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10 Ways to Boost Your Credit Score Before Buying a Home

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Many of the following ways to improve your credit score are known by you already. The problem is that you keep ignoring them. Well, now, you’re buying a home soon, and you know you better get started in fixing and boosting your credit.

Home lenders put a big weight on your credit score. Many of them even give you a lower interest rate if your credit score is much higher than their minimum. They will of course still consider other factors like your income, assets, down payment, loan to home-value ratio and debt-to-income ratio, but your credit score is a number that stands out among your other figures.

Take a look at these tips — there could be something you haven’t read about before.

1. Lower your credit card debt to 30% of your credit line on each of your cards.
If you can reduce it to 25% or lower, it will be a big boost to your credit.

2. Pay each of your bills on or before due date. Late payments, even for only a few days, can drastically lower your score.

3. If you missed some payments, try your best to recover fast. Religiously commit to pay on time all your bills so that as months go by, your late-payment record is pushed back further and further to where it has no more big impact.

4. Don’t close unused or rarely used credit cards, as closure will increase your utilization rate or the ratio of your total debt to your total available credit.

5. Don’t apply for new credit cards just for the purpose of increasing your available credit.

6. Pay off in full the balances of your credit cards with small balances. This will reduce the number of your credit cards with balances.

7. Don’t call the credit bureaus to remove a paid-off debt from your credit report. Your good payment history on this particular debt is just like an A rating on your report card.

8. Do your best to prevent your debt going into collection. Always remember that even if you’ll be able to negotiate and pay off your debt later on, your collection account will stay in your report for seven years.

9. Taking out a small loan from your credit union and paying it on time will help boost your score.

10. If you need to use more than half of your credit limit, pay back part of what you used as soon as you have the money, and do not wait for the due date. This will restore your utilization rate to its lower level.

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Recent Posts

  • Irene Sandiego, Tampa4u Realtor — Past Home Sales
  • Compare the 4 Most Popular Low-Down-Payment Home Loans
  • It’s March! The Best Month for Tampa Home Sellers to List
  • Builders Fulfill Homebuyers’ Desire for Large Open-Floor-Plan Homes
  • The Most Expensive Existing Condos for Sale in Tampa Are on Bayshore Blvd

General Tampa Area

Today, Tampa is part of the metropolitan area most commonly referred to as the Tampa Bay Area. For U.S. Census purposes, Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. The four-county area is composed of roughly 2.9 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C. and Atlanta.[14] The Greater Tampa Bay area has over 4 million residents and generally includes the Tampa and Sarasota metro areas.

Tampa Areas

The city is divided into many neighborhoods, many of which were towns and unincorporated communities annexed by the growing city. Generally, the city is divided into the following areas: Downtown Tampa, New Tampa, West Tampa, East Tampa, North Tampa, and South Tampa. Well-known neighborhoods include Ybor City, Forest Hills, Ballast Point, Sulphur Springs, Seminole Heights, Tampa Heights, Palma Ceia, Hyde Park, Davis Islands, Tampa Palms, College Hill, and non-residential areas of Gary and the Westshore Business District.

Categories

  • Bungalow
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