How To Improve Your Credit

Dated: 04/11/2018

Views: 34

Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

Check for errors in your credit report.

Thanks to an act of Congress, you can download one free credit report each year at annualcreditreport.com. If you find any errors, correct them immediately.

Pay down credit card bills.

If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

Don’t charge your credit cards to the max.

Pay down as much as you can every month.

Wait 12 months after credit difficulties to apply for a mortgage.

You’re penalized less severely for problems after a year.

Don’t order items for your new home on credit.

Wait until after your home loan is approved to charge appliances and furniture, as that will add to your debt.

Don’t open new credit card accounts.

If you’re applying for a mortgage, having too much available credit can lower your score.

Shop for mortgage rates all at once.

Having too many credit applications can lower your score. However, multiple inquiries about your credit score from the same type of lender are counted as one if submitted over a short period of time.

Avoid finance companies.

Even if you pay off their loan on time, the interest is high and it may be considered a sign of poor credit management.

Blog author image

Tina Kirby

Tina Kirby moved to the Charlotte area in 1989, but since marriage in 2001, she has moved out of the area a few times but has always came back “home”. She is a fulltime mom to 2 amazing boys, 19 &....

Latest Blog Posts

How To Improve Your Credit

Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:Check for errors in your

Read More

99% of Experts Agree: Home Prices Will Increase

Some believe that the combined effects of the new tax code and rising mortgage rates will have an adverse impact on residential real estate prices in 2018. However, the clear majority of 

Read More

4 Reasons Spring is a Great Time to Buy a Home!

Here are four great reasons to consider buying a home today instead of waiting.Prices Will Continue to RiseCoreLogic’s latest Home Price Index reports that home prices have

Read More

View Up To Date Blog Posts Here!

Blog Posts!

Read More