In a mortgage lender’s eyes, the higher your score, the more likely it is you will pay off your debt. Credit stability and history are important factors when a lender considers your application for a loan and can translate into a lower interest rate. Here are some helpful tips to keep your credit in good standing.
• Apply for and open new credit accounts only as needed.
• If you have missed payments, get current and stay current.
• Do not close existing credit card accounts that are unused. Part of your score is based on your credit history. Your old credit cards still provide a benefit to your overall credit history.
• Keep credit card balances low and do not charge more than 30% of the credit limit.
• Pre-screened credit card offers are not an automatic approval for credit and process a hard credit inquiry that can negatively affect your credit score. Read and understand the terms of these offers before proceeding.
• If you charge day-to-day expenses, pay them in full each month.
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