Shopping For a Home on Staten Island or Elsewhere? Know Your Credit Report



If you are shopping for a home on Staten Island or elsewhere, knowing your credit report can make the process less stressful, says Victory State Bank, Staten Island’s only community-based commercial bank.

The bank points to a recent survey from Experian Consumer Services that reveals homebuyer confidence starts with understanding credit scores.

The majority of homebuyers (95 percent) know that credit is important when purchasing a home, and those who know their credit scores feel significantly more prepared to buy, according to the survey,

In addition, 45 percent of future homebuyers say they delayed purchase to work on their credit and qualify for better interest rates.

The survey results show the difference that credit knowledge makes in the home buying or refinancing experience.

The survey found:

  • People who know their credit scores feel significantly more prepared to buy a home versus those who do not know their credit scores (70% vs. 54%).
  • The majority of homebuyers understand the importance of their credit scores in securing favorable interest rates to refinance their home (62%).
  • Some groups are uncertain. Future buyers are anxious about getting good interest rates, with 41 percent concerned their credit score won't qualify for the best rate available.
  • Of the respondents who said they were concerned their credit status would hurt their ability to purchase a home, 27 percent do not know their credit score.
  • Of the respondents who do not know their credit score, 48 percent are concerned that their credit status could hurt their ability to purchase a home.
  • Fifty-eight percent of future homebuyers indicate that they are actively working to improve their credit in order to qualify for a better home loan interest rate. They take specific action, such as paying off debt (55 percent), paying bills on time (54 percent), keeping balances low on credit cards (28 percent), protecting credit card information from fraud/identity theft (20 percent), and not applying for or opening new credit accounts (16 percent).
  • Seventy-four percent of recent buyers recognize the impact of poor credit on securing a good interest rate, but fewer (61 percent) understand the potential effects of identity fraud on the financing process.
  • Sixty-two percent of future buyers are confident about their credit status, and 60 percent feel financially prepared to buy a home.

The survey’s margin of error is plus or minus 4.4 percent overall. Additional survey details are available online.

About Victory State Bank


VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at


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