Business
.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Selling your Dallas-Fort Worth home? Get a free home value report. Buying a Dallas Fort Worth home? Get full MLS access here.Today, Chris Pedison of First Choice Loan Services joins us to share some insight on the lending process. He is a production manager and loan originator who has originated hundreds of loans since 2006, so he has a ton of experience. This year, he was even given the Five-Star Professional award! He was kind enough to answer some of the most common questions people have when it comes to applying for a loan.Is no credit better than bad credit? A credit score is a grade of risk that tells lenders the likelihood of you defaulting on a loan. Scores range anywhere from 350-850. Those below 620 are considered poor; scores 621 to 679 are considered average; and scores 720 and above are considered excellent. If you have limited or no credit, you have a score of 0. Is this worse than having a bad score? If you have a score under 580, it is most likely the result of late credits, collections, judgements, or other financial gaps. In some circumstances, these slip-ups may have been unavoidable, but once your credit takes a hit like this, you need to do everything in your power to correct it. To build up your score, you have a few options, such as opening up a secure credit card or applying for installment loans, for example. If you have no credit, it simply means you haven’t had a chance to build it. This isn’t necessarily a bad thing, as it’s not a sign you’re unreliable when it comes to making payments, but it will still make it somewhat difficult to obtain financing. It’s not bad to have credit, and the sooner you starting building a good score, the better! Establishing credit is much easier to do that rectifying bad credit. It’s just a matter of getting started! “Establishing credit is easier than fixing bad credit!”The better your credit score, the easier your life will be! If you plan on buying anytime soon, or if you want to start establishing credit so you can buy later down the road, it’s never too early to get the ball rolling.