A credit score could be a hanging curse or the ace in the hole. It is a score that helps determine the validity and safety of a loan. For better or worse, mortgage lenders use if often and with formidable focus. Borrowers should take the necessary steps to review their credit score. This includes more than a subtle review or an email update. Borrowers should dive into what the score means, how it can be changed, and what caused it to be that score in the first place.
What Led to the Score?
It is now time to dig into the history. What most contributed to the low score? These issues may sit around for awhile and not be changed. They can be lessons that are learned from. Mortgage Broker Chad Baker
can highlight what caused the decreased score. Certain mistakes are more costly than others. Knowing how these issues are weighed can help prioritize finances in the future. A deep dive into a credit score can surface what happened in the aftermath of a mistake.
Can Anything be Changed?
Of course, the future is uncertain. Anything can be changed. But, can anything be changed about the past? There may be an error in the report that has hung around for years. This could come in the form of an unpaid balance and derogatory mark that actually was paid. The score could be boosted by monitoring for potential mistakes. They are not as uncommon as one would think.
A review of a credit score, alongside Mortgage Broker Chad Baker
could lead down a deep and dark rabbit hole. There may be a mark on the score that shouldn’t be there. It may turn up bad moments in time that are worth revisiting. But, it can all pay off. It may be a rabbit hole that needed to be explored because of errors in reporting or changes that can be made presently
that would most alter the credit score. If the credit score is actively reviewed, it may result in a lower interest rate and a better loan. The score can change- and it will. It is not something to rest on and accept.