Debt 101 by Michele Cagan

Author:Michele Cagan
Language: eng
Format: epub
Publisher: Adams Media
Published: 2020-02-10T16:00:00+00:00

Crank Up Your Credit Score

Mortgage lenders look at a lot of numbers before they’ll agree to loan you money, but your credit score will be front and center. People with lower credit scores will have a harder time getting approved, and they’ll also pay a lot more for their loans in the form of higher interest rates. With a score lower than 580, it’s nearly impossible to get a mortgage (at least from a reputable lender).

Take this time to work on boosting your credit score so you can qualify for the lowest available interest rates. The best ways to do that include:

Pay down credit card debt to lower your utilization (the amount of your available credit you’re actually using; lower is better)

Make every debt or bill payment on time and in full

Check your credit report for errors, and fix them immediately if you find them

Do not apply for any new credit cards or other loans

Do not close existing credit card accounts right now, as that will have the effect of increasing your utilization (by reducing your available credit)

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