WANT A MORTGAGE? HOW TO GET YOUR CREDIT IN SHAPE

Thinking of buying your first home? It�s a big step but one that nearly seven out of 10 consumers take at some point but it�s not exactly like renting. When you buy a home, it�s yours. You can�t return it with your receipt in hand. That also means lenders will scrutinize your credit much more than a landlord might. Here are five things you can do to get and keep your credit in shape.

Check It. If you want to get your credit in shape you need to know where you stand right now. That means getting a copy of your credit report and look for errors. Unfortunately, credit reports are notorious for containing mistakes, so make sure there are none and if there are, document the error and have your lender fix it for you.

Limit Accounts. Make sure you don�t go overboard. There are those who get their very first credit card and suddenly feel empowered and able to buy things and pay for them over time instead of making a cash payment. Limit the number of credit accounts you have. Multiple credit accounts can add up fast.

Watch Your Balance. Credit scores improve not when you have a zero balance but when you have a manageable balance. Credit scores get better when the amounts owed on your credit accounts add up to approximately one-third of your credit line. Don�t approach your credit limits and whatever you do don�t go over.

Pay On Time. The biggest single factor establishing good credit is paying on time. Even if you only make the minimum payment, make sure it�s paid on the due date. If you get past the grace period on your card, your interest rate might be affected.

Make More than the Minimum. And speaking of only making the minimum payment- don�t. If you can only afford to make the minimum payment that�s a warning sign there�s trouble ahead. Go ahead and make regular charges on a credit card that you might otherwise pay cash for but when the statement comes, pay off those charges with the cash you saved.

Just follow these simple steps to get your credit in shape. Even if your credit has been damaged or you�ve no credit at all, these simple tips will get your credit where it needs to be in order to qualify for a home loan.

For more information or questions about mortgage loans,
Please visit Majestic Home Loan

Or Call  (855) 757-8748