How to Improve Your Credit Score to Get an FHA Loan and Buy a House (VIDEO)
Your credit score reveals more than you probably realize; you’re spending behavior, how you manage finances, whether you make late payments or pay on time. Good credit will help you save money in the long run. When you have a higher credit score, you are able to make that big home purchase or a car. And pay it off with a lower down payment, have a lower interest rate, and make those lower monthly payments more doable, (more money in your pocket). And the way lenders view your score: the higher the score and the lower the risk. Impact the factors that lenders use when determining your interest rates.
Where Does Your Credit Score Fall?
Your credit varies based on fluctuations and several factors; your credit utilization is the amount you borrow compared to the total amount of credit you have available, and how much you utilize your credit. So say that dollar-wise, you owe a higher percentage of what you are allowed on your credit line. You will take a huge hit on your credit score.
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