8 Ways to Improve Your Credit!

By
Real Estate Agent with Precious Memories - Photography

Credit scores, along with your overall income and debt, are a big factor in determining if you'll qualify for a loan and what loan terms you'll be able to qualify for.


1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else's poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. Be careful though, transferring credit card debt from one card to another could lower your score.

3. Don't charge your credit cards to the max!

4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year.

5. Don't order items for your new home that you'll buy on credit, until after the loan is approved. The amounts will add to your debt.

6. Don't apply for credit or open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

 

--Our goal in maintaining this blog is to provide you with valuable information, tips, and general insight for buyers, sellers and investors in the Dallas Texas real estate market. If you choose to use Exceptional Realty Services, feel free to call us anytime, we'd be honored to help. We can assist you with the process of finding a home, help with getting a loan, information for relocation, listing and selling your home, investment tips and toolsforeclosure assistance, and short sale information.

 

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Christy Schleicher

Precious Memories - Dallas TX
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