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Message
re: Building Credit Score
Posted on 1/21/13 at 8:48 am to Will Cover
Posted on 1/21/13 at 8:48 am to Will Cover
quote:
FACT: Like income, your checking, savings, investment account activity and net worth – anything other than debt is not reported to the credit bureaus and does not affect your credit score.
This is correct. A credit score is supposed to measure how well you handle credit. Not assets. Not even debt, precisely. It's credit, which is what you are able to borrow in addition to what you have borrowed (debt).
quote:
Needing a credit score is a common myth that has been perpetuated
You don't need one, but modern life is much easier if you have a good one.
1
Posted on 1/21/13 at 9:31 am to foshizzle
quote:
You don't need one, but modern life is much easier if you have a good one.
I agree, but Manual Underwriting and eCredable can be good alternatives for obtaining a mortgage without a credit score.
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