Improve Your Credit Score Before Buying a House
Preparing your credit rating before purchasing your next house could save you money every month, and thousands of dollars over the life of your loan.
Here are some easy ‘Do’ and ‘Don’t’ tips which can make a big difference for minimizing your next interest rate.
Credit Tips; Do and Don’t:
Do pay your bills on time, and never pay your credit card, car loan or mortgage more than 29 days late.
Do pay off past due balances.
Do pay your Credit Card balances down. If you have money available to pay extra on any bills, pay down the balances on revolving accounts such as credit cards and
department store accounts.
Do call your Mortgage Professional; Before making any financial or credit decisions, call and ask.
Don’t consolidate your debt. Even though it may lower your overall payments, this may lower your credit score(s).
Don’t close revolving charge accounts. Even though this may be a good idea to keep from overspending, it will probably hurt your credit rating and lower your scores.
Don’t pay off collection accounts. It may seem that paying off a collection account would help, but it usually hurts your score in the short term. Call your mortgage professional and they can assist you in analyzing whether or not paying a collection is a good idea or not.
If we can help you with ideas and resources to save money on your next home loan, please call us anytime for a free expert consultation with Mallory.
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