3 Credit Score Tips for Home Shoppers

3 ways to improve your credit before you go home shopping.

More than ever, it is important to you peak your score before you get pre-approved for a home loan. A 700 credit score is no longer good enough to get the best mortgage rate.  I am going to give you three ways to really peak your score right before your next a loan application.

  1. Pay down your credit card balances to 5-9 percent of the high credit and you need to do that before the statement date. If you want more information about that Click here.
  1. Borrowers should review the credit report they get from www.annualcreditreport.com and look for accounts that have become dormant. Credit cards that you haven’t used in a while can be a big boost on a borrower’s credit score. (as long as they have never been late) Reactivate those types of credit cards! Let’s say you had a Home Depot or Kay’s Jewelers account that you have not used in a few years. If a consumer can charge something small on that account, just something that will create a balance of 5-9 percent, the consumer will benefit from that long credit history, A long credit history is very important. Reactivation of older accounts, bring those inactive accounts back to life will have a quick positive impact on consumers credit.
  1. If applicants are married or applying jointly, borrowers can help their spouses by adding them as a joint card holder. When applying for a mortgage, lenders look at the mid score of the lower applicants credit. Just adding them as an authorized user will help but more and more underwriters are requiring that borrowers are full account holder. So if you can add them as a full account holder to an old account that is in good standing, you will both benefit.

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Pay your balances down to 5 to 9 percent before the statement date, help your spouse out by adding them to a good credit card and then reactivate older accounts that may be dormant only if you can reactivate the account without a new application or credit inquiry.

Thank you to all the viewers! The YouTube channel is over 350,000 views, I have added something to my services which is my real estate license. If you’re in the real estate market specifically in the Metro Detroit area. Please consider giving me a call for any real estate needs you may have.

If you are outside of Michigan, the company I work with is part of a great network of independent Realtors® all over the country and we’re a member of this organization. Many times when people start to shop for a home, they don’t talk to more than one realtor. If you know someone you should still talk to more than one realtor. You should really interview two or three Realtors®, if you click on the real estate button on my website there is a form to fill out.  Once we receive the request it goes to an individual that is dedicated to finding you the best realtor in your local market. She will send over a local expert in your market and then she will follow up with you to make sure you’re happy with that specific Realtor. If you’re not 100% happy she will find you another one.

It is a great service and doesn’t cost anything! Check for the real estate link on my website you can follow that link directly to the form, fill out the form and we will set you up with the right realtor.

If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If  you are a mortgage lender please share this on your Facebook or LinkedIn page.   If you have any questions, leave them down below I’d be happy to answer them.

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Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you

Why is my credit score different when a lender pulls it?

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