credit fitness 101Credit Fitness 101.  Many Buyers will be facing tight lending standards and will need to improve their credit score in order to get prequalified or preapproved for a mortgage.  Listed below are a few tips on how speed credit repair or gain lender approval.

1.  Pay revolving credit cards down is generally more beneficial than, for example, paying down student loans, mortgage or auto loans.

2.  Always leave a 30% or higher gap between what you owe on the card and the card's limit.  Lenders often look for this minimum gap.

3.  Use cards with care, even if you pay off balances each month because depending upon statement dates, the lender may see big balances.credit fitness 101

4.  Pay down the cards closest to their limits first for speedier credit repair.  The lender will then see the "gap" it wants to see.

5.  Don't ask creditors to lower credit limits.  Generally, carrying smaller balances on several cards is better than one large balance on one card.

6.  Check your credit card limits to make sure they report is correct.  Limits may not be reported on all cards.

7.  Never make a late payment on credit cards or any loan.

Mark Schweller

Schweller Properties

Keller Williams Realty

www.SchwellerProperties.com

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3 Comments on Credit Fitness 101

FEB
07
2011

good read... thanks. mark and karen rockford, il
12:57pm • #1
157,547 Points Called Shot Master

Useful tips.  Thanks for the post.
1:08pm • #2

I always stress this to future clients trying to clean up credit. It's amazing how many don't realize how credit works! Thanks for the post.
1:31pm • #3


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Schweller Properties

Brentwood, CA

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Keller Williams Realty

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