Unfortunately, most people don’t realize the importance of having and maintaining agood credit score until it is too late. It’s when they are turned down or a job, denied from renting an apartment, or when they can’t get an auto loan that they wish they had paid a little closer attention to the due dates on their bills.

For some people a bad credit score can actually mean not being able to get approved for a credit card or loan, while for others it could mean the difference in several thousand dollars from higher interest rates.

As mortgage lenders tighten approval standards   in Indiana and nationwide, the importance of a good credit score is rising.  Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.

View this short piece from the NBC  Today Show talking about 7 ways that homebuyers ruin their credit, often by accident. View this link  http://today.msnbc.msn.com/id/26184891/26411480#34935747 

Some of the highlighted mistakes include:

  • Not checking your credit often enough
  • Don’t make big purchase before applying for a loan
  • Closing open credit cards

Generally, a 740 FICO will insure that a borrower will incur lower rates and costs than those that are associated with low credit scores.  Below 740, though, every 20 points adds to the damage.  Watch this video and contact Evelo Team to help you apply this knowledge to your own situation. 

Please contact The Evelo Team at 317-863-4663 or by email at Team@EveloTeam.com.