4 Tips To Better Credit

January 7, 2013
Miami luxury condo in Brickell Ave

Wouldn’t you love to own a lovely luxury Miami home? If you would but would require a mortgage in order to do that then there are a few things you should know first. Every day, it becomes more and more challenging to qualify for a mortgage. Scores below 660 present challenges to prospective homeowners; scores of 580 or below make it nearly impossible for loan qualification. In a market where every point counts, your credit score must be at its very best. Follow these four guidelines to improve your score, and make home ownership a dream within your reach! 

Your credit score

·      Time Is Money!
Any payment made after the 30-day grace period negatively impacts your credit score, often adding hefty late fees. Create a budget and a calendar for it to ensure your bills are paid in a timely manner—it will bring your credit score up!
·      Better Late Than Never
If a late payment is unavoidable, pay your high-balance bills first. Larger balances carry more significance in your overall credit. Credit card payments 15 days past due are not likely to significantly impact your credit, whereas a mortgage payment 30 days past due can bring your credit score down by as much as 100 points!
·      Pay it Down!
Focus on paying down your credit cards. The closer you are to your credit limit, the more negatively it is reflected in your credit score. By paying down—or paying off—your credit cards, you increase your credit score overall.
·      Keep it Open
It may seem counterintuitive to keep a credit card open once you’ve paid it off, but credit card bureaus reward positive credit points to consumers for having available credit. By leaving your cards open with zero balances, you demonstrate financial responsibility and a resource of available funds. 
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