10. Back to Basics : Credit 101
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Everyone knows having a quality credit score is a critical component for real estate because it is an essential part of borrowing money. In this episode we break down the basics of credit! By the end of this episode you will understand what credit is, why it matters, and how to begin leveraging it.
\\nKey Topics:
\\nWhat is Credit?
\\nHow is Credit measured?
\\nThe Big Three credit bureaus \\u2014 Experian, Equifax and TransUnion \\u2014 keep
\\nrecords of loans for an estimated 200 million U.S. consumers.
\\nCredit scores are typically comprised of five major factors:
\\n\\uf0b7 Payment History = 35 percent
\\n\\uf0b7 Outstanding Balances = 30 percent
\\n\\uf0b7 Length of Credit History = 15 percent
\\n\\uf0b7 Types of Accounts = 10 percent
\\n\\uf0b7 Credit Inquiries = 10 percent
\\n\\uf0a7 Score Ranges
\\n\\uf0b7 Bad Credit: 300 \\u2013 600
\\n\\uf0b7 Poor Credit: 600 \\u2013 649
\\n\\uf0b7 Fair Credit: 650 \\u2013 699
\\n\\uf0b7 Good Credit: 700 \\u2013 749
\\nExcellent Credit: 750 \\u2013 850
\\nNo matter what your credit situation, in real estate, how you leverage it is key!
\\nAnd Still Stay Home!
\\n- Kimberly Harris - Content Creator
\\n-Eboney Jones - Content Creator
\\n- Courtney Harrington - Content Creator
\\n- Athenzmedia - Editor
\\n- Trac_Muzik - Music Producer
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