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.
- 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.
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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