You Are In Charge - Tips For Managing Your Credit Score

Financing and Your Credit Score

Credit is an important component in helping you find the best loan product to meet your home-buying needs. The way you handle credit obligations can greatly affect your loan choices and the interest rates you can get. In short, the better your credit, the more loan options you will have when choosing what’s best for you and your financial goals.

If you're in the market to buy a home, and you want to make sure you're doing everything you can to maintain good credit, here are a few tips:

 

 

  • DO pay what you owe – regularly and on time.
  • DON'T skip payments.
  • DO have a checking and a savings account.
  • DON'T hold more than four credit cards.
  • DO sign up for automatic payroll deposit with your employer.
  • DO keep your total debt-to-income ratio under 36 percent. 
  • DON'T exceed or continually increase your line of credit.
  • DO keep track of your spending and stay within your budget.
  • DON’T continually open and close accounts; maintain a constant profile.

Your lender will view your credit report when determining which loan products are best for you. Using your credit history, the credit bureau will develop a credit score. The higher your credit score, the more likely you are to qualify for a loan with the best interest rates and product features.

Not sure where you stand?
It's wise to obtain a copy of your credit report at least once a year in order to find your
FICO score. You can obtain your report for free once a year from each of the three major credit bureaus at www.annualcreditreport.com. It’s especially important to figure your score before making a large purchase, like a house or a car, in order to review for accuracy and find out how you can work on improving it, if necessary.  In that report, you'll see the consumer credit given to you over the past seven years and be able to check your highest balance and current balance on outstanding debt, as well as see details about on-time and late payments and collections. Your home mortgage consultant should be able to help you better understand what your score means.  

You can get your credit report from many sources, but should you find something in your report that may be inaccurate, only the credit agencies can actually correct the data on your report. Contact the three major credit agencies directly: 

Equifax: (800) 685-1111 or www.equifax.com 
Experian: (888) 397-3742 or 
www.experian.com 
TransUnion: (800) 916-8800 or 
www.transunion.com

As for less-than-perfect credit, you should know that lenders typically are more concerned with how you’ve handled your recent credit than with what happened years ago. But even if you have a blemish on your credit history, don't let that stop you from buying a home. Buying a home – and paying your mortgage on time each month – is a great way to rebuild your credit.

For this and more information call your Dallas Realtor Lisa Von Domek, and visit www.LisaSellsTexas.com!

 

 

www.LisaSellsTexas.com

 

Lisa Von Domek

 

Lisa Von Domek
BROKER/ASSOCIATE/REALTOR, 
ABR, AHWD, ALHS, ASP, BPOR, CAPS, CDPE, CGP,
CLHMS, CMS, CRS, CSP, e-PRO, GREEN, GRI, MRP, PS, QSC, SFR, SRES, TAHS, TRC
Lisa Von Domek & Associates, LLC / Real Living Real Estate Group 
Phone:      972-849-1300 
Email:        Lisa@LisaVon.com      
Website:   www.LisaVon.com

Multi-Million Dollar Consultant

Texas Licensed Real Estate Broker

 Accredited Buyers RepresentativeAccredited Staging ProfessionalAt Home With DiversityCertified Residential Specialist  Certified Aging-in-Place SpecialistGraduate Realtor Institute      Certified Distressed Property Expert  e-ProSenior Real Estate Specialist      GREEN Realtor             Military Relocation ProfessionalShort Sale and Foreclosure CertifiedTexas Affordable HousingTransnational Referral Certified       Institute for Luxury Marketing        Certified Luxury Home Marketing Specialist  ALHS  AR Top Contributor     Wounded Warrior Project

 

 

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Dallas TX Real Estate  DeSoto TX Real Estate  Duncanville TX Real Estate  Grand Prairie TX Real Estate Midlothian TX Real Estate Plano TX Real Estate  Red Oak TX Real Estate  Waxahachie TX Real Estate

 

 

Lisa

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Comment balloon 24 commentsLisa Von Domek • October 07 2016 08:00PM

Comments

Hello Lisa

Credit scores are very-very important when purchasing a home, along with a good paying job and some great information on your post.

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) about 3 years ago

Great article and awesome tips. Credit scores are essential for clients looking to purchase or lease. Preparation is key to a successful transaction when the time to act arrives.

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) about 3 years ago

Lisa,

Great post on a subject I don't often see here in AR.  Clear, full of information and  good action. Thanks!

Posted by Carol Wilson (Your $imple Home) about 3 years ago

I love that there are things out there like credit karma and even discovercard that let you view your score on a regular basis.  My daughter has enjoyed watching hers easing up to excellent from very good as she added a mortgage and has been making those payments on time.  For young competive people that app has been helpful to them getting and keeping good scores.  

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) about 3 years ago

Excellent FICA tips Lisa, you have the power to make your score what it is today.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 3 years ago

Lisa but if I am in charge who can I blame? Seriously awesome advice, sadly many will not listen, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) about 3 years ago

Hi Lisa - I know lots of people are surprised about some of the seemingly innocent things.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 3 years ago

 Sometime I will write about the credit score that would not go down....a strange request...but not for people doing a short sale.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) about 3 years ago

Good morning Lisa. More people should pay attention to their credit score! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) about 3 years ago

Good morning Lisa. This is so important for everyone and you have done a great job stating the facts.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 3 years ago

This is excellent advice to share.

Have a wonderful weekend.

We have a cool and rainy Saturday morning in Maryland.

Posted by Roy Kelley (Realty Group Referrals) about 3 years ago

Lisa being able to make purchases these days seems to revolve around having good credit, so making sure our credit scores are as high as possible is extremely important.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 3 years ago

Hi Lisa Von Domek , There are so many clients who take the easy way out, ruining their credit.

Posted by Larry Johnston, Broker,Friends & Neighbors Real Estate, Elkhart,IN (Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC) about 3 years ago

These are wonderful tips and rules to live by Lisa! You've done a great job on this blog post! I'm a believer that people should keep good credit and know how to manage money too.

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 3 years ago

This is a great post and I think I am going to post it to my Facebook as I have had many ask me these type of questions lately. Great Job!

Posted by Sussie Sutton, UTR TEXAS Realtors - Rep for buyers and sellers. (UTR Texas Realtors) about 3 years ago

Hi Lisa

There's some great information here for consumers, many of whom are not really familiar with how their credit scores are determined, what can impact them or even that there might be errors.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) about 3 years ago

Hi Lisa Von Domek this is a topic that needs frequent discussion.... so many just don't understand the seriousness of damaging their credit...just saw the reblog on Sussie Sutton 's blog....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 3 years ago

Earning money and making it work for you goes hand-in-hand, right Robert Vegas Bob Swetz ?!!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 3 years ago

I agree Les & Sarah Oswald preparation is key...and execution is a must!

 

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 3 years ago

Thank you Carol Wilson I am so pleased you liked this post!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 3 years ago

Tammy Lankford, so many great tools available for consumers to use to keep their credit working for them...instead of against them.

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 3 years ago

Absolutely Noah Seidenberg everyone is in charge of their credit and make it work for them, or against them.

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 3 years ago

You made me smile Endre Barath, Jr. who can anyone blame

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 3 years ago

Hard to fathom the surprise, isn't it Grant Schneider ?

 

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 3 years ago

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