Bad Credit vs. No Credit

I’m not a mortgage broker, but as an active Realtor working across Metro Denver, potential home buyers often ask for my professional opinion regarding credit and their ability to get a mortgage – whether they should apply for a loan or refinance, or put it off for awhile.

Whether you have sterling credit, a few dings on your credit, not-so-hot credit or no credit whatsoever, the state of your credit is vital to a potential future home purchase – unless you plan to pay cash for your next new home.

credit-score

The above chart illustrates the facets of your credit history that go into forming your credit score. One point to consider in building credit history is that credit with a few dings is better than no credit at all. If you are planning a home purchase or refinance in the next year or two – or even in the next five years – talk to a licensed mortgage pro or financial planner. I’m happy to provide a few names of people in the business. For more insight, check out this article from Trulia.

Ready to talk shop or plan a home purchase or sale? Drop me a line or pick up the phone – I’m here to help.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate 

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