9 Ways to Increase Your Credit Score

shutterstock_109006694If you’re considering purchasing or refinancing a home in Virginia Beach VA, it’s important to take the necessary steps to increase your credit score. You want to ensure you have the highest credit score possible, so you will be better positioned to qualify for the best possible mortgage rate and products.

Here are 9 ways to increase your credit score:

  1. Pay Bills On Time – Consistently paying bills late or missing payments will hurt your credit score.
  2. Get Current – If you’ve missed any payments, including credit card bills, student loans, or car loans, be sure to bring your account current.
  3. Pay-off Credit Cards – Credit cards and other revolving credit is helpful to establish credit, but before you begin looking into a mortgage, pay-off all balances.
  4. Clear-Up Collections – If you’ve had a debt go to collection, pay the amount owed. The collection will remain on your credit for seven years, but paying it will help your credit score.
  5. Keep Accounts Open – Once, you’ve paid off your balances, don’t close the accounts. Keeping them open with a zero balance illustrates a strong credit history.
  6. Get Your Credit Report – Contact the three major credit reporting agencies Equifax, TransUnion, and Experian, to ensure accuracy.
  7. Dispute Any Mistakes – If you find an error, dispute and have it removed from your credit report.
  8. Don’t Apply for New Credit – Don’t purchase a new car or new furniture for at least six months prior to applying for a home mortgage.
  9. Consult a Credit Counselor – If you’re recovering from personal bankruptcy or have serious credit issues, see a credit counselor for individual assistance.

the best lenders in virginia beach va, patrick bowler virginia beach va

Pat Bowler | Market Leader & Mortgage Consultant

575 Lynnhaven Parkway Suite 101 | Virginia Beach VA 23452 | 757-652-3999

Movement Mortgage, LLC is an Equal Housing Lender. NMLS # 39179 | 877-314-1499. Movement Mortgage, LLC is licensed by the “Virginia Bureau of Financial Institutions” Lic # MC-5112. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Movement Mortgage” is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company.

NMLS license number 21095


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