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more on credit

So, are you sick of reading about credit scores yet?  We hope not, and hope that it is helpful to you.  This series will be done before the weekend is over.  Let us know if you find it helpful, and if there is anything you would like to see us cover in the future.

Some misconceptions about credit scores -  'My score determines whether I get credit or not.'  Lenders use a number of factors to make credit decisions, including your credit score.  Lenders look at info such as the amount of debt you can reasonably handle given your income (ratios), your employment history, and your credit history.  Based on their specific underwriting policies lenders may extend or decline credit to you regardless of your score.

'A poor score will haunt me forever.'  Just the opposite is true.  Since a credit score is a mathematical calculation, it changes as new info is added to your credit history.  Scores change gradually as you change the way you handle credit.  For example, past credit problems impact your score less as time passes.

Have a great weekend!

Adam Tarr and Sharon Kotula

Your Phoenix area Real Estate source

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