Credit score controls whether one can borrow money. The current banking system is fearful of Federal banking regulations It is surprising we don’t have debtor’s prison. If you are in the market to buy a home you need to know what 10 things that will impact your credit score. If you do your chances of a guaranteed successful purchase increase 10 fold. These important aspects of your creditworthiness are important to remember before, and during the home loan process.
Everything you do with your finances has an impact on your credit score. Some things have a positive effect and others have a negative effect. Here are the top 10 things if you can do will have a negative effect on your credit score. Don’t do them!
List of 10 Do’s and Don’t to help your credit score
- Applying for an account at a Credit Union as it may cause a “hard inquiry” into your credit.
- Using a “business credit card” for your business expenses, which you have personally guaranteed them. Instead, use your own credit card and cost it out.
- When you dispute a credit card charge it remains as a credit charge until resolved.
- Closing out “old” credit cards can hurt. The credit cards you have had the longest have a positive effect on your credit and kept over newly acquired credit cards. Longer is always better with credit.
- Renting a car with a debit card will cause the car rental company to run a credit check.
- Not paying your parking ticket will hurt your credit as they’re usually after a grace period sent to a collection agency.
- When you get a new cell phone the company runs a credit check on you.
- Asking your credit card company for an increase in your credit limit as it is new credit and initiates a credit check. If they give you an increase without you asking is okay.
- Not using your credit card and allowing them to sit in your wallet or purse. It affects your “credit utilization” ratio and will lower your credit score.
- Using the finance plans offered by stores for a major purchase like a refrigerator should only be used as a last resort.
One of the key components of buying a home is good credit. Avoiding things that will have a negative effect on your credit score is important. Use the previous items to insure your success in buy a new home.
If Cliff Keith and Team can help be of help to you please feel free to contact by using the contact information provided in the signature below. You will want to have our 40+ years of experience in your corner when it comes to negotiating the biggest investment in your portfolio. Call/text/email from the information provided in the signature below to get the help you want and need when buying your home.
3-Easy Steps for you to do Now!
1. Pull out your cell phone
2. Look up my number: Hint: 650-346-7366
3. Call me immediately
When you call we will discuss what you can to do to ensure your ability to purchase a home. I may be able to help you and if I can’t I will tell you. We are here as a service to help future homeowners. Get someone in your corner to help you.
They will know what is most important to you in buying a home. That is Cliff Keith and Team’s model. Ask all who have worked with us in the past. They will tell you we treated their money like it was their own and protected it dearly. You can count on that as our guarantee.
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