Credit Score Importance

Your Credit Score

Wow – credit score. This is a whole world of its own. What does it mean to you? In the Lending world it means everything! A credit score is the numeric analysis of a person’s credit file/report. This score determines whether and how you qualify for lending. As I began looking into obtaining a mortgage, I discovered the true importance of a credit score.

There are so many lending companies. When you are looking for a lender your options may seem endless. The more companies I inquired into, the more I found that my credit score determined whether I could even do business with them. Humans are conditioned to look for the best deals available, and I found through the lending process that you get what you pay for. I looked at all aspects of many lending companies. If you want the best rate with the lowest cost and the best customer service, you have to have a great credit score. “Great” to the credit bureaus is much higher than what I thought was great.

I’m sure you know that keeping your credit score at its best is hard to do. This is especially true because almost everything that has to do with money can affect your credit score. If you had a lack of understanding of what credit means, you face further difficulty. Also, if you have a great credit score, you have the option of choosing any company you want to use. Further, if your score is anything other than great, your options are limited.

 

What company should I go with?

Most lending companies are flexible and can offer different lending options for different types of scores. That sounds good, right? What I found with the flexible companies is that no matter what your score, you are treated like a number, not a person. The companies that are flexible are ideal for people who have the ability to pay what they owe but who have a less-than-excellent credit score. With the ability to lend to anyone, such companies really have no reason to get to know the customers they work for, leaving customer service out of the equation. These same companies may offer a person with a high score the same product as someone with a below-average score.

Does that sound fair? I think if a person spends his or her life building and maintaining a great score, he or she should have some options that stand out from the rest. That your credit score should have importance. With the flexible lending companies, this is not the case. Don’t get me wrong; these companies are necessary, and benefit many people. However, for those few with a great credit score and all the hard work it takes to maintain that score, there should be something more.

A company that values good credit

There is a company in the mortgage lending industry that specializes in lending to individuals with great credit. If you are one of the lucky few who were able to work hard and maintain a great credit score, this company is for you. They have a limited product line and a streamlined process. This company offers the best rate with the best price and the best customer service to all of their clients. One of the slogans they have branded is “Finally, a reward for great credit!” If you are looking for a mortgage loan and you have a score 700 or higher, this company is for you. One helpful service they offer is knowledge-based tips on how to increase your credit score, published on their blog. If you have a great credit score and are looking for the whole package with lending, you would be wise to look at Box Home Loans!

By: Candice Fraser, Loan processor at Box Home Loans


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