What Credit Score is Needed to Buy a Home? Is Your Credit Score Good Enough?

Posted on March 21, 2012 by Steven Greenwald

What Credit Score is Needed to Buy a Home? Is Your Credit Score Good Enough?

What credit score is needed to buy a home?

You would probably be surprised how often this question is asked.

If you asked the same question 5-7 years ago the answer would have been completely different but in today’s economy the answer to what credit score is needed to buy a home is not nearly as cut and dry.

According to the Home Buying Institute:

In January 2012, the Home Buying Institute began to survey mortgage lenders in the United States regarding their qualification criteria. One of the questions asked had to do with credit. Lenders were asked what score a borrower might need to get approved for an FHA loan and a conventional home loan. Most lenders required a 600 or above for FHA, and a 640 or above for conventional. Some of the lenders surveyed said they would work with borrowers below these levels, if they had other “offsetting factors” such as a large down payment and/or very little debt.
(Source: Brandon Cornett, Home Buying Institute, 2/4/12)

What Credit Score is Needed to Buy a Home in 2012?

As mentioned above a mere few years back it didn’t take much more than a job to get a mortgage but times of changed and although the research shows 600 to 640 is what credit score is needed to buy a home in 2012 lenders are careful to say they will look at each application as it comes even if the scores are lower than what is mentioned in this article.

If your credit score is lower than 600 don’t assume you can’t get a mortgage to buy a home… there are many other factors lenders look at so shop around and see what is available.

In the meantime continue following the credit score tips on this blog to steadily increase your credit score overtime… eventually you will not need to worry what credit score is needed to buy a home as your score will be high enough for you to pick and choose your lenders and not the other way around.

Click here to get your free credit score now and if you know anyone else wondering what credit score is needed to buy a home in 2012 please pass on this article to them.

More Good Credit Score Benefits – Rewards of Good Credit

Posted on March 16, 2012 by Steven Greenwald

More Good Credit Score Benefits – Rewards of Good Credit

The other day I wrote a post about Good Credit Score Benefits and it was such a hit I thought I better do another post with some more rewards of good credit.

The topic of how to get a good credit score can often be a boring one both to write and to read so it’s fun to spend some time talking about the good credit score benefits and how they will positively transform ones financial life.

Today I came across an article written by Sabah Karimi, a writer for WiseBread who had some Good Credit Score Benefits of his own I wanted to share with you:

1. Increased credit card limits. Your borrowing capacity can increase significantly when you prove to creditors that you’re a responsible credit card holder and can handle more credit…

2. Attractive mortgage and refinancing rates. Lenders are more likely to extend an attractive rate for your home loan when you have a high credit score and clean credit history…

3. Lower financing rates on a car lease. If you’re in the market for a new car and are thinking of leasing instead of buying, you might have some bargaining power when you flaunt your high credit score…

4. Easy vacation home rental reservations. Planning an extended stay vacation and looking for a rental home? Talk to the rental agency about waiving fees or negotiate lower rates based on your credit history…

5. Excellent credit card deals. Credit-savvy consumers know that it pays to use reward credit cards as long as they pay off the balance each month…

6. More negotiating power. If you’re applying for a personal loan from a corporate bank or a private loan from a privately held financial institution, having a high credit score could give you more negotiating power…

More Good Credit Score Benefits – Rewards of Good Credit

Those are some awesome “good credit score benefits” to keep in mind.

The term “snowball” comes to mind when I think of good credit score benefits… the longer your credit score remains high the more the benefits snowball to where you start seeing advantages you never would have imagined would come with the package.

Start building your credit score today so you can also reap the good credit score benefits mentioned and the many others left as a pleasant surprise… Get your credit score today.

Good Credit Score Benefits – How Good Credit Helps You

Posted on March 12, 2012 by Steven Greenwald

Good Credit Score Benefits – How Good Credit Helps You

Good credit score benefits are numerous so today I wanted to paint a picture of some of the most common ways good credit helps you.

Good Credit Score Benefits – Your Credit Score and a Car Loan

Good Credit Score Benefits - Your Credit Score and a Car Loan One of the more appealing good credit score benefits is the difference between what car payment loan you can afford with a good credit score and the one you can afford with a “not so good” credit score…

Good Credit Score Benefits - Your Credit Score and a Car Loan Because lenders will adjust the car loan interest rate they offer based on the strength of your credit score.

It really isn’t much of an exaggeration that you potentially could pay the same car payment each month for the car represented on top or the one on the bottom.

Good Credit Score Benefits – Your Credit Score and a House Mortgage Payment

Good Credit Score Benefits - Your Credit Score and a House Mortgage Payment Much the same as the car loan payment above another of the many good credit score benefits is the ability to not only qualify for a home mortgage but to also receive a low interest rate potentially saving you hundreds or more per month on your mortgage payment.

Good Credit Score Benefits - Your Credit Score and a House Mortgage Payment Why pay hundreds of dollars extra per month on higher interest rates when you can get the most bang for your buck when you learn to reap the good credit score benefits available to all of us? You can save tens of thousands over the life of your mortgage with a good credit score.

Good Credit Score Benefits – Your Credit Score and Credit Card Interest Rates

Credit card debt can be a killer or credit cards can be a useful tool to help you arrive safely at your financial goals and dreams. Another of the good credit score benefits is being able to obtain credit cards with a reasonable interest rate. The variable between high and low is staggering.

Good Credit Score Benefits - Your Credit Score and Credit Card Interest Rates

Credit card companies not only grant lower rates to their preferred clients with lower credit scores but they can also be more lenient with them if they need to defer a payment on occasion. Get out of the high interest trap by improving your credit score starting today.

The 3 examples mentioned above are only a few of the many good credit score benefits available to those who responsibly obtain and manage credit. Get your credit score today and begin moving towards the countless benefits of the lifestyles represented above.

Credit Score Drop? Emotional Money Baggage to Blame?

Posted on March 7, 2012 by Steven Greenwald

Credit Score Drop? Emotional Money Baggage to Blame?

Have you recently had a credit score drop? If so, has it been combined with other financial setbacks?

Sometimes a credit score drop is an isolated event due to unforeseen events or adverse circumstances however sometimes a credit score drop is a symptom of an underlying negative belief about money or emotional money baggage due to any number of events in ones past.

Credit Score Drop and Money Beliefs

I am not a therapist but it is amazing to me how many people express feelings of shame, guilt, fear, anxiety and other strong emotions relating to their view of money and debt (and a credit score drop).

Money, wealth, assets and possessions are often viewed as a marker of success and is often used as a means to make ourselves feel better when we are down. On the flip side it can also cause us to feel like a failure if we believe we don’t have enough or as much as we’d like.

A credit score drop can easily be attributed to an unhealthy fear of money, the lack of it or an overly strong need to feel successful through your possessions or caliber of lifestyle.

This isn’t a typical “why did my credit score drop” post but I felt if I make you aware of a buried negative emotion it may be your first step to dealing with it and being free to fully embrace the financial goals and dreams you desire.

If you recently had a credit score drop take some time to explore your inner world for any clues.

Credit Score Tips… I Didn’t Get the Loan?

Posted on March 5, 2012 by Steven Greenwald

What????… I Didn’t Get the Loan?

Ever find yourself in this position?

No fun is it?

Life is short and we each only have a very limited time to do what we want… acquire the things we desire and even less time to enjoy it all.

Getting a loan or pretty much anything financially related you desire is very achievable if approached with a plan and some well formed money handling habits.

These habits are not difficult to learn or implement but necessary to accomplish your goals in the financial arena.

Credit Score Tips… I Didn’t Get the Loan?

Hot Credit Score Tip…

Get your credit score….

Study your credit score…

Correct all errors on your credit score…

Be financially wise and increase your credit score…

Enjoy the benefits of a better credit score…

Especially the benefit of never…ever… having to say “I didn’t get the loan” again!

Do I Really Need to Get My Credit Scores From All 3 Bureaus – Credit Score Tips

Posted on March 2, 2012 by Steven Greenwald

Do I Really Need to Get My Credit Scores From All 3 Bureaus – Credit Score Tips

A question I am often asked is “do I really need to get my credit scores from all 3 bureaus“?

My answer is a resounding “yes”… unfortunately.

The response to my “yes” reply is almost always…

WHYYYYYY… do I need to get my credit scores from all 3 bureaus?????

Even though I feel like I am being anal in my persistence the reason behind my madness is completely worth the extra effort on your part.

Since it is quite common for people to find significant errors on their credit report it really isn’t worth taking the chance that all 3 bureaus have recorded your financial data accurately.

What If I Don’t Get My Credit Scores from all 3 Bureaus?

Great question… lets say for example sake my TransUnion and Experian credit reports are accurate but my Equifax one isn’t and I only pulled one of the credit reports with no errors how will I ever know about the error on the 3rd bureau?

To make matters even worse if I didn’t get my credit scores from all 3 bureaus and I was out to secure a new car loan and the finance company uses Equifax for their credit report due diligence? They will likely turn me down for the loan and I may not even know why I was declined.

Although it is somewhat of a hassle I know the importance to get my credit scores from all 3 bureaus as these reporting agencies handle millions of pieces of information daily and errors are inevitable.

Another reason I believe I need to get my credit scores from all 3 bureaus is because it is information you can use to your advantage… even if the information is accurate the different bureaus may give you slightly different scores so you can use this knowledge to your benefit with dealing existing or potential creditors.

On your journey to financial freedom be sure to pick up your credit scores from all 3 bureaus…

Free Credit Score and Free Credit Check Articles

Posted on February 28, 2012 by Steven Greenwald

Free Credit Score and Free Credit Check Articles

Free Credit Score is continually working to bring you new material about your free credit score, how to get yours and what to do with it once you have it. Many are still a bit foggy on why they even need to do a free credit checkand most only know enough to see if their credit score number is higher or lower than last time. Education is key to know why a good credit score is required, what to look for on ones credit report and how to use their credit bureau information to increase their credit score to their financial benefit.

Free Credit Score and Free Credit Check Articles

On our main Free Credit Score site we just recently put up a whole host of new articles with fresh and relevant information to help you on your credit score journey to financial freedom. Click here to read up on these new Free Credit Score and Free Credit Check Articles

Satisfied With Your Credit Score? Improve Your Credit Score Now.

Posted on February 26, 2012 by Steven Greenwald

Satisfied With Your Credit Score? Improve Your Credit Score Now.

Who of you reading this post is satisfied with your credit score?

If you are can you please contact me and tell me your secret?

“I’ve felt that dissatisfaction is the basis of progress. When we become satisfied in business, we become obsolete.”

– J. Willard Marriott Sr., hotel executive

A credit score is not a set and forget type of thing… it is always moving up (hopefully) and sometimes down (hopefully not)… so to be satisfied with your credit score takes consistent wise financial practices and a dedication to the same.

As in the quote above, dissatisfaction in this instance is a positive thing as it can spur you onto a continual improvement of your credit score.

If you are satisfied with your credit score you may be walking on dangerous ground unless of course you are in the elite few percent of those with an 850 credit score….

Considering the small amount of work and dedication required to improve your credit score compared with the far reaching benefits of achieving a higher credit score one has to ask the hard question of why they would be complacent in this matter.

Still Satisfied With Your Credit Score?

Do you enjoy all these benefits?

You choose which lender you want to loan from?
You are always offered the lowest possible interest rate?
Your lender offers free perks for lending from them?
Your kids go to the best colleges?
You are never charged deposits for new utility accounts?
You are short listed easily when applying for new jobs?
You are quickly accepted for high end rental properties?
You qualify easily for small business loans?
You get the lowest insurance rates
You have the lowest interest rates on credit cards?

Now there should be SOME motivation in the list above if you are in the “satisfied with your credit score” mode.

If you are satisfied with your credit score step out of the rut today and improve your credit score now.

Better Your Credit Score

Posted on February 22, 2012 by Steven Greenwald

Better Your Credit Score

“Discipline is the bridge between goals and accomplishment.”
— Jim Rohn: was an American entrepreneur, author
and motivational speaker

Better your credit score with discipline? Yah I know it’s ANOTHER one of those posts.

Although I know I do a high percentage of posts with more of a motivational flair than actual step by step tips on how to better your credit score feel… no actually… I know… without discipline, dedication and long lasting resolve, all the tips in the world will not do you any good.

The actual technique to better your credit score is quite basic and you can find numerous posts within my blog going into great detail on this subject.

The discipline between your financial goals and financial success is a bit more twisty.

Many people have a garage full of great power tools collecting dust…

The trick is to motivate a person to use them.

What has worked for you in the past? What areas of your life do you achieve success easily?

Analyze where you have had past success and try to determine how you motivated yourself? What did you do to get through the tough times? How did you reward yourself for attaining goals?

Now take this same approach and apply it to help you better your credit score.

Logically, discipline is simply a matter of choice, but we all can be stubborn, resist and sometimes are illogical about matters for a variety of reasons and this is why it’s important to know yourself and what works for you in these situations.

If you were to better your credit score over the next year you would still require the discipline to maintain those financial habits in order to keep your score high over the long term so discipline is required not only to better your credit score but also to maintain it.

Dig deep to connect with the dreaded “D” word on your way to better your credit score and to attain your financial goals and dreams.

Monopoly and the Credit Score Game

Posted on February 15, 2012 by Steven Greenwald

Monopoly and the Credit Score Game

“The 80/20 principle – that 80 percent of result flow
from just 20 per cent of the causes – is the one
true principle of highly effective people.”
— Richard Koch: is a former management consultant,
entrepreneur, and writer

Have you ever noticed when playing Monopoly there always seems to be a moment in the game where there’s a financial tipping point in the direction of the eventual champion of the Monopoly World? The same is true with the credit score game.

Once this tipping point occurs usually things become very easy and lucrative for this particular player… they now control the majority of the assets and cash and gain mostly unstoppable power over the other players and the economy of the game.

This is where we see the 80-20 in place.

Learn the Credit Score Game

Now in real life anyone has the opportunity to be part of either the 80% who struggle to barely make it or the 20% who live with a greater sense of financial ease and security.

As in Monopoly we all are required to roll the dice with certain decisions but we have the luxury of research, education and experience to back these decisions so it isn’t based on pure luck.

By diligently and wisely setting your course and with some solid financial planning there is no reason any of us cannot reach this tipping point within our lifetimes and experience the benefits of such a lifestyle.

A perfect starting point and regular check point along the way is to be intimately aware of your credit score and how it relates to your past financial decisions and how you should adjust or continue with your future choices.

Monopoly is just a game… life is not!

Be sure to take your financial future seriously by creating a plan and then diligently sticking to it monitoring it along the way to provide tweaks and adjustments as required.

Learn from Monopoly and the credit score game to help create your financial dreams and goals.