5 months ago
As your mortgage lender, we use your FICO score along with other factors, such as your debt to income ratio, employment and credit history to determine your credit worthiness. To improve your credit rating, DO the following:
Above all, DO call or email us for a credit review so we can go through the ins-and-outs of all things “credit.”
Also keep in mind the following tips:
- Do correct any errors on your credit report. This is a fast way to raise your credit score. We can help you with this.
- Do reduce any high balances on credit cards. This also is a fast way to improve your credit rating. It’s best to keep your balance at or below 30% of the credit limit (i.e. if your credit card’s limit $10,000, be sure to keep the balance below $3,000). Please call us before paying down any debt as it may NOT be the best move for your particular case.
- Do pay your bills on time. If you missed payments, get current and stay current. The longer you pay your bills on time, the better your credit score.
- Do contact your creditors or see a legitimate credit counselor if you’re having trouble paying bills. This won’t improve your credit score right away, but if you start paying on time, your score will eventually improve.
- Do keep balances low on credit cards. Lots of outstanding debt can hurt a credit rating. Please call us before paying down any debt as it may NOT be the best move for your particular case.
- Do use credit cards, but manage them responsibly. Having cards and installment loans and paying them on time will raise your credit score. People with no credit cards are usually a higher risk than people who use their credit cards properly.
We hope you find this information useful. As your dedicated team of mortgage experts, we’re here to assist you with any questions or concerns. Please feel free to contact us with questions anytime.
-The Kavanewsky Team
Share on Facebook