We see McHenry County new home buyers on a regular basis who are interested in buying a new home, but concerned that their credit score might not be high enough to qualify for a mortgage. Often scores in the mid 500s will prevent them from buying their dream home. If this is the situation you are in, don’t despair. Here are some tips from industry expert Ilyce Glink for ways to improve your credit.
- Get a copy of your Credit Report – Review your credit report. Look closely for any errors. Make sure everything on your report makes sense.
- Pay bills on time – always pay your bills on time and if possible pay them in full each month.
- Use your credit wisely – use your credit cards wisely. If you don’t have a card, open an account and make sure to pay the bill in full at the end of the month.
- Start a savings account – while you are working on repairing your credit is a great time to start stashing away money for a down payment. Lenders require a higher percentage downpayment than previously.
You can find many more tips for fixing your credit history at Think Glink. While you are working on your credit, come tour our communities. We’d love to work with you to buy your dream home!