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Buy a home with bad credit

How to Get Your Credit Score

25 Aug , 2014  


If you’ve been denied a home loan or for any line of credit, you may be interested in learning about your credit score. So let’s take some time to explain the credit score and how to find yours.

A credit score is the number used in predicting the likeliness that you’ll pay your loan back on time and it’s derived from your previous credit records. Companies use credit scores to decide whether they’ll give you a credit card or approve your mortgage. It varies with different lenders who use various scoring formulas and a score that is higher means easier loan qualification and better interest rates. It’s not part of your financial history but it’s made available when a lender makes a request to see your financial reports. The question is how to get your credit score.

There are a few different ways to get your credit score. First, you can request a free copy from the credit reporting agencies once a year. You can also pay to get copies of your credit report sent to you. And finally, you also get it free in some situations where you have applied for credit that was denied.

It is accessible from the three major agencies that do credit reporting annually on These three agencies are TransUnion, Experian and Equifax. It’s always advisable and smart to request reports from all agencies for careful reviews and second checking for inaccuracies. A good history and a high score will guarantee higher chances of getting a loan the next time you want one. A credit score comprises five parts. These include:

  1. account inquiries
  2. credit types that are in use
  3. credit history length
  4. amounts you owe
  5. payment history

In order to have a good score, you must pay your bills in good time, apply only for credit which you need, avoid overusing credit that you’ve been given and order your report annually to dispute the errors that you notice. All of these different factors will work into your overall credit score.

Credit scores normally range between 300 and 850. A good score, also referred to as a rating, is a numeric representation of credit worthiness and it is mainly up to you to maintain it as high as possible. You must be responsible in managing your finances in order to achieve more since it will enable you to own your dream home, pay for your car or you children’s college fees many years down the line and a high score is what will matter.

Now that you know how to request your credit score, you can do so on a regular basis to ensure your positive credit score is maintained or a low credit score is improved.

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