Buying A Home And Want To Raise Your Credit Score

Buying A Home And Want To Raise Your Credit Score

Buying A Home And Want To Raise Your Credit Score

Buying a home?  Want to improve your credit score to capture a better rate?  Here's how. 

  • Pay down your credit card balances.  Maxing out your cards will hurt your score. Aim to have 25-30% of your credit availablle and not in use. 

  • Pay off past due accounts to bring them current. Pay the newest first.

  • Pull a copy of your free credit report and review it for accuracy. If you find errors, write a letter to the credit agency reporting the inaccuracy.  If a debt shows up that has been paid, include copies of documentation such as cancelled checks or receipts. Send the letter by certified mail with return receipt requested.

  • Make sure  you pay all your bills on time.  Most lenders will look for a 12-24 month satisfactory payment history prior to loan application.

  • Don't request your credit report more than once or twice a year.  This will show up as a credit inquiry,  and when a lender sees a lot of inquiries, they assume it's due to applying for loans or credit cards. 

  • Pay off your credit cards with small balances and put most of your charges on one or two cards.



Jill Calderone is a real estate professional with EXIT Midlands Realty. Jill specializes in assisting clients in Chapin, Newberry, Columbia, Lake Murray, Lexington, Irmo and the surrounding areas. She can be reached on her cell phone at 803-606-4491




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Author:
Phone: 803-606-4491
Dated: September 27th 2016
Views: 271
About Jill: Jill is originally from Charlotte, N.C., and graduated from North Carolina State University with a B...

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EXIT Midlands Realty
200 Clark St PO Box 807
Chapin, SC
803-753-4961
803-345-6126