Generally, it is well-known a good credit score is important when considering large purchases, such as land or a home. However, exactly where that score comes from, and more importantly, how it is calculated, is less certain among many consumers.
In our latest video, GreenStone financial services officer Ashlee Guerrero explains the basics of credit scores, along with what GreenStone is looking for when someone applies for financing for their country home, hunting land, or any other type of loan.
Specifically, she explains how each of the following determine your credit score
- timely payments,
- length of credit history, and
- diversity of credit
Ashlee closes by saying, “If I could give one piece of advice about keeping your credit score inline, make your payments on time!”
Get your free copy of your credit report every 12 months: www.annualcreditreport.com. For more information on how your credit score impacts your loan offer, contact email@example.com or stop in a local branch.
Ashlee Guerrero is a financial services officer at GreenStone's Ann Arbor branch.