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Charleston Home Buying: What Does My Credit Score Say About Me?
Find out what really hurts your credit score and common myths in home buying
Buyers beware, credit score models can vary, and it’s difficult to know the secret to the exact formula! If you're looking to buy a home in the Charleston, SC area you may have some fears about your current credit scores and what they say about you. Here’s a run-down on some common myths and info about buying a home and your credit score:.
1) A common myth about credit inquiries: a “hard inquiry” hurts your scores by 7 points. False.
Scoring models are a lot smarter or more dynamic than any statement. Actually, credit scores are measuring the risk of default, and the models have been refined by tons of case studies.
The effect of a new credit inquiry will differ based on your existing credit profile.
Buyers who already have high scores, a great history, and low credit card balances will find that an inquiry affects the scores very little – you already have a proven track record that you can manage your credit well, so applying for a new loan has limited additional risk. It may only affect your scores by 1-3 points.
Buyers who have poor scores and high credit card balances, applying more credit can be a powerful additional risk. A new inquiry could push scores significantly lower, maybe 15+ points.
2) Another myth is that buyers believe every inquiry will lower their scores. False. You actually have a 45-day window for inquires of the same type which only count as ONE inquiry - this is to allow you to shop for homes without impacting your score.
Ask the Greater Charleston Properties Team for more info on getting started with the Pre-Approval process. We'll put you in touch with our go-to preferred lenders that are the best in the biz, have top rated customer service, and the best knowledge about financing. Get prepared and informed so that we can help you attain the home of your dreams.
Contact us by emailing info@charlestonrealestate.properties or call 843.631.2463
843.631.2463 today.
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35 Broad St
Charleston, SC 29401
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