A few months before starting the search for a home, you should take steps to "obtain credit approval for your loan. Your first step should be to all loans and credit cards available list of names of companies, account numbers and amounts of monthly payments. This will help the information in your credit report. It includes all loans and closed credit accounts, if these documents are available.
1) Get a financial --> Check-Up
Then make an appointment with a good financial guidance and approval of applications for a total credit. As part of the approval procedure, ordering your credit report. There are no data on the activities of the three large reports -- Equifax, Experian and TransUnion. The report has three credit scores - one for each agency. The interest rate and type of loan is available to get your credit score in context.
TheUnderstanding the help of a mortgage professional to help you improve your credit report and tips on how to improve your score, is of inestimable value. For the average person, interpreting a credit report and processing errors, is difficult. Wirtschaftsauskünfte filled with frustrating jargon and codes. They are not written for the general public to read. Yet fear is the task of contacting credit agencies to dispute or correctInformation.
2) to correct mistakes
Credit reporting agencies are often errors in the database. Everything that is done by computer. These figures are contained in the log file from your computer. A computer weighs your data using complicated mathematical formulas for credit score to arrive.
Almost everyone has paid bills late for one reason or another. Perhaps a bill was sent to the wrong address, or have had a dispute with a supplier. Probably you have any questions about yourReport must be challenged or corrected. Each of the websites of the three main agencies has a maximum resolution of disputes. Feel free to use.
3) address the important issues of credit --
Can have serious financial difficulties at some time in the past have had. Review what can be exhausting, emotionally, and that reveal the underlying causes of credit problems. You will be advised how long you should stay on his report, and as the reconstructionCredit for their dignity.
Or you can have a persistent habit of spending more. In this case, it should help the conversation with a financial adviser or a personal adviser, is out of debt and to create better habits. The National Foundation for Credit Counseling - http://www.nfcc.org offers - a low-cost assistance for serious credit problems. If you remain under their control to manage your debt, you will not be able to d to obtain a new credit during theexpected to work - the years of May. Before doing this, ask a mortgage lender or financial adviser, if there is a way to use your credit without their supervision.
4) Check your credit
A law passed in 2005 requires the three credit bureaus to communicate without giving credit report every year. It was suggested that a file from the first, which could order in January, the second in May and the thirdSeptember. This is the central location where the file can be ordered at: https: / / / www.annualcreditreport.com ARC / index.jsp
The purpose of this law seems to be helping people when they become a victim of identity theft. This way you can apply to all files new loan does not come from you.
To take advantage of credit reports Free File, you should consider whether the errors. Use the credit report that you can control your mortgageDonors in comparison with the data on your credit card 'request. Please note that the disclosure without credit, a credit report. It does not include a credit score.
5) understanding credit scores
Less than 620 - Poor
620-680 - media - is to make more money for your loan.
680-720 - Good
720-800 - Excellent
800-850 - rarely seen
6) the game
Is the information in your credit file includescharacterized by the following factors:
35% - Payment history - invoices for payment is too important. Today, many people use auto draft or pre-written checks to pay for bank accounts online. This is to avoid delays in disbursement of funds. If you have a good credit score, do not pay late!
30% - The ratio of credit available compared with what is used, is an important factor for your guests. If you have more than 50% against the credit limit is availableagainst him. For this reason, it is useful to keep their credit card bills in old age, even if I disagree with them. Building the total amount of the loan than what you pay for.
15% - Length of credit quality of each loan will affect your score. A loan of greater experience scored higher. For this reason, it is a good idea to open credit cards with low first set, then close it after a few months andobtain the credit card.
10% - The number of inquiries made on your credit report affects your score. Whenever you have a credit card or a loan is taken from your credit card. I prefer to keep low. A recent law has made it possible for people to buy homes and cars to different questions in the same field (guide or car) are intended for a period of 30 days without charge. But to be safe, leave your credit cardReport be withdrawn if it is absolutely necessary.
10% - Types of credit uses your guests can backfire. Loans from finance companies, unsecured loans, furniture loans and some loans from retail outlets as a lack of procedures because of its high, and in May against him.
7) to improve your credit score
It 'easy and you need to borrow money. We usually make everyday purchases with credit cards, loans and established homes, cars and otherPurchases. Your credit score is' particularly important when the purchase of your home. It is calculated to influence the type of loans available, the payment terms and interest rates. A low value may be thousands of dollars in additional interest expense over the past years. Even insurance companies factor your credit score into their decisions. More than ever need a good credit rating, or pay the price.
Finance providers, rental agencies, car dealers, insuranceCompanies and credit card companies do not help improve your credit score. In reality 'is an economic incentive to take into account a higher rate. Are the ones with the understanding and improve your credit score to be proactive. A good place to start when you start agreeing to buy a mortgage on a house. It 'a good habit to have.
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