By Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers
Most importantly donâ€™t do anything until your loan officer looks it over with you. So many times people do what would seem like a good idea; pay off a past due or pay off a credit card and close the account to later discover they actually lowered their rating.
Loan officers work with credit continually and many times can suggest a notification or two and presto the rating is up. Maybe there is a late pay that didnâ€™t happen or maybe should have fallen of the report months earlier.
They have a very strong incentive. They canâ€™t make a loan unless the credit is acceptable so the experienced loan officers know their stuff.
An article that will serve you well is '#13 Consultation Interviewing Loan Officers' at Your Road Home.com. Also article #5 Your Credit and Financing Your Home.
Choose your loan officer before you allow anyone to fix or monitor your credit. Your loan type will dictate the required rating. Once you know exactly what needs to happen you can direct the requirements, establish a time line and plan your next step.
The shortest path to owning your home.
Donâ€™t let anything or anyone deter you from your goal of owning your home.
Best of Luck, Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers
Not knowing what is causing your credit to be lower that your desired rating. If you have balances on credit cards that have balances over 50% of the credit limit, you could pay the balances down so that they are 30% or less, then supply that information to your loan officer and ask him/her to submit the documentation for a rapid re-score.
If you have negative, obsolete or inaccurate information and need credit restoration, I recommend visiting the website below for more information. I have referred clients to the service for better than a decade and they do a great job.
Ask your loan officer or agent to connect you with a professional credit repair rep. Sometimes, paying off and closing a debt or making a payment on an old account does more harm than good. Many lenders have a point of contact that they can share with you at no or little cost that can help you out in a short amount of time.