Mortgage FAQ: Are There Any Quick Ways to Bump Up My Credit Score?
"I’D LIKE TO BUY A HOME SOON, BUT I WANT TO RAISE MY CREDIT SCORE BEFORE I APPLY FOR A MORTGAGE. ARE THERE ANY QUICK WAYS THAT I CAN BUMP UP MY SCORE A LITTLE?"
If your credit score isn’t a high as it should be, you can certainly take steps to improve it, but there are really no quick fixes. Building up your credit and improving your credit score can only happen if you continually work at it and improvement will only come over time. However, that being said, there are a couple of things you can do now to get the ball rolling. The first thing you should do is request your report from the three credit bureaus—Equifax, Experian and TransUnion—and check to see if there are any errors.
According to the Federal Trade Commission, about 25 percent of all reports contain errors that may have at least a small negative effect on scores. If you find errors on your report, getting those errors corrected may improve your score fairly quickly. Second, pay down your debt. Your credit utilization—how much of your available credit you use—is a big part of your credit score so the more you pay off, the better your score will be. Generally, lenders want to see a credit utilization ratio of 30 percent or less.
Although taking these steps may not improve your credit overnight, they can help to bump up your score quicker than other steps you’ll need to take in the long term. For the best advice on how to improve your credit, talk to your mortgage professional.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
Licensed by the Commissioner of Banks - License No. MB2671
All content copyright Left Field Media. Not for reproduction, republishing or reposting.