The new look of Credit Scores

With three children in college and them being inundated with credit card offers John and I have had to pull out some stops and try and make them understand how the choices they make now will effect them once they graduate. It drives me crazy the credit card companies target college age children, (Don't they know they are living off their parents?) Of course they do which is why they target them.

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In my industry credit plays such an important role and since the collapse of the economy it has become paramount to have not just good credit but great credit. I remember a time several years ago when Lenders would come by the office looking to get us to do business with them and our standard line would be "What is the lowest credit score you can do?" Well those days are gone and the new song being sung is "How's your credit?" In past years first time home buyers had no clue what their credit scores were but now every buyer knows exactly what is on their report. I personally think that is a great thing.

In 2010 4th quarter 58% had a credit score of at least 720 verses in 2007 only 19.5% had that credit score. It is now the new norm of what we think of a good credit score.

So I guess I could say if you do not know what your current score is even if you are not buying a home then you should maybe try and pull your free credit report. In this new era of home buying it is more important then ever to have a credit score and a good past credit history.

If you need help on figuring out how to do this give us a call and we will be more then happy to direct you to someone who can help you.

Have a great weekend I know I'm heading home to tear up credit apps sent to my 18 year old son.