Do you need to improve your credit score?
Consider these points when you make the decision to improve your credit score and remember to find a lender who will work with you every step of the way. Many first time home buyers find the jump from renting to owning a home an overwhelming thought process, but it doesn’t need to be when you find the right professionals to work with you.
Every time a creditor reports to the credit bureaus, your credit report and scores can change. Some creditors report in the middle or end of the month. Because creditors do not report to all the bureaus at the same time, credit scores are usually different with each bureau.
- Creditors may report to Experian one week, Equifax the next week and Trans Union the week after that.
- Creditors are not actually required to report to the bureaus.
- Some small banks and credit unions may only report to one bureau or may not report at all.
- Some collection agencies also report to only one bureau.
The reporting software used by a creditor also affects how quickly a credit report and score change.
- Some software systems report updated information as soon as it is transmitted.
- Other systems update hours or even days after information is reported.
Many factors affect how a credit score changes, including increases or decreases to revolving balances, new credit, closed accounts, and late payments.
- Credit scores and reports are a snapshot in time depending on borrower behavior and the timing of the reporting.
- The important thing to remember is to focus on consistent action to support your long-term credit goals rather than short-term changes.
At RE/MAX Capitol Properties we work with several mortgage lenders in Cheyenne that are fantastic, patient, professional and helpful, so please let us know if you need a referral to one, have questions about buying or selling a home or you are relocating to our area and need community or home information, give us a call at 307-635-0303 or connect online.
