A new survey of those hoping to buy a home in the next year reveals that the majority are not sure how best to improve their credit score Moreover many aren’t sure as to how their credit score affects the home financing process. While three quarters of those questioned understand that their credit score be accurate, less than half understand that their score reflects how much debt they can hold, the risk of not repaying the load or the resources they have to pay back loans.
Analysts agree that consumers must understand their credit score before applying for a loan. For example, many still incorrectly thought that increasing their income or closing old credit card accounts would improve their credit score.
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