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What is a Credit Score?


A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. Credit scores range from 300-850. The higher your score is, the more likely you are to get a loan. The lower your score is, the less likely you are to get a loan. If you have a low credit score and you do manage to get approved for credit then your interest rate will be much higher than someone who had a good credit score and borrowed money. Therefore, having a high credit score can save many thousands of dollars over the life of your mortgage, auto loan, or credit card.

 
 
 

720-850 EXCELLENT

700-719 VERY GOOD

675-699 GOOD

620-674 AVERAGE

560-619 POOR

500-559 VERY POOR


Her Purpose Finance...

Where Your Financial Freedom Is More Than Just A Goal

What are you in the market for?


A home loan... new car... a credit card maybe? No matter what you are looking to apply for--  Her Purpose Finance will work hard to make your dream come true.


By looking deep into your credit report, we will work with the three major credit bureaus to settle or completely remove your negative and or inaccurate remarks. Remember there is no specific timeline as to when you can shout financial freedom due to the allotted time the bureaus have to respond. But again, we will work endlessly for you.

Home Loan
 
 
 
 
 
 
 
 
 
 
 
 
Credit Cards
 
 
 
 
Car Loan
 
 
 
 

Home Loan


Before applying for a mortgage, obtain both your credit score and your credit history report. You’ll want to verify there are no errors on the report or recent derogatory items like late payments. Since you may spend months shopping for homes, you might want to consider subscribing to a service that provides regular credit report monitoring for around $20 a month. You can cancel this after you close on your home. As for your credit score, your estimated FICO credit score should be at least 680 and preferably above 700. Anything less and you may need to find a highly-qualified cosigner or take time to improve your credit before getting mortgage approval. The lower your credit score, the higher the mortgage rate you’ll pay.






Car Loan 


Thinking about buying a new car? Check your credit report first... applying may or may not be worth the inquiries. 







By first identifying items that are hindering your credit score and than cleaning them up you can improve your odds before a car dealer ship looks at it. With good credit, you'd qualify for a low interest rate. Whereas with bad credit, you'll have a higher one. Your rate will affect not only your monthly payment but  the overall price of the car.



Credit Cards


Having a credit card really helps to know your actual FICO score – or to get an estimate of it. While sites like CreditKarma let you view an estimate of your credit score for free, having a credit card normally comes with it's own monitoring of your actual FICO score. Knowing your score is one thing but knowing what your score means will qualify you for a credit card. 









 
 
 
 
 
 
 
 

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Tip: By cleaning up your credit before applying for a home loan, you improve your chances of being approved and getting a better interest rate.

  • A credit score of 760 or higher is considered excellent credit.
  • A score between 701 and 759 is considered good credit.
  • A score of 651 to 700 is considered fair credit (695 is the national average).
  • Under 650 is considered poor credit.

Tip: By cleaning up your credit before applying for a loan, you improve your chances of being approved with good terms.

 
 
 
 
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Idea Think Sticker by top(node) for iOS & Android | GIPHY

no matter what you're looking for her purpose finance can help!!!

What is a BUDGET?


A budget revels to you how much income you have coming in verses how much is being spent. It’s a very important way to living better financially. By maintaining a budget you'll get your money to start working for you.


A budget helps people gain control over their finances. A budget also builds a foundation for your everyday living... not everyone's foundation is going to be the same, because each situation is different.






















Creating a Budget


        Budgeting strategies will vary across the board. But there are five basic steps in creating a budget. They are all important because they build on one another, helping you organize your finances.


Step 1: Have a Goal(s)


Step 2: Have a idea of your income and expenses


Step 3: Balance you checkbook and become more aware of your spending


Step 4: know your budget and stick to it... but don't be afraid to alter is if necessary


Step 5: Commit!!!

























Lifestyle Budgeting Tips


1. Budget alone or budgeting with your partner.


2. All month will be the same


3. Start with most to least important.


4. Pay your DEBT please.


5. Don’t be scared change your budget if you have to.


6 Stick to it.


7. Close and cut up your credit cards... keep one.


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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