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Be on the Offensive if You’re Buying or Selling.

Your credit report information is the key to unlocking many doors on your way to a new residence. Understanding your credit report information – and how it affects your move – is important. Once you learn about your credit and its influence on important aspects of your life, you’ll be better prepared to use it to your advantage.

Whether you’re buying or renting a home, credit plays a valuable role

Before beginning your hunt for the perfect house or apartment, you should check your credit report information. Landlords will check your credit before they approve your application, and home lenders base their loan offerings on your credit standing. If you want your full credit picture, make sure to check your credit report from all three national credit bureaus. The bureaus don’t share information, so you need to be informed about all three credit reports to make sure that each one is ready for the eyes of your landlord or lender. It’s also essential that you are informed about your credit score. Your credit score is a numerical depiction of your credit standing, and it’s often the first thing lenders check when you apply for a loan.

Once you check your credit report, you may find that you need to clean up your credit. If there are any errors on your report, have them removed. If you have too many accounts open, close any that you aren’t using. Once your credit is in order, it’s time to go hunting!

Credit preparation can help you land the apartment you want

When searching for a rental, be on the offense. Take copies of your credit report information to the property management companies. Explain what you’re looking for and when you’ll need it.

Michelle’s story proves the importance of credit knowledge and preparedness. As a recent college grad, Michelle was concerned that she might have problems getting approved for her own apartment. During the application process, she provided her property management company with her credit report. They were so impressed with her initiative and her good credit that they offered her an apartment before it was listed on the market. Although housing was tight, and there were other people on wait lists for apartments, Michelle was given priority over other applicants. “I got the perfect apartment,” said Michelle, “because my credit was good and I personally went in and explained my situation.”

Credit plays a major factor in your home purchase

When purchasing a home, your credit is a major factor in your mortgage loan. First, you should consider getting pre-approved for a loan. This formal process includes having your credit checked, and verification of your down payment funds and employment. Next, you can get an approval for a specific amount of money at a certain interest rate. Once you are pre-approved for a loan, your bargaining power with sellers is increased–meaning you have a better chance of getting the home you want.

Ensure that the hunt for your new residence is a successful one. With a little time and preparation, you can use your credit knowledge as a powerful negotiation tool. You’ll get the home of your dreams and your lenders and landlords will appreciate your preparedness.