4 Tips to Help Repair Your Credit BY JASON WILSON
In this market, buying a home seems like a tall task. Many topics swarm through our mind, such as how fun it will be to own a home, or how daunting it can be to have a mortgage. As time passes, the daily demands continue, the dreams become secondary and, eventually, we conclude that now is not the best time to buy. There is an array of buyers in varying financial situations, each with their own concerns about the biggest financial investment one could make – home ownership. Partnering with the right professionals can help you reach your goal of home ownership, one small step at a time, starting with your credit score. If you’re concerned about your credit score, consider four tips to help repair it.
1. Pay down revolving debt.
What does that mean? Simply put … credit cards. Credit card balances can go up or down in a moment’s notice. To keep your credit score high, keep your balance low.
2. Pay off any collection accounts.
Falling behind on payments due (such as credit cards, medical bills, etc.), can result in those payments being submitted to a collection agency. The quicker you can pay those off, the better it will be for repairing your credit.
3. Talk to a licensed mortgage lender.
These financial professionals can help create a personalized game plan specific to your current situation. A lender can provide tips catered to your financial standing, and how to improve upon it in a timeline that works best for you. This creates momentum around home ownership, as you have a plan and strategic steps toward a big goal.
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4. Obtain positive credit to offset negative credit.
Apply for a secure credit card at your bank with a low limit. Keep this card paid off to show responsibility in payment history and low balance. This is a simple way to improve your credit. Remember, each financial situation is different. Keeping an eye on your credit score each month is a great way to move in the right direction with your finances. Remaining keen in these areas, and making improvements when needed, can pivot you toward the dream of home ownership much faster than you might think. Ursula and Associates (Jason Wilson and Ursula Butler) is a real estate team, associated with Keller Williams Realty Partners, that has specialized in Woodstock and surrounding areas since 1996.
