Tips on Establishing Credit


Want to Buy a Home? You’ll Need to Pay Attention to Your Credit!

Maybe you were hoping to buy a home, but the bank turned you down. Or, possibly you aren’t really in the market yet, but you want to position yourself so you qualify for a mortgage when it is time. Either way, you’ll need to pay close attention to your credit score. If you don’t, you won’t easily find an institution to loan you the money you need.

You’ll need to take a serious look at your finances before the bank will take you seriously. For a start, you’ll want to obtain a copy of your credit reports. Even if you’re happy with your score, work your way through these reports, looking for errors. Clearing these up can raise your overall credit score.

Then, you’ll need to work on clearing up as much of your debt as possible. Unfortunately, these dents in your record typically take a little longer to rectify than mistakes, but it is possible to raise your score by paying off debt.

Here are some tips for improving your credit score:

  • Make payments, including rent, credit cards, and car loans, on time.
  • Keep your spending to no more than 30% of your limit on credit cards.
  • Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
  • Check for errors on your credit report and work toward fixing them.
  • Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
  • Work with a credit counselor or a lender to improve your score.

Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.

Before you begin a serious home search, call me today and I can help!


RossMery Mosquera

Cel: 917-515-9783

VISIT US https://www.NYCtophomes.com










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