Managing Your Credit Score
Credit report pulls are mandatory when applying for a loan unless you are an international buyer and applying for a Foreign National Loan. Credit determines several factors; the rate of the loan, the terms of the loan, the ability to qualify for a loan. A credit report can also help certain buyers to zero in on the areas that need to be improved in order to achieve a better score, which equates to a better interest rate. Rateplicity is here to help you with this. Please also note that every person is entitled to a free credit report once a year online by visiting annualcreditreport.com.
Before having your credit pulled:
- Check your credit report on the free site
- If you are able to, make payments on personal loans
- DO NOT make any large purchases when applying for a new mortgage loan
- DO NOT open new accounts before or while you are in the process of applying for a loan
- Make payments on time. Late payments can seriously harm your credit in the long term.
- Pay off any derogatory listings
- Open a secure credit card if you need to establish credit.
- Monitor how many credit accounts you open. Less is more. It is more important and easier to be responsible with fewer cards.
- Use your credits account often to show the ability to pay off. Try your best to keep your balances under 30%.
- Call the credit reporting companies directly to dispute any inaccurate information.