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It’s a good financial practice to check your credit report and score periodically. You want to be sure that no one has stolen your identity and that all the information on the report is correct. It may sound simple to check your credit, but there are so many sources that you can get it from and so many options that it can be a dizzying process. Read on to learn more about the basics of checking your credit and credit score.
Your Credit Score Comes From Different Sources
You can check your credit score from one source and find that the score varies from place to place. Why? There are a few different scoring models that are used to calculate scores. There could be as much as a 50 point difference between sites. There are also three credit reporting agencies. Each one uses a different method to calculate credit scores. Each method provides lenders with different information to allow them a picture of what type of borrower you will be.
Checking Your Score
Many different apps allow you to check your credit score. These enable users not only to see their scores but to see what can be done to improve the user’s credit report and score. You can’t see your credit report on these apps, but you can always head to annualcreditreport.com to check the full scope of your report. This is the only official site to pull your credit report fro the credit bureaus. Finding the right app to check your credit score is simple, it only takes a few minutes to sign up.
How Are Credit Scores Calculated?
Your credit score is calculated using a few different factors. Each credit bureau uses the formula a bit differently. Scores range from 300- 850. It’s pretty rare to see perfect credit at 850. Anything over 700 is considered “good” or excellent” credit. You need at least a score of 600 to obtain loans in most cases. The higher your score, the better the interest rate will be.
When Is The Best Time To Check The Score?
Before you apply for any large loan, it’s a good idea to check your credit rating. Taking a peek will allow you to see where you stand. You don’t want to apply for a loan and end up being surprised by problems with your credit. Many apps allow you to check your score on a monthly basis. It’s easy to stay on top of your credit score and especially important to know where you stand when you buy a home.
In real estate, cash is power. It’s not exactly the amount of money that you have been approved for by a lender. This type of “cash” is what you can pull directly from your account to buy a property on demand. It can be difficult to compete with cash buyers especially in tight real estate markets. Below, you’ll find some tips to help you match up against any cash offers that you may be competing with when you buy a home.
First, you should always have a pre-approval letter from your lender. This lets sellers know that you’re a qualified buyer. You should also get your lender or realtor (or both) to provide some financial information about you along with your offer. This helps to add to the case that you’re a dependable buyer.
If you allow your lender to send an appraiser to the property as quickly as possible, this will give you an advantage in the home buying process. You want to reduce the amount of time that it will take to close on the house. That means you should consider cutting down on both the appraisal and contingency time. You could even consider waiving any contingencies if you feel comfortable.
To speed up the process, even more, you should pre-order an appraisal in advance. You can do this before your offer has even been written. It can be difficult to arrange this, especially with larger scale lenders, but it’s always worth a try. Once the offer is written, the lender can relay to the seller that an appraisal has already been scheduled.
You’ll also want to get the inspection done fairly quickly. You only have a short window of time to get the inspection done. The quicker you get this done, the more serious of a buyer you appear to be. You should have the inspector who you’ll use ready before you even put an offer in on a home in order to expedite this part of the process. Usually, inspectors don’t take terribly long to schedule appointments knowing that their clients have short windows to get inspections done.
Making a good offer could mean paying extra for a home you love in order to compete with cash offers. Spending more money helps to win. Here’s why: Sellers almost always will give a cash buyer a bit more of a discount since they’ll be getting all of the funds up front. If you love the house and plan to live in it for years to come, the extra money you spend will be well worth it.
An offer letter adds a bit of a personal touch to the number you put down as a buyer. Here, you can tell the seller who you are and why you love the home. It can be emotional to sell a property, but a seller will feel more comfortable knowing that the home is going to someone who will appreciate it.
Photo by J. Lynne Hardesty via Pixabay
The little state of Maine draws thousands of travelers each year. If you’re among those who are making the trek to this popular travel destination, you may feel overwhelmed by the plethora of things to see and do. If your time is limited, here are a few things you simply must see during your time in Maine.
No trip to Maine is complete without a visit to Acadia National Park. This national treasure is beautiful year-round, but it’s breathtaking in the fall. In fact, it’s one of the most-visited national parks in the country, drawing 3.5 million people a year. It has something for everyone, too. Beaches, mountains, and forests all await exploration at this popular destination. If you are short on time, take the Park Loop Road to see most of the park. If you’re visiting in the late summer or early fall, head to Cherryfield’s Wild Blueberry Picking for a fun experience.
See the waters of the Atlantic crash up on rugged rocks with a visit to the Kennebunks. This coastal area not only has stunning views, but also a lovely collection of boutiques and bed-and-breakfast accommodations.
The state’s capital is rich in history. Here you can explore the Maine State Museum or go back in time at Old Fort Western. Don’t forget to tour the state capitol building or visit University of Maine while you’re there.
The iconic lighthouse, also known as the Portland Observatory, is the first thing you’ll want to see when you visit Maine’s largest city, but it is just one of many things to do here. The Maine Narrow Gauge Railroad Museum delights guests with its pint-sized model trains, and the Children's Museum and Theatre of Maine is a great place to spend some time playing with your little ones. This location is also near the Harbor, so it’s full of fresh seafood that will delight even the pickiest “foodie” in your group. While in Portland, take time to tour the Victoria Mansion, a 19th-century period home.
Finally, make a stop in Bangor part of your travels. This is particularly popular with those who follow the supernatural, and there are plenty of ghost tours to take advantage of. After all, Stephen King made Bangor his home, and his home is available to see while you’re there. You can even take a walk on Central Street, the bloodiest street in Maine’s history, where Al Brady once ruled in terror. For something a little more family-friendly, the Maine Discovery Museum is ready to explore.
Maine has something to offer everyone. If you’re making a visit, pick one or two of these places, and dig in for a day or two of exploration.
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