How to Maximize Your Credit Score -- Quick!

August 17, 2018

A stellar credit score is crucial when it comes time to garner a loan for home purchase.  Here are some easy things you can do to ensure yours stays at a healthy level:


Credit cards you currently have:

Look at your credit card limit, and subtract 70% of the limit amount.  Never charge greater than this amount.  This will equal 30%.


If no current active credit cards in the last 6 months:


Apply for 2 secured credit cards as soon as possible.  Remember, once these new cards are opened, your score will drop for for 6-12 months.  But, it is better to drop your score now than wait until it is too late.  


If you have open credit cards with zero balances and have not charged it for more than 6 months, charge a small amount such as 5% and immediately pay it off.  


Do not close credit cards you currently have: This will dramatically lower your score.


Do not open ANY new accounts without consulting your mortgage professional first: In most cases, opening a new account will lower your score for 6-12 months.


New lates, collections, charge offs, bad debt of any type:

Will lower your score as much as 107 points, even a late payment of $5.00 can cost you your loan and credit score.   




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