Many homebuyers now and into the foreseeable future will face tight lending standards and the need to improve their credit score to get prequalified or preapproved for mortgages. Here are some steps you can take to improve your credit
Paying revolving credit down is generally more beneficial than paying down student, mortgage or auto loans.
Always leave a 30 percent or higher gap between what you owe on the card and the cards limit. Lenders look for this minimum gap.
Use cards with care even if you pay off balances every month. Depending upon statement dates, the lender may see big balances.
Pay down the cards closest to their limits first for speedier credit repair. The lending bank will than see the "gap" it wants to see.
Do not ask a creditor to lower credit limits. Check your credit card limits to make sure the report is correct, and NEVER make a late payment on credit cards or a loan.
If you follow these few simple rules, hopefully when you go to get prequalified, your credit score will pleasantly surprise which in turn will not only help you get preapproved, but will also help you get the best interest rate possible!
Author:Andy Walker Phone: 201-424-8628 Dated: September 16th 2012 Views: 1,791 About Andy: Having lived in New Jersey for over 20 years, I have been a top producing Realtor and member of the ...
The Crawford Home Selling Team is one of the premier real estate teams in NJ. Consistently ranked in the top 100 teams in the country, our motto is treat every client like they are your only client. Give us a call and let us show you what we can do for you!
There are some interesting trends developing in the local Real Estate
"For Gordon Crawford:
Helped me buy a home
Gordon has helped me buy and sell several properties over the last ten years, with my most recent purchase in 12/2011 in Morris Township. I am always blown away by the expert advice that Gordon and his team bring to these transactions, and the excellent referrals to various specialty contractors that they have given me over the years. And of course, Gordon is a great guy and a lot of fun to work with!"