Top 10 Keys To Creating A Good Credit Score
Bottom line: You need to protect your score like a mama bear protects her cubs.
Here are some "Insider Tips" that I share with my clients to improve there credit rating.
1. Limit the amount of times your credit is "pulled" or looked at by other companies to give you more credit. Too many credit pulls can be dangerous.
2. Be very careful with shopping around for the best rates. Find a mortgage broker that you are comfortable with and allow then to shop for you.
3. Do NOT open new accounts for credit cards, car loans, furniture loans, ect. while you are in the home buying mindset.
4. Keep your credit balances around the middle of your credit limit. So if you have a $5,000 limit be sure to keep your balance around $2,500. High balances will actually lower your score, even when you pay on time.
5. Credit scores are based on what your credit limit is and what your balance is at the time. The credit bureaus will look for balances to be UNDER 50% of the credit limit.
6. Length of time that credit is established is very important.
7. Credit scores increase when you have open and active "trade lines" that are a minimum of 1 or 2 years old.
8. Do not be alarmed if you have NO credit.
9. Lenders will look at alternative credit such as cellular phones, insurance, utilities, ect. as a way of determining your ability to manage your bills (credit). Timely payments of all recurring monthly expenses are just as important as paying your housing (rent/mortgage) payments on time.
10. Be sure to pay for rents in check or money order form, or pay through an institution such as an apartment complex or management company. Documented payments will show as a positive housing history for you as a loan applicant.
Final thought: It is very important that you protect your credit rating. Even if you have some dings to your credit, it is vital to the loan process that you take steps to improve your credit report. There are many ways that your credit scores are impacted both positively and negatively.
Related Tags: mortgage, loans, credit
Steven Ridenour is a licensed Mortgage Broker and offers help to tons of people who have been turned down for home mortgages, and increase cash flow through debt consolidation for many families. Visit (www.ezafterhourslending.com) for Steve's no cost/no obligation credit review.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- What's In Your Credit Report?
IdentificationYour name, address, social security number, birthdate and previous and current employm - Pros And Cons Of Low Purchase Rate Credit Cards
Low interest credit cards are outstanding until the time period runs out. Most of these offers promo - Bad Credit Loan Scams
There are several bad credit loan scams out there. These are usually aimed at those that don't have - Successful Credit Repair Methods
If you bad credit, you are not alone. Fact of the matter is there are tens of thousands in the count - Auto Loans Bad Credit: Bad Credit Is Not An Obstacle Now
Now a days, people want their own Cars. Though there are Public Transport Systems, they do not watch - Credit Card Services For Your Business
Co Branded Credit cards can be very beneficial for you if you have a business. These cards are onlin - Will The Actual Natural Motion Endure Large Food? -- Horizon Milk
The natural food business may be going through major work day in energy in the past 10 years. Becaus - Prices Of Dlp Lamp Alternative Parts - Dlp Bulbs
Since you will have to purchase a DLP> lamp each and every few years, it might be useful to know the - Dlp Bulbs -- Facts About Dlp Lamp Replacement
With regards to technical breakthroughs there aren't many things that are more popular than tvs and - Ways Which Anybody May Restore Their Very Own Credit Rating Easily - Credit Repair For Dummies
If you listen to a lot of the actual ads which are available regarding credit>, more than likely you
Most viewed articles in this category:
- Credit - Repair
To make the life more comfortable people purchase lots of things from clothing to cars and homes tha - Helpful Tips For Using Low Interest Rate Credit Cards
People with good credit ratings often receive offers for low interest rate credit cards. A credit ca - Benefits to Businesses Accepting Credit Cards
Many business owners report a sharp increase in profit when they begin accepting credit cards as a m - How To Remove A Bankruptcy From Your Credit Report
Credit report repair can be a long, tedious process and one of the hardest items to get removed is a - Putting Low Interest Rate Credit Cards To Work
If you have a solid credit rating, then you may receive offers for low interest rate credit cards. Y - Buying A Car With A Personal Contract Purchase Loan
If you are looking to buy a car but are unsure whether or not a new car is worthwhile, then you shou - Credit Repair - Tips And Tricks That Work
When you apply for credit, your lender will request a credit report from a credit reporting agency. - Bad Credit Debt Consolidation
No doubt there are numerous bad credit personal loans but hunting for a secured loan for bad credit - Before You Buy
Check out the market in the area you want to buy. Find out what price houses are going for and - Find Out How To Improve Your Credit Score
As surprising as this may sound, the vast majority of consumers don't know what their credit score i
