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    CREDIT SCORE
WHAT IS A CREDIT SCORE AND HOW DOES IT AFFECT YOUR MORTGAGE?
When applying for a mortgage, your mortgage lender will need your credit score. They will request it
from all three bureaus, Equifax, Experian, and TransUnion, through a credit reporting company. The
company then compiles a credit report electronically.
When the information in complied into a report, a numerical score is provided. The numerical score,
also known as your credit score, is a composite of your credit history, employment, savings, etc. Since
the factors that make up a credit score are constantly fluctuating, a score has the ability to change
frequently.

Tips that may help you maintain a good Credit Score:

  • Make all payments on time.
  • Try to avoid applying for new credit unless necessary. When opening a new line of credit or credit account, a new inquiry will be added to your credit report. This could cause your score to drop.
  • Do not “max out” your credit accounts. It is ideal to keep a balance of 40% or less of the maximum credit limit.
 
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