Credit scores are a major factor in your financial well-being. By keeping your credit score as high as possible it opens you to a better mortgage rate among other things.
Whether you’re thinking about buying your first home or your next home, use these credit score tactics to keep you and your credit score protected.
1. Keep an eye on all your open accounts:
Between student loans, car loans, mortgages, credit cards, and all the other lines of credit, it’s sometimes hard to remember all of your accounts. Knowing your accounts, and their statuses, is the best way to keep your eye on the prize – a high credit score.
2. Monitor Your Scores:
There are three credit bureaus (Equifax, Experian, and TransUnion). And to keep things simple (no, not really) each have their own scoring system. Lenders will look at all of these when determining your rate/loan amount. Different lenders trust different bureaus, so it’s important to know where you stand with each of them. Several online bans give you access to your score for free, it might be worth it to check with yours!
3. Pay your credit cards ON TIME:
Very important. If this is something you struggle with, set a reminder to do this. With technology at your fingertips, setting a reminder on your phone is quick and easy. If technology isn’t your friend, post-it notes are great too.
Want to know more? Better yet, want to see what type of loan and rate you would get – contact Elysian Realty, we work with some really great lenders.