Your credit score is a magic three-digit number

Your credit score is an important number that can affect the interest rate you can get for a mortgage and even whether you can qualify for certain types of home loans. It’s not the same as your credit report. Think of your credit score as a three-digit summary or representation of what’s in your credit report — the good and the bad.

If you’re thinking about buying a home, start with ordering a free copy of your credit report from each of the credit-reporting agencies by going to www.annualcreditreport.com. Make sure your credit history is accurate and address anything in your report that is incorrect. Once you have gone through and corrected your credit report, you can order your credit score from any of a number of reputable sources, such as https://www.myfico.com.

Your credit score is calculated from many different pieces of credit data in your credit report and can change over time. Your score includes both positive and negative information in your credit report. Your payment history — whether you make payments on your debt obligations on time — is a big factor in the quality of your credit and credit score. The length of your credit history, how much of your available credit you use and the amounts you owe are other factors. Questions about credit scores? We’re here to answer them. At Primary Residential Mortgage, we believe an educated consumer makes better financing decisions.