Do Buyers Need Help With Their Credit Fitness

Do Buyers Need Help With Their Credit Fitness

  • 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!

Andy Walker Headshot
Phone: 201-424-8628
Dated: September 16th 2012
Views: 1,793
About Andy: Having lived in New Jersey for over 20 years, I have been a top producing Realtor and member of the ...

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