As the credit market continues to flat-line and shrink, consumers are finding it harder and harder to obtain loans. Only consumers with the best credit are eligible for lending programs that give them the opportunity to own their home or buy the things they need. Here are three good ways to improve and strengthen your credit score.
1) Get your payments in the mail ON TIME! Believe me, lenders look to see if you pay your bills on time, they want to know if the money being lent to you will come back in full and on time.
2) Establish a variety of credit. Inexperienced borrowers should start with just one card or loan, but if you are looking to improve your credit score, establishing credit variety can boost your score. Some examples of multiple credit could be credit cards, car loans, department store credit cards, and electronic store credit cards.
3) Keep your credit accounts open and active. Some credit card companies offer advantages to new customers through promotional low or no interest rates or flexible payment options. Don't just open the account to take advantage of the promotion and then close the account. Doing that has a negative effect on your credit. The longer you have an account open, active, and in good standing the stronger your credit will become.
A strong credit score can open doors for you giving you the ability to get loans and get the best interest rates for all your loans. There are several companies that will monitor your credit for you, but you can also check your credit for free at freecreditreport.com.
If you are interested in obtaining credit for your new home you can contact me and I will direct you to a loan specialist. First time home buyers are welcome! I have lots of information available. Good luck building your credit and achieving your dreams!
Contact me for information on buying or selling homes in Delaware!
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