There are a lot of numbers involved when you are looking to buy a home. Perhaps one of the most important is your credit score. Also referred to as a FICO score, this number tells a lender how likely you are to pay back your debt. The higher your score, the more likely you are to make good on your commitment.
Clearly it is in your best interest to manage your credit wisely because it can boost your ability to borrow. Start by finding out your score. Each person is entitled to one free credit report annually. If the number is lower than you would like, here are five tips for raising your score.
1. Start by paying your bills, from credit cards to utilities, on time. Delinquent payments pull down your rating. And the later your payments, the more negative the affect.
2. Do not automatically close accounts, even if they are old or paid-off. You want creditors to see that you have a history of meeting your debt obligations.
3. Don't open unnecessary new accounts or add accounts too quickly. While it is true that lenders like to see a mix of credit, they also consider the length of the relationship. Too many new accounts can lower your average account age, which can also lower your overall score.
4. If you are very concerned about your score and need to make more sweeping changes, consult a credit counselor. These professionals can formulate a plan that can help you consolidate debt and create more manageable payments.
Now is a perfect time to buy.
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Coldwell Banker Hartwig
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efsorrells@aol.com www.activerain/efsorrells
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0 comments • Earl "The Pearl" Sorrells-Palmdale, Rosamond, Lancaster • January 02 2008 09:49AM