Mortgage Glossary

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Credit Rating

Your credit bureau report will show previous and current credit ratings.
For example: you may have received a Visa credit card in May of 1978; you have a credit limit of $3,000; you currently owe a balance of $478; your minimum monthly payment is $24; and you have always paid on time (before the 'due date'). This is referred to as an 'A1' credit rating.
If you have had some credit problems: for example, you have occasionally been a bit late in making a payment (for example twice per year) don't worry, this will not effect your credit rating TOO much - but please get your act together. It takes seven years for any 'bad' information to disappear!
However, if you are usually 'sloppy' about your payments - for example, if you make payments when you get around to it, you will have seriously hurt your credit rating.

 

 

 

 

 

 

 

 

 

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