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Credit Scores change as your circumstances do, in fact, your score may be different among the three reporting agencies. Income to debt ratios, and credit scores help determine the loan and terms you can qualify for.
Below are some suggestions to help you improve your score, and obtain the mortgage you need for your new home.
1. Obtain a copy of your free credit report, check for and correct any errors..
2. Pay down credit cards rather than transfer debt from one card to the other.
3. Keep individual cards well under maximum limit.
4. Credit Card penalties diminish over time, problems carry less weight after a year, you may need to wait.
5. Make no large purchases on credit until loan is funded, not just approved.
6. Too much credit can lower your score. Dont open new accounts before applying for a mortgage.
7. Multiple inquiries from the same type of lender are counted as one. Shop for loans all at once.
8. Dont use Finance Companies, they may be considered a sign of poor money management.
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