Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home.
Today, we'll talk about 10 Things People Do That KILLS Their Credit Score
When buying a home...
Having a good credit score is important when it comes to buying a home because it can significantly impact the mortgage rates and terms you are offered. Lenders use credit scores to assess the risk of lending money to borrowers, and a higher credit score typically means a lower risk for the lender. This means that if you have a good credit score, you may be able to secure a lower mortgage rate, which can save you a significant amount of money over the life of your loan.
Use a credit score service or free credit scoring site to check your credit score. Did you know you are entitled to a free copy of your credit reports every 12 months from each of the three nationwide credit bureaus. All you have to do is go to: www.annualcreditreport.com and follow the directions
In addition to getting a better mortgage rate, a good credit score can also make it easier to get approved for a mortgage. Lenders often have minimum credit score requirements for borrowers, and if your score falls below these requirements, you may have a difficult time getting approved for a mortgage. Even if you are able to get approved, you may be required to make a larger down payment or pay higher closing costs.
Aside from the financial benefits, a good credit score can also give you more negotiating power when it comes to the terms of your mortgage. If you have a strong credit score, you may be able to negotiate for a lower down payment or a shorter loan term, which can save you money in the long run.
In short, having a good credit score is essential when it comes to buying a home. It can help you secure a lower mortgage rate, make it easier to get approved for a mortgage, and give you more negotiating power when it comes to the terms of your loan. By taking steps to improve your credit score, you can put yourself in a better position to achieve your goal of homeownership.
You can also request a free copy of your credit report from each of three major credit reporting agencies – Equifax®, Experian®, and TransUnion® – once each year by calling toll-free 1-877-322-8228.
The following ten reasons are practices that people do to harm their credits:
Failing to pay bills on time: One of the most common mistakes that can harm your credit score is missing payment due dates.
Maxing out credit cards: Using too much of your available credit limit can lower your credit score.
Not having a diverse mix of credit accounts: Having a variety of credit accounts, such as a mortgage, a car loan, and a credit card, can be beneficial for your credit score.
Applying for too much new credit at once: Each time you apply for new credit, it can result in a hard inquiry on your credit report, which can lower your credit score.
Not using credit at all: It's important to use credit responsibly in order to build a good credit history.
Carrying high balances on credit cards: Having high balances on your credit cards can be detrimental to your credit score.
Closing credit card accounts: Closing credit card accounts, especially if they have a long history, can negatively impact your credit score.
Having a high credit utilization ratio: This refers to the percentage of your available credit that you are currently using. A high ratio can lower your credit score.
Having a history of late or missed payments: Payment history is a key factor in determining your credit score, so it's important to make all of your payments on time.
Having a high number of hard inquiries on your credit report: Hard inquiries occur when you apply for credit and can lower your credit score, so it's important to limit the number of times you apply for new credit.
Always consult with your real estate agent about your home inspection results and the options you have inside the sales contract that you've signed.
To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!
For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540