We all know that creditors want to see good things on your credit report before they’ll agree to lend you enough money to buy a home – but if you’re like most people, your credit could stand a little polishing-up.
While a big overhaul will likely take some time, there are a handful of things you can do to repair your credit so lenders look at you a little more favorably when it’s time to apply for a mortgage loan.
How to Repair Your Credit Before You Buy a Home in North Florida
The first thing you’ll need to do is get a copy of your credit report. You’re entitled to a free copy each year, which you can obtain for AnnualCreditReport.com or by calling 877-322-8228.
Once you have that, you can get started.
- Make sure your credit report is accurate. If you find anything out of order, such as a debt that you don’t owe or a loan you didn’t take out, report it to the credit bureau. Sometimes personal information gets mixed up when creditors are reporting debts, so it could be an honest mistake.
- Determine where you can trim down credit card balances. Sometimes paying down a few hundred dollars in debt can push your credit score up significantly, so it might be a good idea to evaluate how much you owe and start making larger-than-usual payments. The best thing you can do is to use 30 percent or less of the credit you have available to you.
- Don’t try to get closed accounts removed from your credit report unless they’re negative. Good debt is good for your credit, and the longer your history of it is, the better your score will be.
Do You Need to Talk to a Lake City Realtor® About Buying a Home?
Whether you’re buying a house, a farm, or a tract of timberland, we can help you find something that’s just right for your needs.
Call us at 386-243-0124 or contact us online. We may be able to help you find the perfect property in Lake City or the surrounding communities.
In the meantime, check out our:
- Waterfront residential
- Waterfront land
- Bank-owned and foreclosures
- Short sales
- Paved road frontage
- Non-deed-restricted land
- Wooded oak tree land
- Land for land home combo
