Tips on How to Improve Your Credit Score
Hey folks, it's time to get real about your credit score. If you're anything like me, you probably don't pay much attention to it until it's time to apply for a loan or credit card. But did you know that your credit score can make or break your ability to obtain a mortgage loan?
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When you apply for a mortgage loan, lenders take a close look at your credit score and credit history. They want to know if you're a responsible borrower who will pay back the loan on time and in full. A good credit score can help you qualify for a mortgage loan with a lower interest rate and better terms, while a poor credit score can make it more difficult to get approved and result in higher interest rates and less favorable terms.
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In short, your credit score is one of the most important factors that lenders consider when deciding whether to approve you for a mortgage loan. By taking steps to improve your credit score, you can increase your chances of getting approved for a loan with better terms and save yourself thousands of dollars in the process.
1. Check your credit report regularly
This is a no-brainer, but it's worth repeating. Make sure to check your credit report for any errors or fraudulent activity. You can get a free credit report from each of the three major credit bureaus every year, so take advantage of it.
2. Pay your bills on time
This one seems obvious, but it's worth emphasizing. Late payments can have a big impact on your credit score, so set up automatic payments or reminders to make sure you're always on time.
3. Lower your credit utilization ratio
Your credit utilization ratio is the amount of credit you're using compared to your credit limit. Aim to keep your utilization ratio under 30% to improve your score.
1. Check your credit report regularly
This is a no-brainer, but it's worth repeating. Make sure to check your credit report for any errors or fraudulent activity. You can get a free credit report from each of the three major credit bureaus every year, so take advantage of it.
2. Pay your bills
on time
This one seems obvious, but it's worth emphasizing. Late payments can have a big impact on your credit score, so set up automatic payments or reminders to make sure you're always on time.
3. Lower your credit utilization ratio
Your credit utilization ratio is the amount of credit you're using compared to your credit limit. Aim to keep your utilization ratio under 30% to improve your score.
4. Increase your credit limit
If you're struggling to keep your credit utilization ratio low, consider asking for a credit limit increase. Just make sure not to use the extra credit as an excuse to spend more.
5. Diversify your credit
Having a mix of credit types (like a credit card, auto loan, and mortgage) can improve your credit score. But don't open new accounts just to add diversity - only take on credit that you actually need and can handle responsibly.
4. Increase your
credit limit
If you're struggling to keep your credit utilization ratio low, consider asking for a credit limit increase. Just make sure not to use the extra credit as an excuse to spend more.
5. Diversify your credit
Having a mix of credit types (like a credit card, auto loan, and mortgage) can improve your credit score. But don't open new accounts just to add diversity - only take on credit that you actually need and can handle responsibly.
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Refinancing youe loan and when to do it
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"David is incredibly knowledgeable and passionate about his work. Every question I ask him is answered promptly and thoroughly. When necessary, he’s direct and forthright. He’s also kind and empathetic. His skills and qualities add up to a Mortgage Advisor that you WANT on your side."
- Kevin M.
"David is one of the most competent and sincere mortgage lenders I’ve had the opportunity to work with. He’s the epitome of excellence, driven by his passion to serve others."
- Steve D.
“David and his team were amazing to work with. We had a very challenging situation and they were there with us every step of the way until we closed on our home.”
- Richard M.C.
"David is incredibly knowledgeable and passionate about his work. Every question I ask him is answered promptly and thoroughly. When necessary, he’s direct and forthright. He’s also kind and empathetic. His skills and qualities add up to a Mortgage Advisor that you WANT on your side."
- Kevin M.
"David is one of the most competent and sincere mortgage lenders I’ve had the opportunity to work with. He’s the epitome of excellence, driven by his passion to serve others."
- Steve D.
“David and his team were amazing to work with. We had a very challenging situation and they were there with us every step of the way until we closed on our home.”
- Richard M.C.
"David has a high level of integrity & cares deeply for each of his clients. I highly recommend using his expertise in getting you the absolute best mortgage for your money. Do not throw away money to a landlord. Don't let the economy take away your ability to buy a home in this economy. Better to invest in your property that someone else's property!"
Bob D.
“David is patient, engaged, and so knowledgeable! We went through a long home-buying process, changing our minds often about what we wanted. David was with us every step of the way, going above and beyond to answer all of our questions and really helping us understand the daunting mortgage process. I have full confidence that David got us the best rate possible and will continue to keep us updated on when we should refinance down the line. I'm grateful to know that he is here as a guide for us for whatever the future may bring!”
Hannah F.
I am grateful to have had the opportunity to meet and work with David on several occasions. I immediately recognized David’s unparalleled product knowledge surpassed only by his genuine compassion and commitment to his client’s short term needs and long term financial well-being. David’s fierce commitment to excellence combined with an approachable, affable countenance make David the perfect client advocate and coach. I am blessed to call him a friend and professional partner. Anyone who has the goodluck of working with him will learn what I know - he’s the best!
Steve F.
"David has a high level of integrity & cares deeply for each of his clients. I highly recommend using his expertise in getting you the absolute best mortgage for your money. Do not throw away money to a landlord. Don't let the economy take away your ability to buy a home in this economy. Better to invest in your property that someone else's property!"
Bob D.
“David is patient, engaged, and so knowledgeable! We went through a long home-buying process, changing our minds often about what we wanted. David was with us every step of the way, going above and beyond to answer all of our questions and really helping us understand the daunting mortgage process. I have full confidence that David got us the best rate possible and will continue to keep us updated on when we should refinance down the line. I'm grateful to know that he is here as a guide for us for whatever the future may bring!”
Hannah F.
I am grateful to have had the opportunity to meet and work with David on several occasions. I immediately recognized David’s unparalleled product knowledge surpassed only by his genuine compassion and commitment to his client’s short term needs and long term financial well-being. David’s fierce commitment to excellence combined with an approachable, affable countenance make David the perfect client advocate and coach. I am blessed to call him a friend and professional partner. Anyone who has the goodluck of working with him will learn what I know - he’s the best!
Steve F.
Copyright ©2021 | The Infinite Team
Licensed to Do Business | NMLS# 328679
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | NEXA Mortgage
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226
Copyright ©2021 | The Infinite Team | NMLS# 328679
Licensed to do business in.. MN, WI, IA, ND
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226
https://nexamortgage.com