Improve Your Credit Score With These 5 Hacks

Our credit report tells a financial story of us as payers of debt, and it has a long memory. A low credit score means that you will be charged a much higher interest rate when you apply for a home loan. Additionally, you may be required to contribute a much larger down payment of cash. Finally, if your score is very low, you might simply be denied altogether, although virtually every mortgage company now has special programs designed to help those with bad credit get loans for home purchases. 

Because your credit score affects everything from qualifying for a car loan to, in some cases, qualifying you for employment, it makes since that having the best score will help you obtain your real estate goals. Here are the top 5 hacks to improve your credit score.

  1. If you have any collections or judgments against you, pay them off as quickly as possible.
  2. Pull your credit report at least once a year to review any discrepancies.
  3. Pay all your bills on time by utilizing payment reminders or automatic bill pay options.
  4. Don’t close your credit card accounts because then you’ll be using a higher percentage of your overall credit limit.
  5. Try to reduce your credit card debt to twenty-five percent or less of your credit line on each card.

The sooner you begin implementing these top 5 hacks to improve your credit score, the easier it will be when it’s time qualify for a home loan. If you’re ready to buy a home in Phoenix or if you’re ready to sell your Phoenix home, please contact The Regal Team today to assist you with your real estate needs!

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

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