Credit Center
We will advise and help you when it comes to your credit so you can pay off your home Much Faster with Paidoff™
A credit score of 700 or higher is required. The middle score from the three bureaus is used to determine your credit score for underwriting purposes.
The three major credit bureaus are:
Credit Karma is a quick and free resource for you to find out what your credit health is. Your Equifax and Transunion credit scores will be displayed along with a lot of other useful information. These credit scores are consumer based and are usually higher. A different algorithm is used to determine the mortgage credit scores which are usually slightly lower. We will advise and help you raise your credit score if necessary.
You are entitled by Federal law to receive a Free Credit Report each year from the three credit reporting bureaus. It is not automatic so you must request them. You will not receive a credit score, but you will be able to review your credit history to ensure that the information is correct. If you find errors or incorrect information, you can request that it be corrected by the appropriate credit bureau. So, if you haven’t requested your Free Credit Reports, please do it now at Free Annual Credit Report.
We use Advantage Credit, a Colorado based credit company to pull your credit. The company allows us to do a “Soft” inquiry which does not show up on your credit reports, so your scores are not affected. This is a quick and inexpensive way to know exactly what your credit scores are. If your credit is less than 700, we have an effective and reliable way to raise your score(s) with a tool called “Rescore”. It shows how much your score will increase by paying down various accounts. It is a tool we highly recommend if you want to increase your credit score expeditiously.