Understand the Key to Homeownership
At closing you get a key that opens up your next home, but the key to homeownership is what makes it possible to own your home. Before you find the right agent or even decide what you want in a new home, you need to have a strong credit score. In fact, the key to the home buying process is in your hands, as the Equifax experts explain in the article “
How Your Credit Score Is Calculated.”
Your credit report and credit score show how reliable of a buyer you are and you can improve it by being aware of what goes into forming your score. Notably, the number of accounts you have, the types of accounts, your available credit, the length of your credit history and your payment history are what determines your score. You can improve your score by having few accounts, keeping a low balance, paying on time and other responsible habits you can read about on the Equifax Finance Blog.
Another key thing to note is that you should carefully read and review your credit report when it arrives so you can check it for accuracy. An inaccurate entry in your report can mean big problems when it is time to seek financing for the most important purchases of your life. To learn more about how to plan for those purchases and sharpen your
credit ratings, check the Equifax Finance Blog’s wealth of articles.
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