

What information is in your credit report?

  • Personal information; including name, birthdate, social security number, address, and phone number
  • Employment history
  • Consumer statements,...
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