In addition to the Tuesday Mortgage News posts, I will begin posting original informational articles a few times per month on Fridays. Some will be real estate related, some will not. If there’s a topic you want more information on, please email me!
How to get your free Equifax, Experian, and TransUnion credit scores without a credit card subscription
One of the most common fears people have about attaining a mortgage is wondering whether or not they will qualify. And once they do, it becomes “what do we qualify for?” For many years, it was nearly impossible to get a truly free credit score without having to fork over your credit card and sign up for a credit monitoring subscription service. Luckily those times have changed.
When it comes to obtaining a mortgage, your middle score is the one that your qualification is based on. Currently, there are a few companies that are offering free credit score monitoring services without a credit card or trial subscription, and with the opportunity to get all 3 scores, you will be able to look at a ‘worst case scenario.’
This information is not just helpful for obtaining a mortgage to purchase a home; it is great information if you plan on purchasing a vehicle, applying for a credit card, or even if you are planning to apply for a job. Yes, many companies will check your credit report before hiring you. Even if you think you have good credit, checking your annual credit report is a great idea to make sure it’s clean (see below).
Some context: To get approved for a basic FHA loan, you’ll need at least a 640 middle score. You can get approved with lower, but to get the best rates, 640 or higher is key. For conventional loans, 740 or higher will (generally) qualify the best rate available, and every point helps, so check your scores and see where you need work. Feel free to contact me with any questions or to refer you to a credit consultant.
Below are two totally free options to get your Equifax, Experian, and TransUnion scores, and of course a free way to check all three of your credit bureaus for errors each year. I fully endorse the Credit Karma and Credit Sesame mobile apps as well. I have them both on my iPhone and they update every few weeks or so, or anytime you have a credit alert. At no cost!
And finally, there is AnnualCreditReport.com
Annual Credit Report is a government-sponsored service that allows you to check each of your three credit reports once a year. You do not get a score with this service, but it is a great way to make sure your credit file is clean. You can stagger these every 4 months so that you always have a quick overview of your credit. No subscription or credit card required.
If you want more information, or are looking to get pre-qualified, please contact me at Movement Mortgage by phone 919.535.4724 or by email