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Having a good credit score is crucial when it comes to buying a home. If your credit score is not where it needs to be, you may have difficulty getting approved for a mortgage, or you may be offered high interest rates. Fortunately, there are steps you can take to repair your credit and increase your chances of being approved for a mortgage.
Check your credit report: Start by obtaining a copy of your credit report from one of the three major credit bureaus. Review it carefully for any errors or inaccuracies, and dispute any mistakes you find. Try Credit Karma, it’s Free and can give you a general idea of where you are at– https://www.creditkarma.com/
Pay down your debt: Your credit utilization ratio is a significant factor in determining your credit score. Paying down your balances can help improve your score. Aim to keep your credit utilization ratio below 30%–28% and below is best!
Make payments on time: Payment history is the most significant factor in your credit score. Make sure you pay all your bills on time, including credit cards, loans, and other debts.
Negotiate with creditors: If you’re struggling to make payments, consider negotiating with your creditors. Work out a payment plan or settle debts for less than you owe.
Consider a credit counseling service: A credit counseling service can help you create a budget, negotiate with creditors, and develop a debt management plan.
By following these steps, you can improve your credit score and increase your chances of being approved for a mortgage.
For more real estate info, to follow me on socials, join my Private Facebook Group, search homes or get a home valuation, go to: https://yourhomebymeganfarmer.com/m/Contact
If you need professional help in any other regard to home buying or selling, feel free to reach out and I can give you some referrals, i.e. Lenders, Attorneys, Credit Repair, Inspections, Home Services, etc.
Megan Farmer, Real Estate Broker, Coldwell Banker Realty
Cell: 312-844-0050
Email: homesbymeganfarmer@gmail.com
