Edina, Minnesota
4445 W 77th St , Suite 105
Minneapolis, MN 55435
952-797-6032

Minneapolis Mortgage Company’s 4 Tips for Increasing Your Credit Score June 23, 2017

Edina, Edina
Minneapolis Mortgage Company’s 4 Tips for Increasing Your Credit Score, Edina, Minnesota

Your credit score is critical for your financial success. It affects your ability to get loans, including a mortgage and car loan, and is the main factor lenders look at to determine how much interest you’ll be charged. To help you raise your score as much as possible, Fairway Independent Mortgage Corporation is here.

They’re a residential mortgage solution for residents of the greater Minneapolis, MN, area, and below are their tips for improving your score and getting your credit back on track:

  • mortgageCheck for Errors: You can request a free credit report every year, and for a small fee, see your credit score as well. Once you receive your credit report, it will come with an outline of accounts and payments. Some mistakes can negatively affect your score, needlessly raising interest rates on mortgages and other loans. You can dispute them to get them fixed and remove penalties.
  • Pay on Time: Pay bills on time, as even a slightly late payment will negatively impact your score. For payments that are late, prioritize accounts with the highest interest rates. This will help you pay down the amounts while increasing your overall score. The higher your score, the lower your mortgage rates will be, along with rates for other types of loans.
  • Keep Balances Low: The lower you keep your account balances, the higher your credit score will be. It demonstrates that you can budget responsibly and aren’t taking on more debt than you can handle.
  • Don’t Open New Credit Cards: Opening new credit cards when you’re having trouble paying your old ones can decrease your score because it will look like you’re trying to take on more debt when you already have more than you can handle.

Still have questions about your credit score before you start the home-buying process? Call Fairway Independent Mortgage Corporation at (952) 797-6032 or visit them online. Whether you’re looking for information on refinancing or current mortgage rates, one of their residential mortgage experts can give all the information you need to get approved for a home loan.

Other Announcements, Events and Deals from Fairway Independent Mortgage Corporation
3 Tips for Paying Off a Mortgage Loan Early, Edina, Minnesota
The majority of homeowners turn to mortgages for home purchases because it's not feasible to pay those sums out of pocket. While making your payments on time is a priority, you shoul...read more
Understanding Your Credit Score for Mortgages, Edina, Minnesota
There are very few ways to access the credit score that matters the most. As much consumer advocacy as exists in society, you wouldn’t think that would be the case. However, for what...read more
Good News for the Housing Market!, Edina, Minnesota
Number of Renting Households Decline for the First Time Since 2004 The 2017 Annual Rent Report prepared by ABODO showed that average Rents rose by 2.4% over the course of 2017. And ...read more
Your Guide to Refinancing a Mortgage, Edina, Minnesota
Your mortgage is a long-term financial commitment that allows you to obtain and keep your beloved home. It might be time to consider how refinancing can benefit you. For more th...read more
Mortgage Applications for New Homes on the Rise, Edina, Minnesota
It may be a good idea to contact us to learn more about your options as a new potential home buyer NOW…  Mortgage applications for new homes increased 12.2 percent in November ...read more