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How To Improve Your Credit Score


Gone are the days when lenders would look at an applicant’s credit report and not be directed by a credit score. And like so many people in today’s economy, you’ve had some derogatory credit in the past but your financial future is looking up. Now you have applied for a loan and the loan originator has come back and told you that you were denied because you did not meet their minimum credit score requirements.

So, before you start home shopping, go take a look at your Credit Score and access your free credit report from all three agencies, Transunion, Experian and Equifax. You can do it every 12 months and it does not show as an inquiry on your on your report. If you see any accounts that are not yours, or that you have paid off, or have reported erroneous information, file your disputes and get it corrected ASAP.


A Few Things To Keep In Mind For Improving Credit Scores

Pay your bills on time

Keep your revolving accounts/ credit cards with a balance of no more 30% of your high credit limit

Don’t close accounts as a short term solution to improve credit- it doesn’t work!

Don’t open a lot of new accounts- it can look risky to a lender AND it can lower your account history age.

Don’t allow numerous creditors to pull your credit

Have credit cards but just manage them wisely- a good mix of credit cards and installment debt helps improve scores if paid on time.


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Gameday Football Saturdays Could Equal A Second Home

Have you ever thought about buying a second home?

So Johnny just graduated from Huntsville High School in Huntsville, AL and won a full scholarship to a BIG University in Alabama. Since you of course will be visiting him often or at least every weekend in the fall for Gameday Weekend, rather than staying in a hotel for $450 per night, why not consider buying a 2nd home in the lovely college town of your choice.


Seconds homes simply require a 10% down payment ( which you just saved because Johnny got a full ride) and the rates are the same as if you were purchasing a primary residence. With a second home, unfortunately, you are not allowed to generate any rental income, but he got a full ride and needs a quite place for all the studying that will be happening. Keep in mind also you can still have a competent Realtor® negotiate up to 6% of the purchase price to go towards closing costs, another bonus.