Tooele UT Home Buyers Can Improve Credit Scores
Good credit is important, and before you even apply for a mortgage you can do some things on your own that could improve the way a lender looks at your credit reliability.
Just a small uptick in your score can go a long way towards helping you acquire more favorable rates or in fact qualifying at all for your Tooele home. To see how important that might be, compare the Tooele County homes available in the $225 to $250 thousand dollar price range and the choices you would have in the $250,000 to $275,000 range.
5 Steps Towards a Better Credit Score You Can Take Today
When it comes to finding the best mortgage, your credit score is a major determinant as to the kinds of rates and conditions you can get. Lenders quite understandably want to manage their risk. But for a number of potential homeowners, these practices and policies can be a barrier to home ownership.
The good news? If your credit score isn't great, you can easily improve it and get better lending terms. Here are five steps you can take right now to give your credit a boost and help you get a more favorable ranking when buying your next home in Tooele.
Get Your Annual Credit Report And Dispute Errors
Simply disputing errors on your credit report is one of the easiest ways to give your score a boost. The FTC says that 1 in every 5 Americans has errors on their credit report that have an impact on their score. By simply disputing errors on your credit report, you can give your score a small boost almost overnight.
Miss A Few Payments? Talk To Your Lender
If you've missed a payment and it's more than 30 days past due, chances are your lender has already reported the missed payment. Once a missed payment is on your credit report, the fastest way to remove it is to talk to your lender. Get a written and signed agreement that if you pay the overdue balance, they'll report the account as 'paid in full.'
Ask For A Credit Increase
Your credit utilization ratio – the amount of credit you've used compared to the total amount available to you - makes up 30% of your FICO score. In general, experts say that using more than 30% of your available credit can harm your score. If you can't immediately pay down your debt below that 30% threshold, one great way to improve your credit is to ask for a credit limit increase.
Get A Co-Signer To Help
Having someone with good credit co-sign your lending agreement is a great way to improve your credit. When you get a co-signer for your credit card or car loan, the co-signer's good credit boosts your score. Just make sure you stay on top of payments – otherwise both you and the co-signer will see your credit scores fall.
Keep Good Debts On Your Report
While it is important to review your credit report and have any negative items removed, you'll want to ensure that any positive entries – debts you've paid in full – stay on the report. When your credit report shows debts as paid in full, your score increases because it shows that you're a responsible borrower.
Improving your credit score doesn't have to take years. These five strategies can help you to boost your credit overnight. Contact your local mortgage professional to learn more.
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