Stock image of a young couple meeting with a mortgage loan officer to discuss buying a new home

Don’t lose out on your dream home because you think you have a poor credit score

By Deb Martin, Mortgage Loan Officer

Keeping track of your credit score can be overwhelming and confusing. As a consumer, it can be difficult to know just how accurate your score is, especially with the many different tools available for checking credit. Before getting too frustrated, here’s what you need to know about credit reports.

A credit score is a number assigned to a person that lenders use to decide how likely they are to pay off their debt. In the U.S. there are three major credit bureaus, Equifax, Experian, and TransUnion which capture and maintain credit history on consumers.

Services such as Credit Karma are popular financial tools that provide a collaborative credit score and report to consumers. However, Credit Karma may not always be the best indicator to your credit health. For example, I have found that Credit Karma scores don’t always match with my report when pulling all three bureaus on mortgage pre-approvals. Don’t miss out on applying for a home loan because Credit Karma or another service had a lower score. Always check with your financial institution before getting discouraged.

Even if your credit scores are under the minimum requirement, the mortgage team at Great Western Bank can assist in helping you figure out what can be done to improve your credit scores. It might be just a matter of paying down a credit card and, within a month or two, you could qualify for a home loan and get into the home of your dreams.

To learn more about the home buying process or to reach a MLO in your area, please visit our new Great Western Bank Mortgage website.

 

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