Hello {first_name},
When looking to purchase a home, it is a good idea to get a preapproval letter from a lender. This makes you look more serious to a buyer and more likely to have your offer accepted.
You will need to be cautious applying for anything that will give you a hard inquiry after you’ve gotten your preapproval letter. The preapproval is only for the time when they originally checked your credit report.
If you find the home you want a month down the road, they are going to check your credit again before finalizing the loan. You could be turned down, even with the preapproval if they find more inquiries after the preapproval date.
Now that we’ve covered the five major aspects of your credit report and their importance, we’ll recap them here for you.
35% - Payment History
How well you pay your bills on time.
30% - Credit Utilization Ratio (CUR)
How much of your available credit you use.
15% - Length of History
How long you’ve had credit accounts.
10% - Credit Mix
How many different types of credit you use.
10% - Applying for new credit and Inquiries
How many times you have recently applied for credit.
Would you like to know what it takes to get a score over 800? Then keep an eye out for our next email!
Sincerely,
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{cro_name}
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{phone_number}
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