The First Step in your AZ Refinance: Obtaining Your Credit Score

The biggest obstacle to most homeowners looking for an AZ Refinance (AZ Refi) is a poor credit score.  So you should start off by researching your credit score and fixing any credit issues before you contact any Arizona mortgage company. 

You will get your credit score from a credit report, which is just a record of your borrowing and repayment history.  All financial institutions including credit card companies, banks, auto loan companies, etc. report your payment history to one, two or three of the major credit reporting companies in the US.  These companies include: Equifax, Experian, and TransUnion.

You will see two types of financial reporting that these firms track and report.  They include:

1. "Applied for credit" -- which simply means that you requested to borrow money from the lender that's reporting the application and

2. "Not applied for” credit -- which means that there are bills, civil judgements, or bad checks that are not a result of your credit application. 

If you pay your bills on time, you should not have the "not applied for" credit noted on your credit report.

The three credit agencies listed above will provide your credit report to the  AZ Refi lenders  in the form of a credit score.  If your score slips below a certain number, your loan options are limited. This credit score will determine the next step in your AZ Refinance.







 
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