In the real estate world, your credit score is a vital part of the process. Your credit score is a number that represents you to the lender. Because it’s so valuable, you should monitor your credit on a regular basis as well as protect your score from any outside forces that can lower it.
Credit scores can range anywhere from 300 to 800. “Good credit” is generally classified as anything above 630. To prevent future problems, you should do everything you can to keep your credit score above 630.
The question many people have is how do you monitor your credit? How do you know if someone has stolen your identity? The first thing you should do is get a copy of your credit report once a year. There are 3 credit reporting agencies: Experian, TransUnion and Equifax. Getting a copy from each agency is a must because different companies report to different agencies.
To protect yourself against identity theft, pay for a credit monitoring service. A service such as this will make sure your credit is safe from financial fraud, social security fraud, medical ID theft, tax fraud, criminal activity, child ID theft, employment fraud and benefit fraud.
Failure to protect your credit can affect your life in too many ways to count. It can affect your employment, make it harder for you to purchase anything on credit, and you can end up being bombarded with phone calls from creditors that don’t care whether YOU actually made the purchase or not.
Ask Realnet’s agents how your credit can affect your buying power. Contact us today to find out how your credit may affect your ability to purchase Florida investment properties.