Increase Your Credit Score Before You Apply for a Mortgage
There’s no question but that the single most important
determiner of whether or not you’re approved for a mortgage is your credit
score. A lot of people think they’ll just go in and apply and “see what
happens.” Don’t do it! Every time your credit score is requested, it goes down;
so you want to wait until it’s at an optimal high before you go through the
actual mortgage application.
So what can you do right now to improve your score?
- 1. As we just mentioned, limit your exposure. Credit scores can be influenced by the number of times the score is requested and reviewed, so keep this to a minimum.
- 2. Don’t take out more than one major loan at a time. A mortgage is fine, as is one automobile loan at a time. Revolving credit (on credit cards, for example) should be seen as a temporary situation and repaid quickly.
- 3. You don’t need all those credit cards. Seriously. If there’s a credit card that you haven’t used for a while, get rid of it. In fact, keep your open credit cards to a bare minimum. If there’s an emergency, you can always apply for a new one.
- 4. We all need to use credit cards sometimes. But try only using up to 50% of the credit you’re allowed on your revolving credit accounts, and you’re far less likely to fall behind.
- 5. And, speaking of which, don’t. It may seem obvious, but falling behind on your credit is a very quick way to reduce your credit scores.
Want help? Avrus Financial Services are here to guide you
through the processes of repairing your credit, obtaining a mortgage, and
planning for your financial future. Just ask us how!
Labels: how to improve credit score, how to raise your credit score, increase your credit score, ways to increase your credit score
posted by Avrus Mortgage @ Wednesday, August 29, 2012
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1 Comments:
Avrus can educate you, and help you learn how successful mortgage brokers use rapid re-score rescoring it fast by increasing your mortgage credit scores and close on your loan easier. Mortgage credit reports can save you tons of money with lower interest rates over the course of the loan.
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