Posts from August 12th, 2019
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12
Buying a House: How Do I Raise My Credit Score?
Searching for Brighton homes for sale is an exciting experience. Our REALTORS® want to ensure that you're fully prepared to make an offer that puts the deed in your hand and the keys in your pocket. Unfortunately, many homebuyers don't realize that there are a few elements within a real estate transaction that may prevent you from owning your dream home — especially your credit score.
Credit scores change over time, and although you may be diligent and responsible with your debt, a mistake can drop your credit score to a level that's not attractive to mortgage lenders. A fraudulent or incorrect transaction that you're unaware of can also harm your score. Credit scores range from 300 to 800; the higher the score, the better it looks in the eyes of lenders. Thankfully, even a really low credit score can be raised to an acceptable level with a little planning and discipline. Here are five ways home buyers can increase their credit score while house hunting.
- Keep an eye on your credit score.
To take care of your credit score you first must know what it is. One of the worst things you can do is not check this number regularly. Many financial institutions and credit card companies even offer free credit score reporting every month. This enables you to see your score each month without potentially lowering it. If your report seems lower than it should be, investigate the previous months that show a drop. There's always a possibility that your card may have been used fraudulently. If you see a transaction that wasn't yours, report it immediately.