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The Helpful Hints Of Improving Credit:
Sometimes you may go about your time looking at things to get, for example a new vehicle, house, boat, etc. But you find yourself with a lower credit rate than you would hope for. Fear not! There are ways that can help you improve your credit, and guess what, we’ve gathered it below! Feel free to take any of these options into consideration, as they all will prove useful!
Watch those credit card balances: One major factor in your credit score is how much revolving credit you have versus how much you’re actually using. The smaller that percentage is, the better it is for your credit rating.
Eliminate credit card balances: A good way to improve your credit score is to eliminate nuisance balances. Those are the small balances you have on a number of credit cards.
Use your calendar: If you’re shopping for a home, car or student loan, it pays to do your rate shopping within a short time period. Every time you apply for credit, it can cause a small dip in your credit score that lasts a year. That’s because if someone is making multiple applications for credit, it usually means he or she wants to use more credit. However, with three kinds of loans – mortgage, auto and more recently, student loans – scoring formulas allow for the fact that you’ll make multiple applications but take out only one loan.
Pay bills on time: If you’re planning a major purchase (like a home or a car), you might be scrambling to assemble one big chunk of cash.While you’re juggling bills, you don’t want to start paying bills late. Even if you’re sitting on a pile of savings, a drop in your score could scuttle that dream deal. One of the biggest ingredients in a good credit score is simply month after month of plain-vanilla, on-time payments. Saving money for a major purchase is smart. Just don’t slight the regular bills to do it.
Don’t obsess: You should be laser-focused on your credit score when you know you’ll soon need credit. In the interim, pay your bills and use credit responsibly. Your score will reflect these smart spending behaviors. If you are denied credit (or don’t qualify for the lender’s best rate), the lender has to show you the credit score it used, thanks to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
*This article does not represent legal interpretation or advice. This article is for information, illustrative and entertainment purposes only and does not purport to show actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular investment action. This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Seattle Mortgage Brokers, LLC NMLS: LO# 305371/1598279 | MB# 761615