When purchasing or refinancing a new home, your credit history is one of the most important aspects of your financial report card, which is where a credit reporting agency comes in. These agencies function primarily to maintain the historical information pertaining to your financial history. No matter what your current credit score is, you can always improve it, especially when looking to purchase or refinance your home. We can work directly with you to help improve your credit score and better situate your finances to purchase a home or refinance your current mortgage.
One of the first steps in securing a new mortgage is getting your current credit score. A credit reporting agency, like Experian, Equifax, or Transunion, can provide you with a comprehensive report of your financial history and credit standing, but they’ll likely charge you for it. I can complete a free credit pull and a complete analysis of your credit in less time than it will take those other companies.
Plus, if you find errors on your report or even if you aren’t satisfied with your current credit score, I can help. I am skilled at assisting individuals in correcting and improving their credit standing to be able to achieve their goals of owning a home. Plus, I pride myself on working through some of the most complex credit situations to make home ownership possible for everyone.
Why Your Credit Score Matters
I mentioned that your credit score was one of the most important components of your financial package when looking to purchase or refinance. In fact, it can make a difference of you saving hundreds and sometimes even thousands of dollars. The reason? Interest.
As the common practice goes, the higher the risk on the loan; the higher the interest rate. Your credit score is a key indicator of your ability and punctuality to pay back your debt. The higher your credit score; the lower your interest rate, which equates to you keeping extra money in your pocket.
How To Improve Your Credit Score
The first step to improve your credit score is to get a credit report and analysis. I can help you with this step and offer you specific guidance for increasing your score before proceeding with the mortgage process.
In addition to checking your score, you need to identify any false claims that are hurting your score. These “flagged debts” are one component that I’ll point out to you as I return your report and analysis. If you’ve identified an error, you’ll work directly with a credit reporting agency to have the claim removed.
Schedule an appointment with me, so I can provide you specific action steps to improve your credit score. I’ll even go as far as to identify specific dollar amounts you need to pay on various debts to get the biggest improvement on your score all within a 15 to 20 minute phone call.
Other credit reporting agencies simply give you a score and leave it at that. I’ll pull your credit report for free, analyze it, and help you identify specific areas to improve to rapidly increase your credit score. Let me help you today.