Buyers-Things You Need to Pay Attention While Improving your Credit

By
Real Estate Agent with RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590

Buyers-Things You Need to Pay Attention While Improving your Credit

 

Won't it be a perfect world when you are ready to buy a house, a car, or anything requires credit check, and your credit are sparkling clean to go?  But in the real world, many of us probably need to work on our credit before a major purchase, it can take from 3 months to up to an year or even more, it depends how much you need to repair your credit.

While you are trying to improve your credit, there are a few things you need to pay extra attention, in order not to make your score even lower.

credit repair**Don't open any new credit card account if you already have an existing account, just pay them on time and in full when the monthly statement comes. Don't just pay the minimum payment.

**Pay your bills on time and don't be late, you are trying to avoid new collection shows up on your credit report.

**New cell phone account can also pull your credit score down.

 

I am a REALTOR®, not a mortgage lender, but these are some of the basic steps you can do to help to improve your credit score.  Contact your lender for more details how to repair your credit, each person has their unique circumstances.   Any good lender is willing to discuss your credit matter with you.  But you can call me if I can help you with your real estate matters.

It takes time and patience to repair credit score, it is a process and it can be done.  But I need your help to do your part before I can help you with your new home purchase.  

 

 

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Serving Marion, West Memphis, Crawfordsville, Hughes, Horseshoe Lake, and surrounding areas.  If you are planning to sell or buy, please feel free to give me a call, find out if I am the right agent for you.

 

 

 

Rita Fong, REALTOR®

RE/MAX Real Estate Today

1813 Highway 77  Marion, Ark. 72364

cell:901-488-9590

office:870-735-4663

fax:870-735-4668

http://www.ritafong.remaxarkansas.com

Like me @ facebook

 

 

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Kay Van Kampen 08/08/2010 04:07 AM
  2. Dan Edward Phillips 08/09/2010 02:01 AM
Topic:
ActiveRain Community
Location:
Arkansas Crittenden County Marion
Groups:
Anything Arkansas
1st Time Buyers
Posts to Localism
RE/MAX Active Rain Bloggers
Tags:
credit
credit score
credit repair
improve credit
real estate
buy a house
new home purchase
credit card
credit report

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Show All Comments
Rainmaker
131,586
Shelley Rowton
Move To Realty - Austin, TX
ABR, RSPS - (512) 507-5779 MoveToRealty of Austin

It would also help to manage your credit and your score by knowing when accounts report to the bureaus.  I always make sure that my balances are at their lowest (or completely paid off) before reporting time - long before the due date.  This ensures that your debt-to-credit ratio is lower.

Aug 07, 2010 04:58 PM #1
Rainmaker
613,650
Todd & Devona Garrigus
Garrigus Real Estate - Beaumont, CA
Broker / REALTORS®

Rita - Great blog. Credit conscious people need to also watch their credit like a hawk. They can get a free look at all three agencies reporting of their credit each year at www.AnnualCreditReport.com.

Aug 07, 2010 05:04 PM #2
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Shelley, and yes, that is a smart way to get the score in good shape.

Todd and Devona, thank you for adding the link, and it is so easy to keep track with the credit report nowadays.

Aug 07, 2010 05:11 PM #3
Rainmaker
734,112
Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Hi Rita, another excellent post, I had forgotten about the cell phone accounts!

Aug 07, 2010 05:12 PM #4
Rainmaker
137,563
Mary Kay Hopkins
Mary Kay Hopkins, LLC e-PRO, GRI, CRS, CRB - Lake Charles, LA
e-PRO,GRI,CRS

Rita, this is the sort of information that some of us know, but forget to remind our clients. Thanks.

Aug 07, 2010 05:14 PM #5
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Dan, thank you for your kind words.  Many daily matters can help or hurt our credit, and we sometimes just forget about it.

Mary Kay, we sometimes so focus on many things else, it is easy to slip our mind.  Thanks for coming by!

Aug 07, 2010 05:19 PM #6
Rainer
144,688
Kaera Mims
Liz Moore & Associates - Fort Monroe, VA
Associate Broker, e-PRO, REALTOR; Hampton, Newport News, York Co.

Great information Rita. Thanks for sharing! We in addition to the lenders are a great asset to our clients to point them in the right direction to have that "sparkly" credit report! 

Aug 07, 2010 05:38 PM #7
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Kaera, we work closely with lender and share the same goal, to help our clients to achieve their home purchase dream.  But without guidance, most of the consumers have no clue what to do and what not to do.  Thanks for stopping by!

Aug 07, 2010 06:01 PM #8
Rainer
23,901
Jason Montoya
Finance of America Mortgage - San Diego, CA
Res. & Coml. Mortgage Banker

Good information.  I'm working with a client now who has pretty severely brought her score down and has a few months to go to get to where she needs to be to qualify for a loan.  If I hadn't stepped in and given her some tips though she and her agent might have been looking at a year or more for her to qualify for anything.

Aug 07, 2010 07:07 PM #9
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Jason, glad they have a lender like you to walk with them, it is so important for us agent to work close with a lender to help our clients, you guys are our lighthouse, my opinion.  Thanks.

Aug 08, 2010 03:05 AM #10
Rainmaker
946,031
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Rita, great post.  Wouldn't it be great if all home buyers had great credit.  This country wouldn't be in the turmoil it's in right now.  I suggested you for a featured post.

Aug 08, 2010 04:04 AM #11
Rainmaker
621,739
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Great post....I think although as a Realtor we aren't lenders...we still owe it to clients...now or future ones...to help them get ready to buy....even if it takes a few months...or longer to get their ducks in a row!!!    Nothing is more rewarding than when soem one follows your advice and you do get them easily into a home!!!

Aug 08, 2010 04:13 AM #12
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Kay, thank you!  Let me tell you how many customers I have can't buy yet.  I had worked with so many of them till they can buy, it really takes patience to get to the point to buy.

Deborah, many customers are scared to ask, if we can work with them and give them some solid advice, and help them to get into buying, that is a great feeling for both parties.  Thanks!

Aug 08, 2010 04:24 AM #13
Rainmaker
176,362
Maya Thomas, Broker
Tampa, FL
Please see my client recommendations.

Great advice!  So many buyers feel terrible about their credit.  There is no need to feel bad when you can do something to fix it.

Aug 13, 2010 05:59 AM #14
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Maya, believe me, I stick with so many buyers who need to fix their credit, I keep in touch with them and then the day when they can buy, it is such a wonderful feeling!

Aug 13, 2010 06:59 AM #15
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Rainmaker
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Rita Fong

Realtor - Marion Arkansas Homes for Sale
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