Your credit score is one of the most important factors used to decide whether you will qualify for a major loan and what its terms will be. Everyday, many would-be borrowers are denied loans, while consumers with strong credit histories are getting great rates on mortgages, car loans and student loans. Understanding how your credit score is formulated is your first step when applying for a loan. Here are a few key factors about your credit:
* Avoid multiple credit inquires- Too many credit applications can lower your score.
* Reduce your debt-to-income ratio- Creditors look for an optimal total debt load of around 36% of your household income.
* Aways pay more than the minimum due and ON TIME! The easiest way to raise an ailing credit score is to make all your loan payments on time every month.
* Be disciplined, act wisely! Avoid credit card purchase prior to applying for a major loan. Don't go and buy anything while your loan is in transition. This could affect you from getting the loan.
Call Our agents at Youngblood Real Estate LLC for your FREE guide to your credit and getting you into financial shape!
435 787-4499
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