Credit Tips For 2024

Scott Davis | February 10, 2024

As we gear up for the real estate spring market and all the festivities Spring brings like: St. Paddy’s Day, Cherry Blossoms here in DC metro area, and of course, the nicer weather! Let us all take a look at FICO scores and what we can do to ensure they look as good as the spring market is starting to look! 

Quick follow-up on my previous credit piece: I briefly covered what makes or breaks your credit score and how various factors are weighed. If you missed that gem (????), just click here and catch up on “The Mystery of Credit.” Seriously though, your credit score is like the MVP of your financial profile, right up there with your driving record. Keep both in tip-top shape!

We are all bombarded with (often misleading) information about credit scores, from TV ads to social media and even our junk mail. Practically every company wants to hook you up with a peek at your credit score and updates if it changes. But what many miss is the why behind the changes and the range of credit scores. There’s even a graph to see how you stack up against others if you’re feeling competitive.

Now, what if you’re not thrilled with what’s in your report? Here are some tips:

• Reach out to the company that sent your score and ask where you need to be for the best rates. If you’re just a point or two off, we can work with that. But if you’re 50+ points away, it might be a tougher climb. Still, I’ll do my best to help you reach your goals!

• If you’re planning any credit-related moves soon, check your report now. Remember, you can snag a free credit report each year from the major bureaus, but it won’t include your actual score. Call me, and I can run that for you, no charge. (Keep it on the down-low, though!)

• Educate yourself! Educate yourself as much as you can, and you can utilize the below links:

AnnualCreditReport.com: This is the only website authorized by federal law to provide free credit reports from all three major credit bureaus—Equifax, Experian, and TransUnion. While it doesn’t provide credit scores for free, it’s an essential resource for obtaining your credit report and reviewing your credit history for accuracy.

Credit Karma: Credit Karma offers free access to your credit scores and reports from Equifax and TransUnion. It also provides helpful tools and resources for monitoring your credit health, such as credit score simulators and personalized recommendations for improving your score.

Credit Sesame: Similar to Credit Karma, Credit Sesame provides free access to credit scores and reports from TransUnion. It also offers credit monitoring services and personalized tips for improving your credit.

MyFICO: If you’re willing to pay for access to your credit scores and reports, MyFICO is a reputable option. It provides access to FICO scores—the most widely used credit scores by lenders—and offers detailed insights into factors affecting your score.

Experian, Equifax, & TransUnion Websites: Each of the major credit bureaus offers their own website where you can purchase your reports directly. While these services may come with a fee, they provide access to information directly from the source.

Knowledge is power, folks! Please keep in mind that there are so many different algorithms used when running credit and why it’s being run can factor in as well. So if one of the above tells you your score is X, when I run it as a lender, it may not be the same score, but this is a GREAT place to begin! 

Despite all the home-buying seminars I host, it blows my mind that less than half the crowd knows their scores. So, let’s change that! Enjoy the rest of your weekend, and remember, I’m here to help your friends, family, or clients navigate the mortgage maze. Cheers!

Scott Davis

VP/Sr. Loan Officer LO NMLS: 166596

Get Prequalified: DavisTeam.com

Email: scott@davisteam.com