Hackney's Houses

Did you know that you can receive a free credit report each year?

Our credit scores are incredibly important and something to keep in mind just as you track your health.  Let's look at a quick example illustrating the importance of your credit score.

Let's assume someone has a 600 credit score and another with 700.  Each are applying for a $300,000 mortgage.  The person with the 600 credit score will have 2 points added to their rate.  So if the 700 credit score is at 6%, the 600 credit score will be 8%. 

What's this mean in terms of payment?  Check this out...

$300,000 x 6% = $18,000 / 12 = $1500/month

$300,000 x 8% = $24,000 / 12 = $200/month

So the 100 point credit score difference can mean a $500/month difference in payment between these borrowers.

To paint a picture of how easy it is to drop your credit score by 100 points...be late on one payment. 

In coming blog entries we'll take a look at how to protect and increase your credit score.  You will begin to see how your financial health is directly correlated to your physical health.

Here's how to get your FREE credit report...

The Fair and Accurate Credit Transactions Act of 2003 gives every consumer the right to receive their credit report free of charge every year.

To obtain a free annual credit report from each of the three major credit bureaus, your should visit

https://www.annualcreditreport.com, call 877-322-8228, or complete the Annual Credit Report Request Form (available online at http://www.ftc.gov), and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281