Reblogged from: Freddie Mac Blog
Your credit score influences a lender’s decision to give you a single-family home mortgage loan – or not. The best way to earn and keep a high score is to pay debts (on credit cards and car or student loans, for instance) on time. These five additional tips can help you gain or maintain solid credit, according to a report by financial-education company Financial Finesse:
· Lower credit scores mean higher interest rates. As a result, a borrower with a lower score pays more over the life of the loan than one with a higher score.
· One and not done. Check your credit scores with all three of the main U.S. credit bureaus: Equifax, Experian, and TransUnion.