317-570-6300
ken@indymortgage.com
Apply Now
Secure Doc Upload
Indy Mortgage Logo

317-570-6300


Indiana Real Estate Post

7 Tips to Improve Your Credit Before Applying for a Mortgage

7 Tips to Improve Your Credit Before Applying for a Mortgage

June 24th, 2020 | Credit

In addition to income and assets, your credit profile is one of the biggest factors in determining whether you qualify for a mortgage. If your credit score is not currently in a desirable range, there are plenty of ways you can improve it to up your chances of home loan approval. Here are the top seven:

  1. Check your credit reports for accuracy
    According to a study from the Federal Trade Commission, one in five people have an error on at least one of their credit reports. Many errors do not substantially affect credit reports, but some can significantly lower scores. By law, you can obtain a free copy of report from each of the three major credit bureaus once every 12 months. Carefully checking each one and reporting any errors can help keep your score at its best.
     
  2. Make on-time payments
    How often you pay your bills on time accounts for a large percentage of your credit score. Even one late payment can lower your credit score by as much as 100 points and it can stay on your record for seven years. Of course, the effect of any single late payment will decrease over time, but the best way to improve your score is to make consistent, timely payments. You could even set phone or email reminders for yourself to avoid paying late.
     
  3. Add other credit accounts
    If you are just getting started in the world of credit, your score might benefit from linking other credit accounts like your utility or phone bills to your account. Experian reports that of the 1.3 million U.S. consumers who have used the free linking tool, roughly 840,000 experienced an increase in their credit scores.
     
  4. Keep your balances low
    Credit bureau formulas grade you higher if you are not consistently maxing out your credit limits. A good rule of thumb is to keep your account balances to less than 30% of your limit. If you can go lower, you’ll do even better – Americans with perfect credit on average only use about 7% of their credit limits regularly.
     
  5. Build a credit history
    The longer you have been responsibly using credit, the better your score will be. In fact, about 15% of your credit score is decided by the age of your credit profile. It may take several years before your score reaches peak levels. Start by applying for a credit card, making purchases and paying off the balance in full each month. Opening a checking and savings account with a bank if you haven’t already will also help you build a credit history.
     
  6. Don’t Close Unused Credit Accounts
    Say you have a credit card that you never use anymore. While you may be tempted to close out the account, it may be best to keep it open and unused. Closing it would increase your ratio of debt to available credit lines and could pull your score down.
     
  7. Guard against outside inquiries
    When your credit report is run by companies or lenders during a loan application process, you could see your score drop. This is because the credit bureau formula assumes you are trying to take on more debt. If you are shopping for a mortgage or car loan, try to have any credit inquiries made withing a 45-day window and the bureaus will count them all as just one credit ding.

You will be much more likely to qualify for a mortgage and to get better interest rates if you take some time to improve your credit score before applying. Give us a call today at 317-570-6300 and we can put you in touch with professionals that offer to help you improve your credit score.

Comments

Clarkson L. Coleman - September 9th, 2020

????ARE YOU ABSOLUTELY IN NEED TO HIRE A PROFESSIONAL HACKER? (CATCHING A CHEATING SPOUSE..RECOVERY OF LOST FUNDS...CREDIT SCORE UPGRADE, WEBSITE HACK...) High prolific information and Priviledges comes rare as it's been understood that what people don't see they will never know. Look, i will try my possible best to share with you the best insight you wish you heard years before now. Welcome to the Global KOS reborn Security agency where hackers deploy a distinguished hacking techniques to penetrating computers Who are the Global KOS? A group of skilled professional hackers driven by passion to make the internet a safer place. And most inportantly, rendering proficient services to those having cyber problems using various type of database system such as Ransomeware, SQL/Keylogger injection, trojan, roolkits and DDOS attacks.???? When you wonder “which hacking company should I hire, the first aspect that should concern you is quality. Clearly, you want to embark for services that povides swift response, Thanks to our talented and Astonish Hackers you’ll be glad to find out that our services Implies precisions and actions. Providing value added services to clients as a hacker has been our sustaining goal. ARE YOU FACED WITH CYBER CHALLENGES LIKE: ? HACKING INTO A MOBILE PHONE OF A CHEATING SPOUSE: ????(IOS, andriod or PC). The Global KOS helps you track every move of your cheater assisting you to gain full remote access into the cheaters mobile phone using a trojan clone cracking system to penetrate their social media and messaging platforms like Facebook, whatsapp, snapchat etc. The estimated period to complete this job takes 12 hours. ? RECOVERY OF LOST FUNDS: (BITCOIN INVESTMENTS, BINARY OPTIONS, LOAN AND TRADING FOREX WITH FORGERY BROKERS.) ?????I would try my possible best to shortly explain this particular kind of hack. There are secret cyber infiltrators who call themselves brokers and doom. The particular system used by this scammers permeates them to manupulate the digital trading system. Strictly using a dark web rob to diverting successful trades into a negative outcome. This process bends to thier advantage while this also amounts to losing massive amount of money by investors. This as been held a secret for years. An act of gaining access to an organization or databased system to cause damages. With a Roolkits indicator software and information of the scammer profile provided, this enables us to track the data location of a scammer. Extracting every informations on the con database. every requested information required by the Global KOS would be used to tracking every transaction, time and location of the scammer using a systematic tracking base method. This practically takes few days before this job results to success ?UPGRADING OF CREDIT SCORE:???????? Due to our transformed changes on Equifax tracking , upgrading of credit score are backed by our cyber tech breaching licence, This hacking process drastically generates you an undestructive higher credit score which correlates to a higher level of creditworthiness. The time frame for upgrading a credit score requires eighteen(18) hours ?BITCOIN GENERATOR:???? (High job profile). This involves using the ANTPOOL Sysytem drifting a specialized hardware and software implementing tool solve algorithms to incentivize more coins which in turn generates more coins exponentially into your wallet. This works like a dream. The estimated time for the completion of this job is 9 days. Other superb services rendered by The Globalkos are • Email hacks???? • Hacking of websites.???? • Hacking an unjustifiable claiming of suspected fraudulent website.????? Our strength is based on the ability to bring together active cyber security professionals who individually has acquired enormous exposure in the world of HACKING to work with. For more inquiries and prolific Hacking services visit Clarksoncoleman(at)gmail . com. Or theglobalkos(at)gmail . com. For proficient services Globalkos®LLC  Copyright© 2030•



Leave a Comment

Contact Us


Not readable? Change text.


Real Estate News

Check Out These Video's

listing booster

Learn How to Sell Homes that Need Rehab

Q & A on FHA 203k

Roofs for Troops

Homesnap

Homesnap

5 Ways to Help First Time HomeBuyers

" );