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Credit Pt 2: How to get your credit score

 

This article is part two in our five part weekly series, Credit: How It Affects Your Home Loan –Everything You Need to Know.

Have you ever wondered what your credit score is? Or, do you have a pretty good idea of what your score is, but have no idea how to improve it? Or maybe you know what your score is, as well as the basics of improving it, but have no idea how the score is actually calculated?

Your credit report and credit score play a large role in the loan programs for which you qualify and the corresponding interest rate you receive.  This series of articles will help you understand your credit…a well-known, yet mysterious topic and provide you with tools as well as solutions you need to move forward now or chart your course for a future home purchase.

 Ways to get your credit score

 

Check your credit card or other loan statement

  • Many major credit card companies and some auto loan companies provide credit scores for all their customers on a monthly basis. The score is usually listed on your monthly statement, or can be found by logging in to your account online.

Talk to a non-profit counselor

  • Non-profit credit counselors and HUD-approved housing counselors can often provide you with a free credit report and score and help you review them.

Use a credit score service

  • Many services and websites advertise a “free credit score.” Some sites may be funded through advertising and not charge a fee. Other sites may require that you sign up for a credit monitoring service with a monthly subscription fee in order to get your “free” score. These services are often advertised as “free” trials, but if you don’t cancel within the specified period (often as short as one week), you could be on the hook for a monthly fee. Before you sign up to try one of these services, be sure you know what you are signing up for and how much it really costs.

Buy a score

  • You can buy a score directly from the credit reporting companies. You can also buy your FICO credit score at myfico.com. Other services may also offer scores for purchase. If you decide to purchase a credit score, you are not required to purchase credit protection, identity theft monitoring, or other services that may be offered at the same time.

United Northern Mortgage Bankers, Limited has been trusted for over 39 years to help our customers with their home financing needs. We are happy, at your request, to run your credit report and provide you with a credit analysis free of charge.  This and other great benefits are available as part of credit month at United Northern Mortgage Bankers, Limited

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