Interested in buying a home in Austin or the surrounding communities? Thinking of getting a loan to make this dream come true? Then let’s discuss credit reports.
We all have a dream list, and let’s be honest it often takes money and time for those dreams to come true. When buying your home it takes money, time and credit! I’ve seen buyers get ready to go only to find out their credit needs to be repaired in order to get a loan. They had no idea till the loan officer pulled their credit and broke the bad news to them.
But it’s YOUR credit and you have the power to monitor it to make sure it’s in tip top shape, and if its not you have the power to make it better. Some people are scared to look at their credit and tackle issues that may arise on it; it can be daunting but just think of the long term rewards you will reap.
So you’re allowed to pull your credit for free once a year, and by free I mean no dings to your credit for pulling it. But you really need to make sure you look at the three major credit reporting agencies when you do that. So in essence that’s three credit reports ONCE a year if you pull it all at once. Well that’s a bit counterproductive to your goal, right? You want to work on it all year long, clean up, repair, improve. Solution, get creative!
Here’s a tip that was recently shared with me. A three part plan to monitor your credit all year long.
- January, month one – start the plan and the year right! Pull your credit report from Transunion.
- April, four months later – it’s time to pull credit from Equifax.
- August, another four months down the road – let’s pull credit from Experian.
You’ve now pulled credit ONCE from three different reporting agencies, but you’re able to monitor it throughout the year. Another four months pass by and it’s January again. Every year you’ll be able to monitor your credit, work hard towards your financial goals and buy your new home!
Transunion – http://www.transunion.com/
Equifax – http://www.equifax.com/home/en_us
Experian – http://www.experian.com/
If you’d rather just pull your credit from all three bureaus at once, once a year go to https://www.annualcreditreport.com/cra/index.jsp
For questions about homes in Austin and current loan programs and interest rates contact me today!