If you’re looking to take advantage of this fall’s incredibly low-interest rates, your credit score is going to be the difference between a so-so rate and a rate that has you bragging to your friends.
Before you send in that loan application, boost your score with these quick tips:
• Keep credit card balances low. Thirty percent of your credit score is based on the amount you owe, so you want your balances to be as low as possible.
• Pay all your bills on time and in full. You can also send in payments twice a month to keep your running balance even lower.
• Check your credit report for errors. You’re entitled to one free report every 12 months. Go over it carefully to check for mistakes that might be lowering your score.
• Don’t close unused cards. An open line-of-credit with a zero balance shows wiggle room in your budget, so leave zero-balance cards open before applying for a loan.
If you’re looking to buy a home (and get an out-of-this-world interest rate), give me a call. I’d love to help!