Importance of good credit

Having good credit can benefit you in many aspects. Your credit history is reviewed by former employers, insurance companies, landlords and firms from whom you seek to obtain financing.

For mortgage approval, depending on your credit score, you may qualify for certain types of mortgage financing, down payment assistance and/or grant resources that can save you tens of thousands of dollars throughout the life of the loan. 

Many potential home buyers know that their credit score plays a fundamental part in their ability to secure the best loan terms for a mortgage. Presenting yourself as a low risk candidate for a loan is an excellent way to be offered a lower interest rate and affordable monthly payment amount, especially in your pursuit of pre-qualification with a lender.

Despite all of the other ways in which our credit scores can impact our lives (insurance, employment, renting, etc.), many people do not take a complete inventory of their credit history until they are interested in buying their first home. One’s ability to pay back their debt and manage their overall finances is reflected in their credit score. Explore the links below to understand the components of your score and implement strategies to build or improve your credit.

Having good credit can benefit you in many aspects. Your credit history is reviewed by former employers, insurance companies, landlords and firms from whom you seek to obtain financing.

For mortgage approval, depending on your credit score, you may qualify for certain types of mortgage financing, down payment assistance and/or grant resources that can save you tens of thousands of dollars throughout the life of the loan.

What is credit scoring?

Disputing Errors on Credit Reports

How Can You Change Your Credit Score in 30 Days?

4 Ways to Buy a House With Bad Credit

How ACOPA can help you

AHCOPA’s credit counseling services are incorporated into our other housing counseling programs. You will pay only for the costs to obtain your tri-merge credit report with all three scores. As of February 2020, a tri-merge credit report is $13.93 for a single report and $27.26 for a joint report.

The tri-merge credit report includes:

  • A “what-if” scenario that examines possible actions you can perform that will result in a credit score to be mortgage eligible.
  • Contact information for all the credit accounts owed.