A high credit score is one of the most important elements to the first time home buyer...or any home buyer these days. Home buyers with high credit scores are able to get the lowest interest rates on home mortgages. ( If you are holding out for that 4.5% interest rate you keep hearing about, a high credit score will be a MUST) As a first time home buyer, it is doubly important to have a high credit score.
Here are the basic tactics for getting a high credit score.
- Always pay your bills on time.
- Keep your credit card balances at zero, or at least very
low.
- Make more than the minimum monthly payments.
- Negotiate to remove negative items from your credit report.
- Borrow great credit from a relative or close friend which is known as Co-Borrowing. I would only recommend this as a last resort
If you are unsure what your credit report holds, go to www.freecreditreport.com, pull your credit, and see what your high balances are. Work on paying off the high balances or paying off any balances that are in collections. If you want a structured direction on what to do next, contact a Mortgage Consultant. If you need names, please feel free to contact me.
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