Getting the best rates in today’s market requires a good credit score. Lenders today are looking for a credit score above 740. If you are looking to purchase a home, it is important to know how to improve your credit score. According to Gina Qualls, our partner at Community Trust Bank, when they look at your credit, they receive a report from all three credit bureaus: Equifax, TransUnion and Experian. They take the middle score reported by these bureaus and that is the score used when determining your rate.
In order to improve your credit score, be sure that you are consistently paying your bills on time. This is one of the biggest factors in maintaining or raising your credit score and being consistent in this habit will help improve your credit it. Be sure to keep the balance of your credit cards down, and never charge them to the maximum of your limit.
Be wary of bill collections; not paying your Doctor or cell phone bill could result in having that bill sent to a collection agency. It doesn’t matter how big the bill is; it still negatively effects your credit for years. If you would like to improve your credit score, it is imperative that you avoid dealing with collection agencies.
Credit inquiries should be infrequent. Your credit score is affected whenever it is viewed. If you are looking to improve your credit score, you should make sure that it is only viewed whenever it is absolutely necessary.
Michelle Taylor, Vicki Sills, and Gina Qualls of Community Trust Bank are available to help you determine your financial standing in the home-buying process, and can help you apply for a home loan! They also have plenty of advice to help you improve your credit score to aid in the home-buying process.
If you would like to find out what your credit score is, and to determine whether or not you need to improve your credit score, visit our website to get in touch with one of these skilled professionals today!
If you already know that you do not need to improve your credit score, they can also help give you information in regard to various loans, and can even take you through the pre-qualifying process.
Community Trust Bank can give you information regarding Rural Development Loans, FHA, and/or conventional loans. Click here to see if you need to improve your credit score.
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