The economy has been under great pressure for past few years and most of the banks have rather stringent rules and regulations for borrowers. The market is full of foreclosure and short sales which have already poisoned the real selling market. In such a situation, it can be really hard for a home buyer to get appropriate loan amount for purchasing new property. Banks have rising qualification standards for borrowers and it will definitely require some outstanding credit score for getting pre-approved for the transaction. Every Menifee realtor should help his potential buyers in gaining nice credit rating with some simple tips to follow. I am going to discuss some of these tips for repairing your buyer’s credit score quickly.
Tips for Credit Card Usage
Credit card is the major methods used for all the billing and shopping purposes. This part of the post will discuss some important credit card tips for your potential clients.
•There should be a significant difference between the credit limit of the card and what you actually owe. It is better to maintain a gap of 30 percent or more because most of the lenders consider this to be an important factor.
•Avoid making late payments on credit cards and any other mortgage payments that you owe.
•Every lender will consider the statement date for your buyer’s credit card usage. Buyers with regular balance payment record should also pay special attention while using credit cards for various purposes.
•Avoid lowering credit limits on your existing cards. Most of the buyers commit the mistake of having large balance on a single card rather than small balances in multiple ones. It may be considered as a negative point with the lending banks perspective.
•Keep a close look at your annual credit report and make sure that everything is mentioned correctly. A big mistake is enough to disqualify you from getting the loan.
What you should do with your annual credit report?
It is very important to study your annual credit report thoroughly. Most of the credit reports do not mention credit card limits and it is possible to have some mistakes in your report.
•Inform authorities for anything that is incorrect and any payments that are mistakenly listed on your report.
•Always focus on the latest points with the potential of having negative impact on your report and resolve them first.
Well, there are a lot many tips that can guide your potential customer to a better credit score and as responsible Menifee realtors, we should help our customers under any possible circumstances.
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