One Cool Thing – Credit Knowledge and Confidence
The Lawhead Team would like to share the latest “One Cool Thing” from the California Association of Realtors about homebuyers and their credit.
Spring and summer mean warmer weather and increased home sales, according to C.A.R. data. However, a new Experian survey suggest many homebuyers dread the process because they’re unaware of their credit scores.
70% of prospective buyers who know their credit scores feel significantly more prepared to buy a home- 54 % do not know their scores
- 62% of potential buyers are confident about their credit status
- 60% of future buyers say they are financially prepared to buy a home
Taking Action
- 58 % of future homebuyers are working to improve their credit in order to qualify for a better home loan interest rate
- 55% are paying off debt
- 54% are paying bills on time
- 28% are keeping balances low on credit cards
- 20% are protecting credit card information from fraud/identity theft
- 16% aren’t applying for or opening new credit accounts
Source: Experian Home Buying and Credit: Survey, Report 2015
