Let’s say you’re renting in south Florida. Real estate analysts have completed research that shows rent rates are going to go up, and there is no end in site. Meanwhile, interest rates are low.
Most people who rent rather than buy have at least one of these reasons:
- Poor Credit.
- No money for a down payment.
- They fear the payment will be too high.
We’re going to deal with credit in this post, with future posts dealing with down payments and monthly payments. The first thing about your credit is knowing where you stand right now. We understand that some people feel it’s better not to know and there is a natural apprehension about peering into the unknown, but it’s best to get the facts so you can act.
Once you get your report, there are a few things you can do right away to get the ball rolling on boosting your credit score.
Boost Your Credit Score
1 – Dispute inaccurate information. There are almost always a lot of mistakes on credit reports. The Fair Credit Reporting Act allows you to dispute items. If the credit reporting agency cannot verify it as accurate, they must remove it.
2 – Extend credit limits where possible. If you have a limit of $2000 on a credit card, see if you can raise it to $3000 or higher. You don’t have to spend more to reach that limit, in fact don’t, but it may boost your score to have more available.
3 – Pay down balances or pay off whatever you can. Obviously if you’re thinking about buying you don’t want to exhaust your savings entirely, but paying down what you owe is generally a good idea and will raise your score.
4 – Ask for help! As an experienced mortgage loan officer, I have seen it all. I have helped people with terrible credit get back on track and then I was able to guide them to an approval for a new home loan. This is part of my service to my customers.
Personal service is and always has been the primary focus of my business. Any time you call me, 7 days a week, I am here to answer your questions! 954-734-4440