Increasing Your Credit Score
Good credit translates to lower interest rates for
borrowers. Here are just a few quick tips that can help put you in a better
position under the discerning eye of an underwriter!
·
Do
you have past due balances that have been neglected? If they are showing up on
your credit report and you want to purchase a home, make sure you bring them up
to current status whenever possible.
·
Do
you have outstanding debt that you can afford to pay off right now? Try to get
these accounts down to a zero balance, or at least a lower balance. If your
cash on hand doesn’t allow you to do this, try to distribute the debt amongst
other open credit cards. You can also consider opening a new line of credit and
transferring part of the balance off a card that is close to being “maxed out.”
If you can get the resulting balances below 50% of the available credit, you’re
on the road to improving your credit score considerably in most cases.
·
Do
not close existing credit card accounts, even if you don’t want to deal with
the company any more… Believe it or not, the credit history is a good thing to
have!
·
When
married couples keep separate credit card accounts, some or all of the balances
can be transferred to one spouse’s list of accounts. This gives the other
spouse an opportunity to increase their credit score and designate him or
herself as the sole borrower on the mortgage loan. Ownership of the home can
remain in both names!
·
See
if your credit provider will increase your available lines of credit. This can,
in turn, reduce the overall debt ratio, but only do this if your credit card
company can do that without a hard credit inquiry.
·
Do
you have past dues and charge-offs within the last two years? Pay them off now,
if you can! Past dues older than two years will have little to no impact on
your credit score if they are paid, but can possibly bring the score down,
which is something we don’t want to do... Focus on that 2-year time frame.
·
Do
you see errors in your report? Request the credit bureau delete any outstanding
debt that is incorrectly charged to you, or things
that should have been removed that you have already paid. They have an
obligation to reconcile this within 30 days. If you see items on your report
that are less than two years old and you have the money to pay it off now, mark
the back of your payment check with the following notation: “Accepting this
check is evidence that the transaction is complete and this charge will be
deleted from my credit record.” If necessary, you can use this cancelled check
as proof of the transaction in the event the outstanding debt is not removed
promptly and interferes with the closing of your loan.
Is
your credit score holding you back from buying a home or getting the lowest
rate and payment possible? Below is a
Credit Repair Company that I have used and highly recommend if you would like
increase your credit score quickly by professionals Lawyers who know how to get
it done Fast.
Interest
Rates are Rising Fast so the sooner you get your credit up, the sooner you can
lock in your Historically Low interest rate!
This
company also provides Fraud Protection by continually monitoring any strange
activity on your Credit Report. Identity
Theft is on the Rise and can cost you head aches and $$$$$$$ Thousands in
damages!
24
hour toll-free number: 866.348.8440. Agent ID: 5092
Click
Here for More info:
http://www.lexingtonlaw.com/Home.php?tid=662.0.5092