5 Hacks to Improve Your Credit Score this Fall
Want to buy a home in the Tampa Bay, Florida area but know your credit score needs work? You’re not alone. The average credit score in the U.S. is 695 according to the AAA Credit Guide, which is considered to be fair on a scale of 300 to 850. Our credit report tells a financial story of us as payers of debt, and it has a long memory. A low credit score means that you will be charged a much higher interest rate when you apply for a home loan. Additionally, you may be required to contribute a much larger down payment of cash. Finally, if your score is very low, you might simply be denied altogether, although virtually every mortgage company now has special programs designed to help those with bad credit get loans for home purchases.
Because your credit score affects everything from qualifying for a car loan to, in some cases, qualifying you for employment, it makes since that having the best score will help you obtain your real estate goals. Here are 5 hacks to improve your credit score this fall.
- If you have any collections or judgments against you, pay them off as quickly as possible.
- Pull your credit report at least once a year to review any discrepancies.
- Pay all your bills on time by utilizing payment reminders or automatic bill pay options.
- Don’t close your credit card accounts because then you’ll be using a higher percentage of your overall credit limit.
- Try to reduce your credit card debt to twenty-five percent or less of your credit line on each card.
The sooner you begin implementing these 5 hacks to improve your credit score, the easier it will be when its time qualify for a home loan in Florida. If you’re ready to buy a home in the Tampa Bay area, looking for a Tampa Bay rental home, or looking for property management services for your house in Tampa Bay, please contact the Simply Property Management-Paielli Realty, Inc. team today!
Simply Property Management – Paielli Realty, Inc.
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