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Today, I’m here with Tom Ross, our preferred mortgage lender, to talk about pulling your credit. When should you pull your credit before the home buying process?
Pull your credit as soon as you know you’re prepared to buy a home. This helps determine your buying power in the transaction. However, this needs to be done with a respectable lender, not an online service.
Pull your credit as soon as you know you’re prepared to buy a home. This helps determine your buying power in the transaction. However, this needs to be done with a respectable lender, not an online service.
The problem with free online credit reports is that they don’t include FICO scores. There’s a difference between FICO and credit scores. They use different algorithms. Ultimately, you can have two totally different scores, but the FICO score is the most important.
Does it hurt your credit if you pull it too early? Fortunately, the impact is minimal. Your credit score is only affected by three points per bureau. After 90 days, it will not show up and likewise, not hurt your credit.
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There are only advantages to knowing your credit ahead of time.
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Tom’s company, Nova, has its own in-house credit services department, which makes the process easier for you. Six months prior, we request your FICO score to help you improve it by the time you want to buy a home. Plus, this service is free of cost!
There are only advantages to knowing your credit ahead of time. Pull your credit ahead of time and even try improving it if necessary. To reach Tom, call him at 602-791-5861 or send him an email at tom.ross@novahomeloans.com.
As always, if you’re thinking about buying or selling a home, give me a call or send me an email. I’d be happy to answer any real estate questions you might have!
