Credit Score Help - Blog

When you are buying a home, there are some things you should know about your credit to help you qualify and stay qualified during the process. First of all, DON?T apply for? any new credit. Every time your credit history is pulled, your credit score loses a few points! If you are close on qualifying, this can be a disaster!. Also, Don?t close any of your existing credit cards/accounts. Closing accounts can affect your score and history in general.? Many people try to get their debt ratio down by consolidating debt into one or two cards.? That actually makes it appear that you are maxed out on those cards which means usually your score will be penalized. Credit bureaus don?t like maxed out accounts. Try to not max out any of your cards or accounts. In fact, if you keep the balance under 40% of the limit, you? are better off during the loan process. Sometimes that isn?t possible, of course, and you should listen to the advice of your lender.? They know which way to go if you need to adjust items on your account.

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There are so ?good? things you can do to help your credit score. It is always a good idea to stay current on existing accounts like your mortgage and car payments. Even one 30 day late can cost you! If you normally use your credit cards and pay them off at the end of the month, keep doing that. Changing your pattern of how you use your credit can be a red flag and your score could go down over that. ?Again, get the advice of your lender, financial adviser ?or your accountant as to the best ways to keep your score high or help it go higher.?

Source: http://rainingcatsandblogs-snt.com/post/3501001/credit-score-help-do-s-and-don-ts-when-buying-a-home

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