9 Ways Homebuyers can Improve their Credit Scores

I’m always on the hunt for relevant info and I loved this - one of the best articles I’ve seen on this topic for a while. Here are a few paragraphs as a taster...

The real estate business is booming, and with a scarce supply of starter homes on the market, competition between buyers is fierce. To get loans quickly, potential homebuyers need to keep an eye on their finances and credit.

Below, you will find nine general tips that will help ease the process of acquiring a home loan by improving credit scores.

1. Always pay on time

No lender likes to lend money to an individual who has a repeated record of missing his payments. This indicates a lack of discipline and poor financial management, and it leads to a bad impression on paper.

Whether it was intentional or due to genuine reasons is immaterial. If you have a frequent history of missing your equated monthly installment (EMI), you will end up with a lower FICO score. Why should you suffer unnecessary late payment charges and interest? Instead, pay in full and on time.

On-time payments improve your credit score tremendously, carrying almost a 40 percent weight on your score.

Pretty valuable stuff, I’m sure you’ll agree! Why not check out the whole article here and share your thoughts with me afterwards: call (0400) 032-110 or email me at [email protected].

Thanks,

Bill Mitchell