Loan Officer | NMLS #882792
Branch NMLS #1370156
Posted On April 05, 2017
Lenders use credit scores to determine a borrower’s ability to repay debts like mortgages and vehicle loans. Credit scores impact lending terms, mortgage rates, and financing eligibility. Typically, scores above 700 are considered good. TransUnion reports only about 20% of Americans have a score above 780 and even fewer rank above 800. How can consumers improve their credit score and reach these elite ranges?
Paying bills on time, keeping debts low, and following these steps are great strategies for maintaining a good credit score. When shopping for a new home, creditors recommend the homebuyer starts any credit repair six months to one year in advance.