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Lets all take a moment to groan because this topic is, well, not fun- not fun at all. But it’s important. Why? Because our credit score carries so much weight in the world today. It's kind of like it’s your credit score’s world, and you’re just living in it.

These are the key factors that make up your credit score

  • 35% - Payment History

  • 30% - Credit Utilization

  • 15% - Length of History

  • 10% - Types of Credit

New Credit Dispute errors on your credit report. Feel free if something doesn't look right on your credit history to dispute it. Carry less than your credit limit on your credit card. The lower the balance of your credit card, the better. Spend up to 30% of your credit limit, but do not exceed it. Increase your credit limit. If you're already spending well beyond 30% of your credit limit and are unable to make adjustments, then consider seeking out a higher limit. Pay your bills on time. Set up auto pay, use a financial calendar. Become an authorized user on another account. Sign up to be an authorized user on someone (family member with good credit or an older existing account that has been paid off.) Fix late payments. Pretty standard with pay your bills on time, call a creditor to fix payments that have been paid late. Clear outstanding collection accounts. Talk to collections and ask to pay off a debt, it will at least show that you paid off the remaining debt. Pay off your debt. Dave Ramsey’s method for paying off debt really works when done correctly.

  • Step 1: List your debts from smallest to largest, regardless of the interest rate.

  • Step 2: Make minimum payments on all your debts except the smallest.

  • Step 3: Pay as much as possible on your smallest debt.

  • Step 4: Repeat until each debt is paid in full.

Just remember that paying off debt and rebuilding your credit score requires sacrifice and a lot of time (depending on how deep your debt goes) Set a plan and stick to it!!

There are many different financing options when buying a home. Your credit score is a bigger deal in some types than others. However, your credit score will always be a factor!! In most cases your credit score will have to be a MINIMUM of 640. There are some types of financing where the higher your credit score the lower your interest rate, then some types of financing as long as you meet the minimum requirement there is no difference whether you are 640 or 830, everyone gets the same rates.

My role, as your Real Estate Agent, is to stay in my lane. Which means: contracts, negotiations, showing appointments, coordinating inspections, walkthroughs, communication with title and lender and of course holding the paper bag for you to breathe through… as we will get through this together!! While staying in my lane, your lender will help you with ALL things numbers!! They will help figure out which financing option is right for YOU and your situation… whatever your credit score may be!!

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