A strong credit score is one of the most important factors lenders consider when you are applying for a mortgage. If your credit score is less than stellar, you might have difficulty obtaining a loan with reasonable mortgage rates.
The loan consultants at Premium Mortgage Corporation in New York and Vermont explain how you can quickly make significant improvements in your credit score to get a better mortgage rate:
- Dispute Errors In Your Credit Report: You can dispute errors that could affect your credit score through three different credit bureaus: Equifax, Experian, and TransUnion.
- Pay Your Bills On Time: Your payment history makes up over a third of your FICO credit score. Make sure you pay your bills on or before their due date to avoid hurting your credit score even more.
- Leave (Good) Old Debt On Your Report:Don’t remove an account from your credit report just because it’s paid off. Good debt -- debt that you've handled well and paid as agreed -- is good for your credit. The longer your history of good debt is, the better it is for your score.
- Become An Authorized User: Learn how to use credit responsibly by becoming an authorized user on a friend or relative’s credit card. Becoming an authorized user adds payment history to your own credit file, helping your credit score.
The expert loan consultants at Premium Mortgage Corporation will help guide you through raising your credit score to buy a home or refinance your mortgage. Visit their website to learn more information about their mortgage programs, or give them a call at (877) 690-7240 to speak with a Loan Officer about mortgage rates. Premium Mortgage Corporation has locations in Buffalo, Rochester, and Syracuse, New York, and Barre, Vermont for your convenience.
2541 Monroe Avenue, Rochester, NY, 14618
Equal Housing Lender
Licensed Mortgage Banker NYSDFS