Will Your Credit Stop You from Getting a Brooklyn Real Estate Loan?

Good credit is more important than ever, if you want to get a Brooklyn real estate loan.   Knowing what’s on your credit report and how lenders view various aspects of your report is crucial.

First Things First

Get a copy of your credit report from all three of the credit reporting companies: Equifax, Experian, and TransUnion. You are entitled to one free report every year from each of the three credit reporting companies.  Whether you’re considering getting a loan or not, you should always take advantage of that opportunity to make sure your credit reports are accurate.


FICO® scores range from 365 to 840. While the standards for what lenders consider a “good” FICO® score changes constantly and varies by lender, here’s a general breakdown of today’s standards:

  • Over 750 is excellent and should get you the best terms and rates.
  • Under 600 might get you a Brooklyn real estate loan, but you’ll want to shop for the lender who’ll give you the best rates and terms.
  • Under 500, you need to brace yourself for waiting until you get your credit in better condition.

What Determines Your Score

There are many things that can affect your score.  Magically (or not), each of the three companies tend to view things just a little differently, which means your score will not be the exact same for all three. That’s why it’s so important to get copies of your report from all of them. However, the two main things that all companies consider in rating your credit score are delinquencies and debt-to-income ratio.

What You Can Do To Immediately Improve Your Score

  • Check the entries: Make sure any debts or delinquencies listed are true. Report any errors.
  • Pay off debts: But do not close accounts. Having available credit is good as long as it doesn’t look like you’re over-extended by having your credit maxed out. The lender may worry that you’re living off your credit and can’t afford your bills.

If you would like more tips on how to improve your chances of getting a Brooklyn real estate loan, I can help. Call me today at (718)253-9600 ext206 or email me at [email protected] for more information.

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573


5 Responses to “Will Your Credit Stop You from Getting a Brooklyn Real Estate Loan?”

  1. […] Charles D’Alessandro [email protected] tel 718 253-9600 fax 718 253-9573 Brooklyn Real Estate Blog Will Your Credit Stop You from Getting a Brooklyn Real Estate Loan? […]

  2. Ayesha Stoos says:

    My man and I really are getting discounts on foreclosures thru our Port Charlotte Realtor. We grabbed a condo around the water for just underneath 42k. Honest, it would need a small bit of work, nevertheless it will probably sell for a bundle as soon as things change around.

  3. Have you ever considered adding more videos to your blog posts to keep the readers more entertained? I mean I just read through the entire article of yours and it was quite good but since I’m more of a visual learner,I found that to be more helpful well let me know how it turns out!

  4. Johnie I do realize the trend and http://www.brooklynrealestateblog.com will start video blogging very soo. Thank you for the coment

  5. King Butch says:

    Hey I just found your site on google and I think it is really useful, I have personal experience with this and it is great to see it being discussed. Thank you Brooklyn Real Estate Blog, keep it going!

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