How To Improve Your Credit Score

How To Improve Your Credit Score

Improve your Credit Score

WHAT YOU NEED TO UNDERSTAND ABOUT YOUR CREDIT SCORE

The First Step to getting approved for your new home is your credit score.

It is the first thing a lender is going to ask about.
You need to understand your credit score and  how to read your credit report correctly

You can also speak with our  lender , Brian Webber,  about your credit and what steps you need to take for approval.

If you have questions he can help you. 

EVERYTHING YOU NEED TO KNOW ABOUT CREDIT BUT WAS AFRAID TO ASK 

Your credit is a crucial part of the lender’s decision
on whether you get approved for a mortgage or not.

Your credit score will also determine the rates and point
structure the lender will offer you.

You may think your credit situation is hopeless. Just
remember that there is always the chance to improve it, 

even under the most challenging of circumstances. 

I have helped many people get into homes even when their banks originally said no.

The first step in the process is to get a copy of your credit report.

Go here to get a copy of your free credit report now:
http://AnnualCreditReport.com

There are three credit reporting agencies in the country:
Equifax, Experian, and TransUnion. However, not every
creditor reports to every credit bureau. For example, Visa
may report to Equifax while your credit union reports to
TransUnion and your auto loan company reports to all 3 bureaus.

Credit bureaus obtain their information from three major
sources and quite often that information wrong.

You must first know how to read your credit report.
Most credit reports use the same codes to report
information. Knowing what the codes mean can help you
interpret your credit report.

Type of Account

O = 30-, 60-, or 90-day account

R = Revolving open-end account

I = Installment and/or mortgage account

Numerical System

0 = Too new to rate: Approved but not used

1 = Pays (or paid) within 30 days of billing; pays account
as agreed

2 = Pays (or paid) in more than 30 days, but not more than
60 days

3 = Pays (or paid) in more than 60 days, but not more than
90 days

4 = Pays (or paid) in more than 90 days, but not more than
120 days, or three or more payments overdue

5 = Account is at least 120 days overdue, but not yet
rated 9

7 = Making regular payments under wage earner plan of
bankruptcy act or similar arrangement

8 = Foreclosure or repossession

9 = Bad debt; placed for collection; suit judgement; skip

History Rating

0 0 0
$ $ $
30 60 90

How many times payments are 30, 60, or 90 days late.

If you have had a bankruptcy or other credit issue there
is a strong possibility that your credit report is incorrect.

Many bills that were included in your bankruptcy,
or bills you paid in the past, may still be showing up as past
due. Often you may find collections on your report from medical bills you thought were paid by your insurance company.


Correcting Errors on Your Credit Report

Go here to get your free report now:
http://AnnualCreditReport.com

If your credit report is subpar, that’s no reason to beat yourself up (at least not immediately), because you may not even be to blame for all those blemishes. Creditors frequently make mistakes when reporting consumer slip-ups; in fact, one in four Americans finds errors on credit reports, according to a 2013 Federal Trade Commission survey.

So make sure to scour your credit report for slip-ups that aren’t your own. From there, you’ll need to contact the organizations that provided the erroneous info (e.g., a bank or medical provider) and have them update it. Once that’s done, your credit score will rise accordingly.

And as for any mistakes that are your fault? If they’re one-time mistakes, it never hurts to call and ask that they get removed from your record.

The only fix for major mistakes, however, is time. Make payments by their due date, and you will gradually see your credit score rise. Just don’t expect this to happen overnight.

In the next lesson I will be covering how to quickly build new credit so you can increase your score and qualify for your home easily.


Edie Webber Headshot
Author:
Phone: 817-798-6630
Dated: September 2nd 2016
Views: 453
About Edie: My current state of happiness and realized dreams is the hard won result of a lifetime journey. I ha...

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Pinnacle Realty Advisors
3824 Cedar Springs Rd #801-7724
Dallas, TX
469-703-8022