Beef up your credit score
There is so much confusion concerning qualifying for a loan and credit scores I thought I would have our mortgage banker to write a few words concerning credit scores.
These tips are from our Leah Odon with Home Mortgage company an affiliate of Guaranty Bank
Her are a few tips to help improve your credit score and increase your buying power.
1. Pay your bills on time. This is basic but it’s the biggest impact on your score. The more recent a late payment the more negative the impact to your score.
2. Pay down your balances and charge less. Part of your score is based on the percent of balances owed against available credit. The lower your balances the better. Don’t close old, paid off accounts as this improves your percentage.
3. Only apply for credit you really need. Inquires are a minor part of your score however they can cause a “dip”
For a more complete information contact your mortgage professional for a consultant or Leah at Leah.odom@gbmailcom if your thinking of buying a home
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