Springfield Missouri Home Buyers Use These Tips To Improve Your Credit Score
Your credit score and your total income and debt are big contributing factors in determining whether you’ll qualify for a mortgage and what your loan terms will be. You can help boost your credit score by following these tips:
First get a free copy of your credit report at annualcreditreport.com and check for errors. If you find any mistakes, get them corrected.
Pay down your credit card balances. Start with the cards with the highest interest rates. If possible, pay off the entire card balance every month. Don’t charge your credit cards to the maximum limit.
Don't buy new furniture or big ticket items for your new home before your home closes. It can change your credit score. Its also best not to open any new credit card accounts before applying for a loan. Too much available credit can also lower your score.
When you shop for mortgage rates do it 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.
Avoid in-store financing of electronics, appliances, etc... Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.
Be careful about companies that promise to fix your credit for you. Do not use a credit repair company that offers to "wipe out bankruptcies" or to remove accurate negative information from your credit history. Make sure they provide written details of what they will do and what your rights are before signing a contract. The agreement should also include a right to cancel lasting at least three days, in case you change your mind.
About The Authors: Betty Knowles is a full-time REALTOR® with Coldwell Banker Vanguard REALTORS® in Springfield, MO and proudly serves on the board of the Greater Springfield Board of REALTORS®. She also served as President of Women’s Council Of REALTORS® in Southwest Missouri. Betty’s genuine passion is helping people buy and sell homes in Springfield, Ozark, Nixa, and surrounding communities.
John Knowles is likewise a full-time REALTOR® with Coldwell Banker Vanguard and a member of the Greater Springfield Board of REALTORS®. A self-proclaimed computer geek, John is talented at developing real estate websites, videos, photography, blogs, search engine optimization and other technical skills essential to marketing and selling real estate in Springfield MO.
Together this dynamic team makes up TeamKnowles REALTORS®, Spouses Selling Houses! They are dedicated to doing what it takes to sell your home in the greater Springfield real estate market, or help you purchase a home that fits your particular needs. Give TeamKnowles a call today; you’ll be glad you did!
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