5 Credit Boosting Hacks for Buying a Home

October 22, 2017

5 Credit Boosting Hacks for Buying a Home

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 5 credit boosting hacks for buying a home.

  1. Don’t close your credit card accounts, because then you’ll be using a higher percentage of your overall credit limit.
  2. Pay off the balance of your high interest rate credit cards and hide the card from yourself to avoid the temptation to use it.
  3. If you have any collections or judgments against you, pay them off as quickly as possible.
  4. Pay all your bills on time by utilizing payment reminders or automatic bill pay options.
  5. Try to reduce your credit card debt to twenty-five percent or less of your credit line on each card.

The sooner you start implementing these 5 credit boosting hacks the easier it will be when it’s time to find financing for a home loan. If you’d like more information about improving your credit, or if you’re looking to build a custom home in Prescott, then contact Crystal Creek Builders.

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