7 Ways to Improve Your Credit & Qualify for a Mortgage
By George Maynes, The Maynes Group
(Berkshire Hathaway HomeServices Fox & Roach, REALTORS®)
Credit scores, along with your overall income and debt, are a big factor in determining if you'll qualify for a loan. 1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else's poor financial management. You are able to get a free credit report each year through the www.annualcreditreport.com Web site. 2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score. 3. Don't charge your credit cards to the maximum limit. 4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year. 5. Don't purchase big-ticket items for your new home on credit cards after closing on the n...
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