Bypass These Common Credit Mistakes so You Can Qualify for a Mortgage

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Don’t succumb to these common credit mistakes!

As realtors, we understand how important your credit score is when it comes to looking for a home. You need a strong credit score to qualify for a mortgage so that you can secure the home of your dreams. However, some of us may not always have the ideal credit score. Not to worry! Take control of your credit score and check out our tips to help you avoid these common credit mistakes.

Not Considering Your Credit Utilization Score.

Paying off your debt is a good thing, but it’s not the only aspect of your credit score. How you use your credit plays a part in how your credit report is determined. Even if you pay off your bill in full every month, if you’re charging lots of purchases you could be damaging your credit utilization score. This number is the ratio between how much credit you have and how much you use every month. Ideally, you should keep your ratio around 30 percent.

Forgetting to Pay Attention to Detail.

When it comes to your credit, read through all the rules before you start spending. You can get into trouble if you overlook all the fine print. With fees and interest rates, look over what you’re agreeing to before you sign all the paperwork.

Ignoring Your Credit Report.

It’s important to look at your credit score, but far too many people stop here. Your credit is constantly changing. Monitor your credit report so that you can keep track of any changes. If you notice any mistakes or issues, you can nip them in the bud before it’s too late.

Evade common credit mistakes so that you can qualify for the mortgage you need for your dream home. When thinking of making a move, Sit Down With A Stand Up REALTOR®. Contact The Fealkoff Team for all your real estate needs. We’re helping families in both the Conejo Valley and the Westside of Los Angeles, including Westlake Village, Thousand Oaks, Calabasas, Santa Monica, Brentwood and more.