Fixing a Low Credit Score can be easy!

Fixing a low credit score can be easy.  Obtaining a recent credit report to get your score and then following up with a lender is key.  Contact Bev @www.westrealtynoco.com for more info.

Your credit score will determine not only whether your loan application will be approved, but also how much you’ll have to pay for credit. Many people who have been through financial difficulties—illness or unemployment, for example—may have a low score because of late payments, collection accounts or judgments. Although it is not possible to change history, there are steps any consumer can take to raise his or her credit score quickly.

If your credit score is currently above the threshold for a mortgage, you can get a better rate by raising your scores. A borrower with a 620 score will get a rate roughly .75% higher than a borrower with a 740 score applying for the same kind of loan.

Getting and keeping a high credit score is theoretically easy: pay your bills on time, don’t rack up big credit card bills and maintain some active accounts. You don’t have to carry a balance to get the benefit of active accounts.

Get a copy of your credit report from a free site like www.creditkarma.com. This is a “soft” inquiry (one you do for your own use), so it will not affect your score at all.

A low credit score is never a hopeless situation. While fixing the problem areas is not a quick process, it is work that can ultimately save you thousands of dollars.

If you are serious about buying a new home and your credit score is low-contact a lender and they can guide you to what you need to do to get a higher score to qualify. If you need advice in choosing a lender, contact me or visit www.westrealtynoco.com