6 Strategies to Improve Your Credit before Buying a House

by Maria Del Carmen Sanchez

Here are 6 key points to improve credit:

1.Balance: Knowing what your score is is the first step and the most important recommendation is that you pay the balances you have on all your credit cards. This helps increase your score. It's fine to use one of your credit cards, but always make sure to keep your monthly balances as low as possible. Experts recommend using no more than 30% of available credit to maintain very good credit.

2. Pay on time: If you really want to increase your credit score, this is another effective way to do it. While it may be easier said than done, it's important to make sure that all payments on every credit card and loan you have are made on time. After 15 days of late payment, it begins to reflect negatively on credit.

3.Do not close accounts: As we said before, pay all your credit cards ... But do not close any of them until you have applied for your mortgage. Canceling or closing a credit card can have a negative effect on your credit.

4. Paying off the cards and keeping the line of credit open can increase your chances of getting your mortgage. Open new accounts: Opening new credit card accounts can quickly improve your credit score! If you don't make any purchases on your cards, including the new one, your average credit usage will go down and your credit score should go up.

5.​ Large purchases: Do not make large purchases before applying for a home loan; this includes, but is not limited to, going on long and/or expensive vacations, buying a car, and any other valuables. Those charges can make your credit look weak.

6. Planning: Improving your credit score is not something you can do overnight. Credit repair can take months. So be patient and plan ahead.

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