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Tips for Getting Your Mortgage
- Review your credit report. In many states, reports can be requested for little or no cost. Request changes to any report that is in error.
- If a creditor does not respond to the credit reporting agency within 30 days, the report must be taken off your credit report.
- If you have been turned down for credit, you may get your report for no charge.
- Credit Scoring-Credit scoring is assigning numerical ratings to consumers on the basis of their credit history.
- How to increase your credit score: To help you attain the best possible credit score, avoid any behavior that will negatively impact your credit scores before your loan closing.
Here Are Some Expert Tips:
- Say "No" to new credit.
- Don't order any furniture or appliances for a new home, even is no payment is immediately due, as with the no-payment-until-spring-deals.
- Don't let any stores run a credit check for a new credit card when you are shopping or looking for new furniture or appliances.
- Don't get new credit cards, even when stores offer a discount in return for applying for a card.
- Pay all credit card bills on time, even if it means paying utility bills late.
- Refuse increases in your credit limit if the increase is more than you need or is high in relation to your income.
- Pay off and close any existing accounts with finance companies since they're viewed negatively in the scoring.
- Close out unused credit card accounts.
- Maintain at least on of your oldest cards to show a lengthy credit history.
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