Who cares about your credit score?

EVERYBODY…credit is everything…it is the DNA of your life, so take it seriously, particularly if you ever want to own a home.

Things have changed; it used to be that if you had 20% down and were breathing, you could get a loan…not so, no more. Lenders are tightening their belts at home buyer’s expense.

Previously you only needed a 580 credit score…now even with your 20% cold hard cash down payment, you will need a credit score of 620. In addition, if more than 45% of your monthly income goes toward debt, you will need to come up with more cash to put down, risk a mortgage denial, or be lucky enough to just pay a higher interest rate.

So, if you want to become a homeowner, do not go out and buy something that you do not need…no new furniture or no new car…or at least do not buy it on credit.

Banks are getting picky…very picky.

Eve