What does your credit score have to do with real estate? Very simple…your credit report is ran whether you are buying a home or renting a home. It’s that simple.
With your credit score being one of the major factors used when buying or renting a home I decided to do some research to help out my clients. I called many credit companies and they didn’t want to give me to much information since I wasn’t going to be spending tons of $$ with them. I was finally able to get a hold of someone whom wanted to educate the everyday common person. Her name is Gina Adan, a credit restoration specialist. She had a lot of interesting and fun facts to fill me in about a persons credit report.
Did you know…
Your credit score is calculated using 5 factors:
1.) 10% Type of credit revolving or term
2.) 10% New credit acquired within 2 years
3.) 30% Amount you owe
4.) 15% Length of credit
5.) 35% Payment History
Might want to think twice about when you decide to skip a payment or open up a new credit card. The more educated you are about your credit and how it impacts you and your ability to buy or rent a home, the better off you are. Think about it like this…..the HIGHER the credit score,the LOWER your monthly rental/mortgage payment which INCREASES your net worth. So if you are looking to build your credit score or have a credit question….call Gina Adan at (954) 874-5083. She is a wealth of information.