How to Get My Credit Score
© 2009, Brandon Cornett. All rights reserved.
Question: “I have been told I need to check my FICO score before applying for a home loan? Is this correct? If so, can you tell me how to get my credit score from the web? Thanks.”
Technically, you don’t have to check your FICO credit score before submitting a mortgage application. There is no law that requires it. But it’s certainly a good idea to do so. I’ve explained why below. If you want to skip the explanation and simply get your score, you can do so by using the link below:
Check your FICO credit score & get mortgage relief at myFICO
Why Should I Get My Score in the First Place?
Let’s say I’m planning to buy a home in a month. So I go online and apply for a mortgage loan. Checking my credit is one of the first things the lender will do. Why? Because it’s a quick and easy way for them to asses how I’ve borrowed and repaid my debts over the years. So they might turn me down flat, based on this one factor alone. Or I might “pass” this initial test and move further along in the process. After this step, I would submit a bunch of documents, such as pay stubs and tax statements. But it usually starts with that initial credit check.
The best thing I can do is get my credit score before I start talking to lenders. That way, I can find out where I stand and make any improvements that are necessary. This brings us to the key question that started this article: How do I get my credit score to see where I am? There are actually several websites that offer this kind of information, but I prefer to get is straight from the source. So I visit the MyFICO website, and I get my FICO scores from TransUnion and Equifax (two of the three credit-reporting companies). It’s going to be a number between 300 and 850, and I’m hoping for a higher number.
What if My Credit is Bad?
Let’s say I get my credit score and find that I have a 750, just as an example. In this case, I’m in luck. This is a pretty good score. I should be able to qualify for a mortgage with this FICO number, and I’ll probably get a decent interest rate as well. But what if I get my score only to realize that it’s very low, like in the 400s or 500s? In this scenario, I’ve got work to do. Lenders will probably reject my application if I’m in this “subprime” category, so I want to work on improving my credit as much as possible. Here are some steps I could take to accomplish this goal.
I hope this answers your question, and I wish you all the best with your home-buying process. If you have additional questions about this subject, use the “credit” link in the main menu above. We have quite a few articles like this one. Good luck.