When buying a home and applying for a mortgage, a good credit score is critical. A home can be purchased with less than stellar credit, but often at interest rates and terms that aren’t to your advantage. Improving a damaged credit score is something that takes time, patience and must be addressed long before making the move to apply for a mortgage. Here’s what to do.
When your credit score is low. On-time payments are the foundation of good credit. In other words, build good credit through good payment history. This is true for all debt — credit cards, personal loans, car loans and student loan debt. Set monthly reminders on your smartphone so you don’t forget a payment. Don’t charge more on your credit cards than you can handle in a single month. At the same time, set aside money to build and maintain an emergency fund. Without one, a financial crisis may lead to unmanageable debt levels that could ruin your credit score. Get a free credit report from all three reporting agencies: Experian, Equifax and Transunion. Access your credit report at www.AnnualCreditReport.com. It’s a good idea to check your report annually for errors.
Avoid credit repair scams. Be aware of credit repair companies that promise to restore your credit score for a fee. There are no quick fixes. In some states, such practices are illegal. Better to take the effort to clean things up yourself through persistence, hard work and good credit practices. For legitimate help, contact the National Foundation for Credit Counseling at https://www.nfcc.org/
Author:Nara Rakhmetova, MBA Phone: 202-491-5629 Dated: September 14th 2018 Views: 73 About Nara: My name is Nara Rakhmetova, I am a full time real estate consultant, specializing in Northern VA are...
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My name is Nara Rakhmetova, I am a full time real estate consultant, specializing in Northern VA area. I love my job and take every client's real estate needs personally. Many clients I helped in the past return to me when they again need to buy or sell, as well as send me their friends and family members. Introducing new technology into my services is very important to me. I am the only agent in the area offering Virtual Reality House Hunting service. Ask me how you can see homes for sale in Virtual Reality mode or list your home in VR mode. I take the stress out of the home buying or selling process and make the experience memorable and happy one. I do hope to get to help you as well.
"I really want to share my experience in buying real estate. I was happy with my real estate agent. Nara is a professional in the business. She provides a top class service. Nara understands the desires and requirements of the client. Her punctuality and responsibility has always fascinated me.
I am a foreigner who bought a property in America for the first time. My English is weak. Nara helped me with translations and terminology. I felt
confident and calm during every meeting with developers. Nara responds to emails and sms without delay. She always provides complete, specific and accurate information. She has helped me with the documentation, supported and gave valuable advice.
There is a case that would like to note in particular. I received an invitation from the developer for a pre-drywall inspection of the house. But unfortunately I was in India at the time. It was February, and the
outside temperature was 15F. Nara went for me, made a video of the whole process and sent it to me. I admire her dedication. She is very responsible, concerned,has an active position, optimistic, stress resistant, and a great sense of humor.
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Friends, if you need help to sell, buy, rent a property I would highly recommend you take the help of Nara. I guarantee that you will be satisfied."