Credit plays a role in everything from buying a home, to signing up for cell phone service or utilities, to getting car insurance. A credit score is a snapshot taken by the three leading credit bureaus, TransUnion, Equifax and Experian, that allows lenders to determine whether or not you will be extended credit, the amount of credit and even the terms (interest rate, loan amount, repayment schedule).
While I am not a credit counselor, I can give you a little bit of information about credit scores and some basic steps to keep them healthy, which are important for you to know when applying for home financing.
What is a credit score and how is it calculated?
A credit score is a number between 300 and 850 that is used to predict how likely you are to pay your bills. Many of the companies with whom you have a loan or a line of credit report back to the three credit bureaus information such as whether you pay on time, your credit amount, etc. Your credit score is calculated from this personal financial information. The higher your credit score, the better the credit terms you will receive. The lower your score, the higher the interest rates you may have to pay. Generally, scores over 700 are considered excellent while scores below 600 are considered poor.
You are eligible for one free credit report per year from each of the three credit reporting agencies. Take advantage of this opportunity to monitor your credit report and ensure there are no mistakes or surprises with your credit.
How can I improve my credit score?*
Although there are no quick fixes when it comes to improving your credit score, you can take steps to rebuild your score over time:
Credit scores affect your life — beyond just mortgage interest rates.
Credit scores are often used in determining prices for auto and homeowners insurance. Employers have also begun using the scores as part of background checks when making hiring decisions. The practice of using credit scores in nontraditional ways is expanding. It’s more important than ever to educate yourself about credit.
Thanks Kathleen O’Brien with W.J> Bradley Mortgage for the great information!!
“Denver’s historic Whittier neighborhood is named for the school¹ now located at Downing Street and 24th Avenue, but originally built along Marion Street. The school’s name honored the nineteenth-century abolitionist poet, John Greenleaf Whittier (1807-1892). Whittier was a founding member of the Republican Party. His poems attacked the injustices of slavery, while at the same time condemning the inherent hypocrisy of a nation that was founded on the ideal of freedom. A religious man of Quaker faith, he was deeply concerned about social justice. After the Civil War, Whittier remained a moral voice for the country in its struggle to overcome racism.”
“Colfax was its own Municipality that incorporated in 1891 and had a population of about 300.In 1897 Colfax was annexed to Denver.
Colfax Avenue was originally named “Golden Avenue,” and was renamed in 1896 for Schuyler Colfax, who had been U.S. Vice President. West Colfax Avenue was the main street of the Town of Colfax.
In the early 1900s the area that is now known as West Colfax was sparsely populated with several mansions and scattered squatter’s shacks. During this time West Colfax was known as “No Man’s Land”, and ” Jim’s Town”.
In the late 19th and early 20th centuries a large wave of Jewish Immigrants from Eastern Europe moved into the West Colfax area. These immigrants turned “No Man’s Land” into Denver’s version of a European neighborhood.”
“Washington Park was initially designed by the German landscape architect Reinhard Schuetze between 1899 and 1908. His design remains fairly intact and included Smith and Grasmere lakes, and the Lily Pond, all fed with a city ditch that Shuetze had edged with Russian willows and other trees. Other pieces of his design remain intact and include the large meadow edged with a grove of trees to the south of Smith Lake, and the carriage-ways that meander through the park.
Later landscape architects, such as Saco Rienk DeBoer and Frederick Law Olmsted, Jr. have added their own contributions to the park, adding the elegant boat house, an evergreen grove on the north side of the park and other additions.
Washington Park as a neighborhood started development soon after the founding of Denver though it was still fairly rural in nature. By 1886, there was enough population to create Denver’s first suburb, South Denver, which by the silver bust of the 1890s was annexed into Denver due to financial difficulties. Development hastened with the creation of the park in 1899. Most of the houses were built of brick between 1900 and 1940.”