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Beulahh, Home Buyer in San Francisco, CA

What are some ways I can maximize my credit score to qualify for the best loans?

Asked by Beulahh, San Francisco, CA Mon Jul 14, 2014

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4
Beulahh:
We utlize a credit report service that will run what is called a 'Score Wizard' that will tell us exactly how to bring up your credit scores MAXIMALLY.
The first step would be taking your information and a major credit card to run the credit.
Then we decide how much of your liquid funds you want to apply toward your cards to improve the credit. We then take that amount and input it into the Score Wizard. The wizard tells us exactly (to the dollar) you are to pay down your credit cards AND will tell you exactly what your score will be after those payments are applied.
Once the payments are applied, you provide the current statement (must have both the account number and your name appearing on the statement).
We then have the credit agency verify the balances with the credit card company and that info is forwarded onto the bureau or bureaus that you want to have rescore your credit.
The cost for this about $100 per line of credit per credit agency (Equifax, Experian, TransUnion).
As lenders, we look at the middle of the three scores. I try to focus on one of the three agencies so that we can keep that cost down to a minimum for you.
0 votes Thank Flag Link Sat Jul 26, 2014
Hello Beulahh,

First and foremost, thank you for posting your question here at trulia. To maximize your credit score, pay off or pay most of any credit card balances. Also, pay before it is due because one is penalize for not paying on time. This will definitely help your credit score.
0 votes Thank Flag Link Wed Jul 16, 2014
You can pay down some of your high credit balances if you have any. Using more than 50% of your credit can hurt so it is always advised pay it down to 25%. You can also go to sites like credit karma and check your score and they usually can give you some tips to improve your score as well.
0 votes Thank Flag Link Wed Jul 16, 2014
Keep your credit card debt levels below 25% of their maximum limit. For example if you have a credit card with a Limit of $10k, keep your balance under 2500$ or even less is better.

Going deeper on the credit card theme, be sure to keep your accounts open for at least two years or more to long standing pay history. And don't write into the credit card company to close the account - it doesn't look favorable by the credit bureaus...

Need more specifics, let me know.
0 votes Thank Flag Link Wed Jul 16, 2014
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