Considering a New Home Soon? Start Now and Get a Jump on Improving Your Credit Score – It Can Only Help
In the market for a new home in 2021? There is no doubt it is a seller’s market. It helps if you have more money and can qualify for a conventional loan. It makes your offer stronger and that is the key in a seller’s market when competing with multiple other offers on the same property. Now that we are well into the new year, it is a great time to get your finances in order. Let’s explore a few things that will help you get a jump on improving your credit score before it’s too late to purchase this year.
Grab A Fresh Copy
The first step is to order a fresh copy of your credit report from one of the major agencies. The Fair Credit Reporting Act allows you to access a free copy of your credit report once every 12 months. Now that covid has happened you can even check your credit score more frequently. So, if you have not ordered a copy recently, it is time to do so. You can access this free service through AnnualCreditReport.com, which is a website recommended by the Federal Trade Commission or any of the other many sites that offer free reports.Â
Note that it’s not recommended to use a search engine to search for “free credit report” or similar search terms. There are many impostor websites looking to obtain your personal financial information for nefarious purposes. Instead, stick with the government-recommended website listed above.
Clean Up Anything Outstanding
Now that you have a copy of your credit report, it’s time to go through it, line-by-line. You should recognize every current and outstanding account in the report. Any balances owing should be in order and reflect how much you owe. It’s critical that you flag any mistakes or old debts that you have already paid in full. If you come across anything that shouldn’t be on your credit report, call the reporting agency to let them know. If necessary, they will assist you with challenging the issue.
Pay Down Those High-Interest Debts
The final tip in today’s guide is to prioritize your outstanding debts so that you can pay them off more efficiently. The essential debt payments are your mandatory minimums, which you need to pay to avoid being sent to a collection agency. From there, try to pay off your debts with the highest interest rates first. Getting these paid off faster means that over time, you’re spending less on interest payments. Moreover, you can use that extra cash to pay your debts down further.
The above are just a few of the action steps that you can take today to start improving your credit score. When you’re ready to discuss a mortgage for your new home, give our team a call. We will be happy to advise you on the mortgage offer that suits your needs, budget and credit.
Use a Local Lender
It doesn’t matter if you are buying a home in Colorado or Florida you need a local lender that knows and understands the area. Using a national lender may seem like a good idea but it sometimes ends badly.
Southwest Florida Homes for Sale Posts:
- Experience Paradise on Marco Island FL - Finding… Experience Paradise on Marco Island - Find Your Dream Real Estate Now! Marco Island, Florida is a small paradise located in the Gulf of Mexico.…
- Downtown Naples Florida - Things to Do When In Naples #Downtown Naples Florida Downtown Naples, Florida is a charming and historic area that offers plenty of things to see and do. Some of the best…
- Why Sellers Need to Use Realtors and Sell Their Home FSBO Realtor Why Should Sellers Use a Realtor Instead of FSBOIntroductionThere are a lot of reasons why you should use a realtor when you decide to…
- Real Estate Agents Fort Myers Florida Danny Skelly Real Estate Real Estate Agents Fort Myers Florida Dan Skelly 239-933-1766 Platinum Real Estate 678 Bald Eagle Drive, Marco Island, Florida, 34145 Real…
- Buying a Luxury Home In Naples Florida Buying a Luxury Home in Naples Florida If you're looking to buy a luxury home in Naples Florida, then you should know that there is no…
- Where are the best places to live in Southwest Florida? Where is the Best Place to Buy a Home in Southwest Florida? Southwest Florida's real estate market is taking off once again. The inventory is…
Leave A Comment
You must be logged in to post a comment.