Credit Score Boosting Tips for Your Mortgage Process
If you're thinking of buying a home, boosting your credit in any realistic way you can, is ALWAYS a good idea. Think of it this way, the better your credit score, the better your rate most likely. So, why not do everything you can to make this happen? On that note, our mortgage lenders at the Lake of the Ozarks are here to give you a few tips for boosting your credit score so that your mortgage process is BETTER, in this week's blog. If you have any questions or are interested in applying for a mortgage at the Lake of the Ozarks, please give us a call today. MHQ - Mortgage can be reached at (573) 302-9990.
Credit Score Boosting Tips for Your Mortgage Process
Do not open new store credit cards just to save on a purchase. New accounts can lower your score, and too many payments can be difficult to manage. Saving 10% on a $300 lawn mower means little if it costs you even just fractionally more on a $300,000 home loan.
Borrow only what you can afford to repay.
Make all of your payments on time.
Have an emergency account to pay for unexpected expenses
Check your report annually to contest and remove any erroneous information.
Do not open new accounts just to transfer balances for an introductory rate. In addition to possibly lowering your score, these offers often have traps. Instead, use them to leverage a lower rate from your existing card company.
Avoid excessive requests or inquiries for credit
Keep a high credit line and a low balance. Credit utilization ratios measure this relationship, and lower is better.
Maintain a variety of account types. A combination of revolving, installment and secured financing along with excellent records of payment will yield a higher score. Still, don't run out and open an account just to have diversity, as this is the least influential factor.
Do not close old accounts. If you have a good record of payments on old accounts, these will benefit your score. Using them occasionally and conservatively will keep them active and contribute toward a good score.
Do not be afraid to use credit. Without the use of credit, you will have no score, and that can be just as bad as a low one.
Interested In Applying For a Mortage at the Lake of the Ozarks?
All of us here at MHQ - Mortgage Headquarters hope that you found this blog enlightening and helpful. We are here to answer any questions you have about the mortgage process and get you the mortgage you need for that dream home! Please give us a call today to learn more about this. We can be reached at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.
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