Credit and Finances

2. Determine Your Credit Status
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Financial Life Skills are important in Frisco TX. Because any lender you apply to for a mortgage will verify your credit history, it’s wise to check your own credit rating in the beginning of your home search, even if you’re sure you have an excellent credit record. There may be blemishes in your credit history that you don’t know about. Identifying and resolving any credit problems to improve your credit rating will provide benefits, such as preferred rates from lenders and home insurers.  Acquiring a copy of your credit report is simple.
5 Factors That Decide Your Credit Score
What You Can Do to Improve Your Credit

The three major credit bureaus:
1. Equifax – www.equifax.com
2. Experian -  www.experian.com 
3. Trans Union -  www.transunion.com

The Fair Credit Reporting Act allows consumers to obtain one free credit report from each of the three major reporting bureaus every 12 months. To obtain a report visit: www.annualcreditreport.com – the only authorized source for consumers to access their annual credit report online for free. Or, call 877-322-8228. Getting your finances in line can be tough in today’s economy. Here are some pointers.
Get Your Finances in Order To-Do List
Budget Basics Worksheet

Pre-qualification vs. Pre-approval
Typically you will first pre-qualify for a mortgage, then get pre-approved before you have found the specific home you wish to purchase. What is the difference?
Pre-qualification vs. Pre-approval

Pre-qualification: An informal determination by a lender or mortgage broker stating the amount of the mortgage you can afford.
Pre-approval: A guarantee in writing by a lender to grant you a loan up to a specified amount.