Your Credit Score is Important!
Check out the information below and let us know if we can help
Here at Aspen Home Mortgage we take pride in helping every borrower who comes to us for assistance with their credit score. Life happens and we know that!
A great credit score gives you several advantages when you’re ready to buy a home, including access to lower interest mortgage rates. On the other hand, a lower credit score might have negative implications when you’re considering whether to buy a home. Overall, knowing and understanding your credit score can help you more successfully navigate the path to better credit. Visit AnnualCreditReport.com and request your free credit report.
Your credit score is a numerical rating that tells a lender how responsible you are when you borrow money. High credit scores tell lenders that you pay your bills on time and you don’t borrow more money than you can pay back. On the other hand, low credit scores might also tell lenders that you sometimes miss payments, you overextend your line of credit regularly, your account is very young, or your spending habits are unpredictable.
Equifax®, Experian™ and TransUnion®, the three major reporting bureaus, gather data on your spending habits and calculate a score for you based on your unique spending and bill-paying habits. Your credit score is a combination of data from the three credit reporting bureaus. Each bureau may give you a slightly different score depending on which lenders, collection agencies and court records report to them, but your scores should all be similar.
The following is a rough breakdown of how credit bureaus calculate credit scores:
Credit Score Ranges: