Feb 02, 2008

Having a good credit score is one of the most important parts of your credit report, and significant to getting pre-approved and qualifying for your new home loan. So how exactly is this score calculated, and what can you do to increase your score? What can you do to rebuild your score if it's in disrepair?

Your credit score is basically made up of the following five things.

1. Your payment history
2. The balance you owe vs your available credit lines
3. Your credit history, or how long your accounts have been open
4. The type of credit (or loans) you have open, and
5. The number of recent inquiries made by creditors

Understanding these areas of your credit can help you to take control and strengthen your score, putting you in the best possible position to get approved and qualify for your home loan.

The following are some helpful PDF documents that will clarify the credit process, and give you valuable information on ways you can strengthen your credit.

Improving Your Credit Rating
How to Raise Your Credit Score
Reducing Debt

To learn more you can contact one of our sales offices in your area of interest, and speak to a Hayden Homes Mortgage specialist directly. Or if you prefer, fill out our on-line application and a representative will contact you.