Get Better Mortgage Terms by Improving Your Credit Score
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Bruce Swedal
May 4, 2013, 8:40:03 PM5/4/13
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Please consider this free-reprint article written by:
Bruce Swedal
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Article Title: Get Better Mortgage Terms by Improving Your Credit Score
Author: Bruce Swedal
Word Count: 515
Article URL: http://www.isnare.com/?aid=655613&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=655613
Easy Publish Tool: http://www.isnare.com/html.php?aid=655613
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Thinking about buying a home? By taking a few preliminary steps in the months before home shopping, you can save thousands of dollars in interest.
Interest fees are based upon your credit score. By taking a few simple steps, you can dramatically improve your credit score over a few months.
Start by ordering your free credit report from all three major reporting agencies. Review all the listings. Be on the lookout for mistakes, inaccuracies, and duplicate listings, as well as debts over seven years old. Promptly contact the agency to correct any errors. They are required to confirm listings within thirty days or remove them from the report.
While you're waiting for the agency's response on disputed debts, review your credit card balances. You may think that a credit card "paid in full" provides the best reference, but it is more effective to show card being used responsibly. Thus, the optimal balance is about 50% of the credit limit.
Next, look for any major debts in good standing that are NOT listed on the credit reports, and contact the creditor to request that they report your good payment history.
Finally, be prepared to explain any negative items on your credit report to a potential lender in terms of a) how it happened, and b) why it won't happen again.
There are services that you can use to obtain your actual credit score. Most of these require a monthly membership fee, but you can usually join on a trial basis and then cancel the membership.
Do not fall victim to credit repair scams, consolidation loans, or unethical credit counselors. Most credit repair scams operate by sending form letters disputing all negative items on a credit report, hoping that the agency will be unable to meet the thirty-day deadline and drop the negative listings from the report.
Consolidation loans may appear to be a good solution, combining all your debts into one easy payment. However, it's often tempting to use the paid-off credit cards, ending up owing payments on both the consolidation loan and the credit card accounts.
Be sure to check the references of credit counselors. These often work by combining outstanding debts and establishing a single payment to the agency. They then negotiate lower payments with creditors. Unethical counselors charge huge fees for their services, reducing the amount available to pay creditors.
When you are ready to shop for a mortgage, talk to loan officers before applying. For example, if one of your credit reports list a number of negatives, but another doesn't, it will help to know which reporting agency the lender uses. If you know there could be a problem, discuss it openly and honestly. Too many inquiries in a short period of time can have a negative effect on your credit score, so try to find the lender most likely to approve you on the first try. Realtors can often be a great resource to finding quality lenders with a good track record.
About The Author: http://www.bruceswedal.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=655613
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Bruce Swedal
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=655613
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=655613
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Get Better Mortgage Terms by Improving Your Credit Score
Author: Bruce Swedal
Word Count: 515
Article URL: http://www.isnare.com/?aid=655613&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=655613
Easy Publish Tool: http://www.isnare.com/html.php?aid=655613
*********************** ARTICLE START ***********************
Thinking about buying a home? By taking a few preliminary steps in the months before home shopping, you can save thousands of dollars in interest.
Interest fees are based upon your credit score. By taking a few simple steps, you can dramatically improve your credit score over a few months.
Start by ordering your free credit report from all three major reporting agencies. Review all the listings. Be on the lookout for mistakes, inaccuracies, and duplicate listings, as well as debts over seven years old. Promptly contact the agency to correct any errors. They are required to confirm listings within thirty days or remove them from the report.
While you're waiting for the agency's response on disputed debts, review your credit card balances. You may think that a credit card "paid in full" provides the best reference, but it is more effective to show card being used responsibly. Thus, the optimal balance is about 50% of the credit limit.
Next, look for any major debts in good standing that are NOT listed on the credit reports, and contact the creditor to request that they report your good payment history.
Finally, be prepared to explain any negative items on your credit report to a potential lender in terms of a) how it happened, and b) why it won't happen again.
There are services that you can use to obtain your actual credit score. Most of these require a monthly membership fee, but you can usually join on a trial basis and then cancel the membership.
Do not fall victim to credit repair scams, consolidation loans, or unethical credit counselors. Most credit repair scams operate by sending form letters disputing all negative items on a credit report, hoping that the agency will be unable to meet the thirty-day deadline and drop the negative listings from the report.
Consolidation loans may appear to be a good solution, combining all your debts into one easy payment. However, it's often tempting to use the paid-off credit cards, ending up owing payments on both the consolidation loan and the credit card accounts.
Be sure to check the references of credit counselors. These often work by combining outstanding debts and establishing a single payment to the agency. They then negotiate lower payments with creditors. Unethical counselors charge huge fees for their services, reducing the amount available to pay creditors.
When you are ready to shop for a mortgage, talk to loan officers before applying. For example, if one of your credit reports list a number of negatives, but another doesn't, it will help to know which reporting agency the lender uses. If you know there could be a problem, discuss it openly and honestly. Too many inquiries in a short period of time can have a negative effect on your credit score, so try to find the lender most likely to approve you on the first try. Realtors can often be a great resource to finding quality lenders with a good track record.
About The Author: http://www.bruceswedal.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=655613
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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