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Credit Scores are Important to Gilbert Mortgages

Gilbert Real Estate Guide Credit Information

3 Reasons Your Credit Report is Important when You Buy a Gilbert Home

  1. Your credit score is the single most important factor in getting approved for a loan. If your score is too low, lenders will not lend you the money to buy that Gilbert real estate.
  2. Your credit report and the information on it can affect the interest rate for your future mortgage. This will quickly affect how affordable your monthly payments will be.
  3. Negative information can harm your chances for getting a loan. It is a good idea to begin to clean up any incorrect, outdated or negative material several months before you plan to begin looking for a home.

Future Gilbert Homeowners can Improve Credit Scores

Your credit score may be low because of mistakes on your report. The reporting agencies make millions of entries every month, and typos or clerical errors are not unknown. Also, a misspelling in your name or social security number could cause big problems for your home purchase. Before you panic, take time to read over your report from each of the three agencies and look for mistakes.

Fixing errors on your credit scores can be as easy as giving the reporting agency a call and informing them of any errors. However, for more in-depth trouble, you may need to write letters, fax paperwork, or call creditors. You will want to keep copies of everything you write, fax or mail. Keep notes of all phone conversations, and ask for any promises to be made in writing.

Three Strategies for Fixing Your Credit

  1. Pay all of your bills on time. This one thing can hurt or help your credit scores quite a bit. Got a late payment on your report? Call the creditor and ask them to remove it. Even if they refuse, make sure that you pay on time in the future.
  2. Pay old bills. Got an account that is delinquent or in collections? Paying off these accounts can remove them from your report. If you can afford it, it may make sense to pay off these old debts so that your credit can start rebounding.
  3. Pay off half of your credit card. It might help your score if your accounts are at 50 percent (of the highest allowable rate) or lower.