Credit Repair FAQs
Your credit score measures a lot of things… but it doesn’t reflect your worth as a human, your awesomeness, or how cute you were as a baby.
If you’re looking to improve your credit score, we’re here to help in a shame free, judgement free zone.
What is credit and how does it impact my mortgage?
Credit scores help the lender determine your credit risk which determines your rates and your eligibility to buy or refinance a home.
Credit scores are made up of payment history, amounts owed, length of credit, variety of credit, and new credit/inquiries.
If you have detailed questions about your credit, we’d love to chat!
Team Chedester has extensive knowledge of credit and even is qualified to educate consumers through the Freddie Mac Credit Smart course.
More questions - reach out today!
What should my credit score be in order to buy a home?
Your credit score is a number between 300 - 850. Typically, the higher your credit score, the lower mortgage interest rates will be available to you. However, that doesn’t mean a less-than-ideal credit score disqualifies you for a mortgage loan.
There are a variety of loan options to work with in an effort to help more people become homeowners, as each loan type has its own credit requirements.
To find out more about your available options based on your credit score, talk with a lender today.
How do I look up my credit score?
You can check your credit reports from the 3 major credit bureaus (Equifax, Experian and TransUnion) once per 12 months. (Annualcreditreport.com)
We recommend tracking your credit trends with free tools like Credit Karma.
It’s not exact like an official report from a credit bureau, however it’s great for monitoring your credit trends to know what’s working.
Knowing your credit score helps you make informed decisions for your financial future.
How do I improve my credit?
It’s a common question, you’re not alone in asking!
In general we recommend the following tips:
#1 - Get your usage to under 30% of your limit. You can pay down the balance or contact your service provider to request a limit increase.
#2 - Pay your bills on time. Late payments can have a major negative impact on your credit score.
#3 - Monitor your credit trends to know what’s working
For the best guidance, contact a lender for advice based on your specific situation.
How long does it take to see a change in credit?
Improving your credit score is more of a marathon than a sprint. It’s one of the big reasons we recommend starting early, so time can be in your favor.
There’s no magic answer, sometimes we see positive movement in about 60 days. Other situations need several months.
The wait and effort is worth it when you keep your long term goals in mind.