Tips Boost Your Credit Score for Home Buying

Trying to boost your credit score for home buying this year? You’re not alone. With the recent news of the three largest credit-reporting firms – Equifax, Experian, and TransUnion –overhauling their reporting and error resolution practices more potential homebuyers are working on dusting off their credit reports to obtain financing for a home loan. Many of these new credit reporting changes will be implemented on a national basis roughly over the next three years. So here are tips to boost your credit score for home buying.

  • Don’t close your credit card accounts, because then you’ll be using a higher percentage of your overall credit limit.
  • Pay off the balance of your high interest rate credit cards and hide the card from yourself to avoid the temptation to use it.
  • If you have any collections or judgments against you, pay them off as quickly as possible.
  • Pay all your bills on time by utilizing payment reminders or automatic bill pay options.
  • Try to reduce your credit card debt to twenty-five percent or less of your credit line on each card.
  • Bring your over-the-limit and past-due accounts up-to-date.
  • Pull your credit report at least once a year to review any discrepancies

The sooner you start implementing positive steps towards improving your credit score, the easier it may be when it’s time to find financing for a home loan. If you’re looking to buy an Arizona home, please contact the Russo Team today to assist you with your home buying needs. Your complete satisfaction with our service and representation is always our number one priority! -Frank

www.RussoTeam.com
602-864-1200

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