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You now know that you can buy a home with a 600 credit score.  So what else is need to qualify for a mortgage?  Surely its not just a credit score...  Right?  Correct, there's a bit more to it.  

Let's start with that 600 FICO:

  • Open and Active Accounts:  You must to have at least 1 open and active credit account reporting in your name for the last 12 months.  The account can be a major credit card, car loan, student loan, or any installment loans that are paid monthly and report to one or more of the 3 credit bureaus; Experian, Equifax and/or Trans Union.  However, the more accounts in your name the better.
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Most banks approve mortgages for borrowers with a 640 middle credit score or higher.  There is a smaller percentage that can approve a loan for someone with a 620-639 FICO score.  So you can image that there must be an EVEN SMALLER amount of banks that can get a mortgage for you if you have less than a 620.  What would you say if we could get you a mortgage with a 600 credit score?  Yes, I'd keep reading also...

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That's correct, "early birds" get points.  Finally, a really good reason to do something early.  Our parents were right after all!  Well at least about "being early pays off."  There is a direct correlation between paying your bills early, and your credit rating.  The main one being that the credit bureaus actually track this information.  Most people don't know this, but once I'm done you'll know why.  If not, just leave a comment or shoot us an email, and we'll elaborate.

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Your credit score is one big mathematical equation that has been in development for decades.  What people overlook is that there is a solution to that equation.  The difficult part; no single person knows all of the answers to the credit myths out there.  Maybe I'll develop a blog series called Credit Mythbusters. (Probably not... It would take a lifetime! There is so much misinformation out there. Also, everyone's case is different as there are numerous factors that go into credit ratings.)

Firstly, allow me to point out a couple things.  Equifax, Trans Union, and Experian are the 3 main credit reporting agencies.  They are different companies with different algorithms.  Which explains why you never have the same score across the board.  Secondly, there is a big difference between a 699 credit score and a 700.  This is due to benchmarks that banks use to grade consumers and decide which interest rate they will receive.  

Therefore every point counts...

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Most people are familiar with personal credit and how the credit market generally works.  There are 3 main credit bureaus (Experian, Equifax, Trans Union), and you get credit scores from them ranging from 450-850.  Depending on your score, you can then get loans from banks for various purposes.  The easiest type of loan is a credit card.  This should all sound pretty familiar.  However, did you know that you can get lines of credit just for your business?  

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Structuring the foundation of your business is vital to its success.  There are standard attributes that all successful businesses posses.  Here at FollowTheBlueprint.co, we walk you through all of the products and services that you need for your business.  We are partnered with the top companies in their respective industries to ensure you get what you need from the best.  This will help you become the best!

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