HENDERSON NV REAL ESTATEWhat is a Credit Score?

702-509-1446HendersonNVProperty.com

WHAT IS A CREDIT SCORE? A credit score is a 3 digit number determined by

a calculating algorithm/software (the most common is FICO) between 300 and 850

Your credit score has 4 major determining factors. You can increase your credit score by working on a certain area that may be bringing your score down

Banks, lenders, and credit card companies use your credit score to determine how financially reliable you are Read more her

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WHAT DOES A CREDIT SCORE HAVE TO DO WITH PURCHASING A HOME? One of the things to know when

buying a home in Las Vegas is that credit score is huge when trying to find a bank or lender who is willing to give you a home loan

If your score is very low, you may find it is incredibly difficult to purchase a home or your interest rate will be very high

Most lenders want credit scores of over 600, though some lenders will accept lowerRead more her

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GET A GOOD CREDIT SCORE Even if you do have a 600 credit score you may find that

your options for interest rates are a little outrageous

If you are thinking about purchasing your home, the first thing you will want to do is find out how to build a good credit score

With a good credit score, lenders will be lining up to give you a loan at a competitive interest rate. This doesn’t just apply to home loans, but car loans and other loans as well

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DETERMINING FACTORS OF A CREDIT SCORE Each category carries a different amount of

weight when determining your score

For example, diversity of credit isn’t a huge factor, just because you only have credit from your credit cards won’t majorly affect your credit. However, history is a huge determining factor and takes time to correct.

If you are looking to build your credit, be sure to focus on the categories that carry the most weight

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DETERMINING FACTORS OF A CREDIT SCORE

History

Debt

Diversity

Credit Inquiries Read more here…

CREDIT HISTORY Your history is determined by two major things:

amount of time you’ve had any credit history and your payment history

If you have no history, think about getting a credit card or getting a small loan such as a car loan or furniture loan

Just remember that payment history is a huge part of what lenders look at, so make sure to make payments on time

If a bank sees that you always pay late, your checks occasionally bounce, or you’re behind on payments, they will see you as a riskRead more her

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DIVERSITY Diversity makes up 10% or less of your credit

score

If you have a bad credit score and you’re going to do everything you can to raise your credit, diversify

Continue to make sure that you have money in the bank for everything you purchase on credit while you diversify

Think about applying for another credit card, purchasing furniture on financing, or trade in your gas guzzling car for something that will lower your gas bill and monthly payments

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CREDIT INQUIRIES A credit inquiry is when someone runs your

credit to determine your score

You will get 1 “free credit inquiry” a year. If you have multiple credit checks per year, this will bring down your credit and banks may see it as being desperate to find ways of purchasing things you can’t afford

This is something to keep in mind when looking to diversify your credit, going out and applying for every type of car loan, credit card, or furniture loan would be a huge mistake because the credit inquiries necessary will kill your credit score. Read more her

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DEBT What you currently owe everyone else is definitely

something that your credit score will take into account as well as mortgage companies

If you have debt, do your best to pay it off or at least consolidate it

Iif you have smaller debts you can pay off now, do your best to knock those out and decrease your total debt

Also look into negotiating with credit card companies or other loans you have to decrease your debtRead more her

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STILL HAVE A LOW CREDIT SCORE? It is possible that there is an error in your credit score

TransUnion, Equifax, and Experian are a few companies you can visit online to try and dispute errors with your credit score

If you’ve experienced identity theft, you can dispute those charges and have things like that taken off your credit card

If you wish to find a great loan agent who can help you determine how to increase your credit score to buy a house, contact the Klinger Group at 702-509-1446 to get connected

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HENDERSON NV REAL ESTATE AGENTS Michael Klinger is a licensed REALTOR® in

the state of Nevada

Michael’s major areas of expertise are Henderson, Las Vegas, Boulder City & North Las Vegas, specializing in Green Valley, Seven Hills, Anthem, MacDonald Ranch, Southern Highlands, Rhodes Ranch, Summerlin & Aliante.

We have been servicing the Las Vegas Valley for over thirteen years and Real Estate is a life long career for us & our family. Read more her

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HENDERSON NV REAL ESTATE AGENT

Licensed REALTOR®, Property Manager, SFR, CDPE, and HAFA Certified HendersonNV real estate agent who has saved many households from foreclosure through shortselling their home.

Anna is the team leader and co-owner of the Klinger Real Estate Group and has been a Henderson NV real estate agent for over 14 years

Has been recognized as one of Las Vegas’ “Top 40 Under 40” REALTORS® and Top 250 Latino Real Estate Professionals in the United States

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