Your credit score has a big impact on your ability to borrow money to purchase a home. If your credit score isn’t where you want it to be, this blog is for you! Our team of mortgage lenders in Lake Ozark, MO works with borrowers with a wide range of credit scores. We have options that may work with your unique situation but we also suggest a few techniques to raise your credit score. Check them out:
Check Credit
The first step in improving your credit is knowing what your credit score is. Once you know your score, you can start taking steps to improve it. This step also gives you the chance to see what negative remarks are on your credit history. If there is an invalid entry on your credit, you can petition to have it removed. We highly recommend researching any ding on your credit that is not valid and getting it corrected. This does not mean dispute them, but take the necessary steps to get them removed or corrected.
Make Payments On Time
Timely payments on your bills can have a positive impact on your credit score. It can be tough to keep up with payments but it's important to budget accordingly to ensure you are able to make your payments by the due date.
Avoid Opening New Lines of Credit
A new line of credit may temporarily ding your credit. If at all possible, avoid opening a new line of credit, unless you've been advised by a professional to do so. In some cases, a new line of credit may make a difference in the long run to improve your score.
Pay Down High Credit Debts
Your credit usage has a big impact on your score. It's best to keep your credit usage at 30% of your total credit limit. That means you should try to keep your credit card balances under 30% of the credit limit. Evaluate your current lines of credit and see where changes can be made to pay down higher debts.
What are you waiting for? Now is the time to put these tips into action to help improve your credit score. Whether you’re looking to buy a home at Lake of the Ozarks right away or you’re preparing for the future, Team Lasson is here to help through the entire process. Give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com to get started!
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