How To Ensure A High Credit Score
Your credit score and past credit history play a very important role in getting approved for a mortgage. A stronger credit score ensures a stronger credit history, which makes it more likely that Lenders will approve your application for a loan. In addition, Lenders offer better rates to those with higher credit scores.
Your credit score and past credit history is maintained in your credit report that also includes detailed information of all your past debts, finances and how well you have repaid your debts. Looking at your credit report, a lender can make a decision on your loan application. Contact The Thompson Team in Central Florida and they will arrange for you to meet with a mortgage specialist, who can obtain your credit report, and review it in detail with you. You may also fill out this form, and a mortgage specialist will call you to review your credit with you.
Here are some tips that will help you in maintaining a good credit rating.
Tips for Having a High Credit Score:Pay your bills on time. Make sure that you do not miss any deadlines. If you have missed payments earlier, avoid it in future.Get your credit report a few months before you apply for a mortgage loan and review your credit score. This will also help you correct any errors in the report.Shop for a mortgage within a 2 or 3-week period. Do not prolong this period. If your credit is pulled often in a small time period, it will cause damage to your score. If you continually get your credit report pulled month after month, this will definatly lower your score. [Get more information on why this helps by getting the Mortgage and Home Buyers Manual]Maintain small balances on credit cards and other loans. The closer you are to the limit on your cards, the lower your credit score will be. Use your credit cards responsibly.If there are any blemishes on the report, attempt to get them removed.If you have any credit problems consult a credit counselor that The Thompson Team can recommend by calling The Thompson Team in Central Florida @(863)325-8217.