News
Charleston Home Buying: What Does My Credit Score Say About Me?
Find out what really hurts your credit score and common myths in home buying
Buyers beware, credit score models can vary, and it’s difficult to know the secret to the exact formula! If you're looking to buy a home in the Charleston, SC area you may have some fears about your current credit scores and what they say about you. Here’s a run-down on some common myths and info about buying a home and your credit score:.
1) A common myth about credit inquiries: a “hard inquiry” hurts your scores by 7 points. False.
Scoring models are a lot smarter or more dynamic than any statement. Actually, credit scores are measuring the risk of default, and the models have been refined by tons of case studies.
The effect of a new credit inquiry will differ based on your existing credit profile.
Buyers who already have high scores, a great history, and low credit card balances will find that an inquiry affects the scores very little – you already have a proven track record that you can manage your credit well, so applying for a new loan has limited additional risk. It may only affect your scores by 1-3 points.
Buyers who have poor scores and high credit card balances, applying more credit can be a powerful additional risk. A new inquiry could push scores significantly lower, maybe 15+ points.
2) Another myth is that buyers believe every inquiry will lower their scores. False. You actually have a 45-day window for inquires of the same type which only count as ONE inquiry - this is to allow you to shop for homes without impacting your score.
Ask the Greater Charleston Properties Team for more info on getting started with the Pre-Approval process. We'll put you in touch with our go-to preferred lenders that are the best in the biz, have top rated customer service, and the best knowledge about financing. Get prepared and informed so that we can help you attain the home of your dreams.
Contact us by emailing info@charlestonrealestate.properties or call 843.631.2463
843.631.2463 today.
More News
Move to West Ashley Charleston SC with Greater Charleston Properties
Learn more about the homes, neighborhoods and area of West Ashley in Charleston SC
Released On: 4/21/2016
Views: 11341
Relocate to Charleston SC With Greater Charleston Properties
We'll help you research, stay in the know, and select your perfect home in the Charleston SC area.
Released On: 4/15/2016
Views: 10542
Sell Your Mount Pleasant SC Home
Find out how our Greater Charleston Properties Team is getting our clients top dollar for their home and selling in record time with our marketing system!
Released On: 4/15/2016
Views: 9639
Best Neighborhood Mount Pleasant SC with Greater Charleston Properties
One of Mount Pleasant's premier neighborhoods is Belle Hall. Find out why and more on all its amenities.
Released On: 4/8/2016
Views: 11145
Deep Water Homes In Mount Pleasant SC with Greater Charleston Properties
Search available deep water or water view homes and buildable lots in Mount Pleasant SC
Released On: 4/1/2016
Views: 9798
Homes for Sale In West Ashley Charleston SC with Greater Charleston Properties
West Ashley is a part of Charleston close to I-526, 15 minutes to downtown, and close to tons of dining, shopping and businesses
Released On: 4/1/2016
Views: 10947
Buying A Home In Mount Pleasant SC with Greater Charleston Properties
Find out why now is the time to buy a home
Released On: 3/17/2016
Views: 10454
Best Golf Community In Mount Pleasant SC Dunes West with Greater Charleston Properties
Seller tells us what they love about the best neighborhood in Mount Pleasant SC
Released On: 3/9/2016
Views: 11432
Top Mount Pleasant Neighborhoods and Homes for Sale in Mount Pleasant SC with Greater Charleston Properties
Let the Greater Charleston Properties Team help you find the top Mount Pleasant SC neighborhoods and homes for sale
Released On: 3/4/2016
Views: 11709
Isle of Palms SC Homes For Sale with Greater Charleston Properties
Whether you'd like to make Isle of Palms your permanent residence, or find a 2nd home for vacationing, there are many options in single family homes, condos, townhouses- whether directly ocean front, a couple rows back, or further inland. We'd lo ...
Released On: 3/1/2016
Views: 11866
Folly Beach SC Homes For Sale with Greater Charleston Properties
Find the best deals on island living at Folly Beach with Greater Charleston Properties
Released On: 3/1/2016
Views: 14137
Dan Lorentz Marketing Strategy in Charleston SC
We have a special offer- a no risk, no obligation offer in selling your home. Check out our No Hassle Listing Program
Released On: 3/1/2016
Views: 10732
New Construction Mount Pleasant SC
One of Mount Pleasant's top new construction developments is Oyster Point, and there are many more!
Released On: 2/17/2016
Views: 11721
List My Water Front Home For Sale Charleston SC
Thinking about listing your water front home for sale in Charleston SC? The buyers are HOT for them right now! Now is the time to list!
Released On: 2/8/2016
Views: 9903
New Homes In Charleston SC with Greater Charleston Properties
Find the best homes in Charleston SC and why many are flocking to the Lowcountry
Released On: 1/26/2016
Views: 10295
Move to James Island South Carolina
Move to James Island SC and find the best homes. Learn about the golf courses and plantations.
Released On: 1/19/2016
Views: 15047
Fixer Upper: Oldest Neighborhoods James Island SC with Greater Charleston Properties
Learn the oldest neighborhoods of James Island, rich with history, especially if you're into the "Fixer Upper"!
Released On: 1/18/2016
Views: 10267
Boating and Fishing James Island SC with Greater Charleston Properties
Best neighborhoods of James Island SC for boating, fishing, crabbing, and more
Released On: 1/9/2016
Views: 9892
Map
Greater Charleston Properties Team
Get DirectionsGreater Charleston Properties Team
-
35 Broad St
Charleston, SC 29401
US - 843-631-2463
- Monday - Sunday
9:00am - 7:00pm
