10. Back to Basics : Credit 101

<p><strong>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.</strong></p> <p><strong>Key Topics:</strong></p> <p><strong>What is Credit?</strong></p> <p><strong>How is Credit measured?</strong></p> <p><strong>The Big Three credit bureaus — Experian, Equifax and TransUnion — keep</strong></p> <p><strong>records of loans for an estimated 200 million U.S. consumers.&nbsp;</strong></p> <p><strong>Credit scores are typically comprised of five major factors:</strong></p> <p><strong> Payment History = 35 percent</strong></p> <p><strong> Outstanding Balances = 30 percent</strong></p> <p><strong> Length of Credit History = 15 percent</strong></p> <p><strong> Types of Accounts = 10 percent</strong></p> <p><strong> Credit Inquiries = 10 percent</strong></p> <p><strong> Score Ranges</strong></p> <p><strong> Bad Credit: 300 – 600</strong></p> <p><strong> Poor Credit: 600 – 649</strong></p> <p><strong> Fair Credit: 650 – 699</strong></p> <p><strong> Good Credit: 700 – 749</strong></p> <p><strong>&nbsp;&nbsp;&nbsp;Excellent Credit: 750 – 850</strong></p> <p><strong>&nbsp;No matter what your credit situation, in real estate, how you leverage it is key!</strong></p> <p>And Still Stay Home!</p> <p>- Kimberly Harris - Content Creator</p> <p>-Eboney Jones - Content Creator</p> <p>- Courtney Harrington - Content Creator</p> <p>- Athenzmedia - Editor</p> <p>- Trac_Muzik &nbsp;- Music Producer</p> <p><br></p> <p><br></p> --- Support this podcast: <a href="https://anchor.fm/realwomenrealestate/support" rel="payment">https://anchor.fm/realwomenrealestate/support</a>