Interview with Robin Bolin, Prosper Mortgage Funding, by Lisa Graham, Lisa Graham Real Estate Group and Keller Williams Elite
L: A lot of people don’t know what a good credit score is. This is especially important to understand when you’re getting ready to buy a house. Your credit has everything to do with purchasing a home. So today we’re with Robin Bolin of Prosper Mortgage Funding. We’re going to do a little breakdown of credit scores, the good and the bad, and how they affect you in buying a home. So Robin, let’s start with the lowest and work our way up.
580-620
R: Hi, Lisa, yes, if anyone is under a 580 credit score they’re probably not going to qualify for anything at this point in time. If you have a 580-620 credit score it may be possible to get a government loan, but you would not have as good of terms than if you had a better credit score.
L: We are hoping that most people work on their credit and get it up to at least 620 so they can qualify for something better. So, then we’re going to look in the midrange, decent credit. What are those numbers?
620-680
R: If you have a 620 to 680 credit score, this is considered decent credit. You might still need to qualify for a government loan – FHA, VA, USDA.
L: So we’re looking now at a good credit score, getting that a little higher. What are those numbers?
680-740
R: If you have a 680 to a 740 you are considered to have good credit. You should qualify for most programs and get good terms, that means even conventional loans. If you have over 740 you have fantastic credit.
L: Right, and this will give you a lot more options. So, the higher you can get your credit score the better. You want to just keep working on that. Robin, someone may say, “Well, how do I actually check my credit score and what’s in my credit report?” Can you tell them some ways to do that?
How Can I Check My Credit Score?
R: You can check your own personal credit report through three credit bureaus – Equifax, Experian, and TransUnion. You can request a free credit report from them once a year. You can also check your personal credit score on several different websites; example Credit Karma, and Credit Wise.
How Can I Improve My Credit Score?
L: If they want to improve their credit, what are three things they could do right now when checking their credit reports?
R: Once you receive your credit report, review your report completely. Dispute anything that is incorrect on each of the reports. If you’re behind on any bills, get them caught up to date. If you have credit cards that are over the limit, pay them down to at least 50%. The lower the better.
Get Your Credit Score as High as You Can
L: You really want to get your credit score up as high as possible. If you’re thinking about buying a home, start several months ahead because you don’t know what’s in your credit report. You can start working on it now. You can check my YouTube channel for a whole video on how to boost your credit and, any questions you have, just let us know. We’re always happy to help you! This is Lisa Graham with Lisa Graham Real Estate Group and Keller Williams Elite along with…
R: Robin Bolin at Prosper Mortgage Funding
L: Alright, have an awesome day. We’ll talk to you soon!
Watch the video: https://youtu.be/V8OD-xkbEH4
