Credit .....

By
Real Estate Agent with Coldwell Banker Residential Brokerage

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. However, transferring credit card debt from one card to another could lower your score.3. Don't charge your credit cards to the maximum limit.4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year.5. Don't purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.6. Don't 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.

Posted by

Fred Dorsey 

Realtor/ Notary

Douglas Realty LLC

Maryland Office 301.842.7156

Global Office       866.987.3937

fred@freddorseyre.com

www.freddorseyre.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,516,296
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Always a good subject to explore until you can reach the point where you don't have to

Mar 09, 2014 11:20 PM #1
Ambassador
1,956,919
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi there Fred,

Thanks for this post - it sure covers the basics of what folks need to do to ensure good credit.

Mar 10, 2014 03:51 AM #2
Rainmaker
2,058,701
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Fred - these are good points for people to follow.  Many don't understand.  Your blog helps.

Mar 10, 2014 04:44 AM #3
Rainer
85,425
Fred Dorsey
Coldwell Banker Residential Brokerage - Rockville, MD
Montgomery County Probate Expert

Thanks for the comments. I'm just trying to help educate people.  

Mar 10, 2014 08:02 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
85,425

Fred Dorsey

Montgomery County Probate Expert
What Questions Do You Have?
*
*
*
*
Spam prevention

Additional Information