Are you buying a home and wondering how your credit score will impact this process? According to our preferred lenders, the better the score, the better the interest rate you will get for your loan. Even if your credit score is poor or fair, it's not as hard as you may think to increase your score.

Know that late payments or bankruptcies won't haunt you forever. In fact, most negative information falls off of your credit report after seven years, assuming you continue to make payments on time from the date of the occurrence.

It's important to note that although you may have lingering credit issues, some loan programs may allow for a home purchase prior to the day the negative credit drops off your report, so be sure to reach out to find out if you may qualify to purchase today.

The infographics below will help you determine what areas you may want to work on if you know you have some credit challenges that may prevent you from either obtaining a loan or qualifying for better interest rates.*

 

 

 

 

*As agents, we are not qualified to determine or comment on your credit scores, credit report or credit clean up. Consult with a qualified and licensed lender and/or credit specialist to learn more on how to best clean up your credit.