There’s a lot that lenders can learn about you by viewing your credit report, before you buy your Boston condo. In fact, most consumers are surprised to discover that they can learn a lot about themselves once they know how to correctly interpret the information on this report. Knowing what each recorded item on this report actually means is the first and most important step in building an attractive financial profile and increasing your purchasing power. If you’re thinking of buying a condo in Downtown Boston, here’s what you should know about your credit report.
What Your Credit Report Says About You
Your credit score is a single, three-digit number that states your overall creditworthiness. Your credit report, however, gives lenders greater insight into your borrowing and debt management habits. This report outlines five primary aspects of your spending, including:
- Your bill payment history
- The amount of debt you owe in relation to your total credit line
- New account inquiries and credit
- The diversity of your credit accounts
- The length of your credit history
Beyond merely assessing your current credit score, prospective lenders will review each of these five factors. They’ll want to see how good you are at managing different types of debt, how often you pursue new credit and how long you’ve been using credit successfully among other things. These are all aspects of your financial profile that you can see for yourself when reviewing your credit report.
Understanding Your Credit Score
Your credit score is calculated by the three credit reporting bureaus: Experian, Equifax, and TransUnion. Each of these agencies has their own, unique way of calculating your credit score and thus, you may see minute differences in this number from one report to the next. In fact, there may be accounts and credit events that are recorded on one report, but not another. This is why it is vital for prospective buyers to always request copies of all three reports. Your creditworthiness according to one of these documents could be significantly different from your creditworthiness as determined by another.
What You’ll See When Looking at Your Credit Report
Your credit report will include a number of personally identifying details such as your full name, social security number and a list of you previous addresses. It is vital to check each of these details to ensure that they are recorded accurately. It is not uncommon for reporting errors to occur related to the supply of misinformation or as the result of similar names and social security numbers. Identifying and resolving these errors could have a significant impact on your credit rating.
Your credit report will also provide a list of all your current credit accounts and the status of these. Any information pertaining to you and monies that you owe that has been filed in public records will be present as well, including lawsuits, bankruptcies, foreclosures, liens, judgments, wage attachments, and past evictions. Finally, you will see a list of all credit inquiries that have been recently submitted. All of these factors are used by reporting agencies in the calculation of your credit score.
If you’re a first-time buyer, there may be more aspects of this process you’re unsure of, but working with an experienced agent can help make purchasing your first property for sale in Downtown Boston a smooth process. Give us a call today and take the first step toward finding the Boston condo of your dreams.
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Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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