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September
13
13
Improving Your Credit Score in 2021 May Be Easier Than You Think
One little number can have a big impact on your ability to qualify for a loan. It's your credit score, and if you do the following, you could see significant gains that can save you a lot of money on the Rochester homes for sale or Saint Cloud homes for sale you have your eye on.
- Monitor Your Credit
Sign up for a credit monitoring service. There are numerous options to choose from that are absolutely free. You can sign up through many credit card providers, CreditKarma, and others. These programs make it easy to see how your score is performing and where you can take action to improve everything from your credit utilization rates to any negative information or errors on your report. - Use Your Cards Wisely
You should never use more than 30% of your available credit on any card. It's advisable to pay down your balances as much as possible. When possible, pay them off entirely. If you need to, shift balances from high-interest cards to cards with lower rates. This will have the added advantage of ensuring more of your payment goes towards the principal, which will help you pay the balance off a little faster. - Don't Open New Cards, Don't Close Open Accounts
Opening new cards can shave points off your credit score. Similarly, closing old accounts can reduce the length of your credit history, which also reduces your credit score. Instead, keep old accounts active and use old charge cards periodically to keep them active. - Clean It Up
The number of errors on credit reports is absolutely astounding. However, there are laws in place to protect you if there is an error in your report. Filing disputes with the credit bureau is the first thing you should do if a creditor has made a mistake. This gives them 35 days to respond, after which, if the error is a true error, they must remove it from your credit report. - Get Current on Payments
Hiccups occur, and payments slip. If you have a personal loan, mortgage payment, car payment, etc., that's fallen behind, get current. In some cases, if you pay off any outstanding balances or get current on a loan obligation, the creditor will remove negative information from your credit report. Your payment history accounts for 35% of your credit score, so it's worth taking the time to make sure you're on top of your financial obligations. - Set Goals
It's one thing to set a goal of improving your credit; it's even better when you put a number by your goal. The best rates go to borrowers with credit scores above 800, but you can still get great rates at 740-799. When you set a specific goal, it makes it easier to stay focused on reaching it. If you're unsure what score you need, meet with your lender to learn more about their lending guidelines. They will tell you where you need to be and what types of loans you can qualify for with your desired credit score.
Ready to buy the home of your dreams? We'll help you reach your goals, and we invite you to call today to learn more about the steps we recommend taking before you start searching for real estate in the region.