Thinking about buying a new home or refinancing your current home mortgage? Stop and ask yourself when the last time you checked your credit score, because you're about to expose it to a lot of people. Before you give banks and mortgage lenders access to your score, find out how much you were affected by the recent changes in the credit scoring system.
Millions of people are surprised to see just how much their credit score changed after the new rating was instated. While some people benefited, many people are suffering as a result. In many cases, the drop in the credit rating has nothing to do with income or paying their bills on time, but a lack of having a proper credit ratio or using all types of credit - things that most people have a hard time understanding.
Regardless, your score is the number one tool used by lenders to determine if you can get approved for a mortgage and at what rate. The higher the rate you pay, the less house you can afford because y our monthly payments will also be higher. But if you know where you stand now before you apply for a home mortgage, you can use that information to your advantage.
The average credit score in America is a 760 credit score. Do you know where you stand? If it has been a few months since you checked, you may want to consider taking a second look. A lot has changed with the way your score is computed, and lenders are being stricter with the rating they require before they'll even talk to you.
See how your personal credit score compares to everyone else.
Check it for free at at http://www.thecreditfix.info
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