If you consider applying for a St. Louis mortgage, do not hesitate to contact the Better Rate Mortgage Team to help make your mortgage experience completely painless.
When you consider applying for a St. Louis mortgage, there is always the elephant in the room: credit score. It can be a terrible feeling to get denied for a mortgage based on a low credit score. Although it feels unfair to judge a person’s trustworthiness based solely on one number, this is often a make-or-break factor when receiving a mortgage.
Here are some ways that you can quickly and easily bump up your credit score so that you can get approved on your next mortgage application:
Set All of Your Bills to Autopay
Maybe there were a few times when a gas or electric bill slipped your mind, and you forgot to pay. Manually paying your bills can be a chore, and it can often lead to bills getting forgotten. Setting all of your bills to autopay will ensure that you never forget to pay a bill again, and you can avoid needless demerits against your credit score.
Make Micropayments
If it is within your financial ability, do not choose to pay the minimum amount of your credit card bill each month. It would help if you strived to pay the total balance each month. The lower your credit card balance, the better off your credit score will be.
Another easy hack for improving your credit is to make frequent micropayments on your credit card bills throughout the month. Even more optimal is paying off the total amount of your bill sporadically throughout the month.
Take Advantage of Planned Purchases
If you have a planned purchase coming up that you know you will make, why not put it on a credit card. If you have plans to buy a new TV, for instance, and you know you have the money, try applying for a new credit card and placing the purchase on your new card. Immediately pay off the new credit card bill. Just like that, you will have a new line of credit that is fully paid off.
Credit Report Errors
A recent study by the Federal Trade Commission found that 5% of people identified a minimum of one error on their credit report. These errors can be massively costly to individual borrowers that now appear to be risky investments for lenders.
You should begin proactively checking your credit report and ensuring that there is no inaccurate information that is currently hampering your credit score. You should also know that generally, credit reports can only use the financial information that is less than 7 years old. If there is anything older than 7 years, you should immediately dispute this error with the credit report hotline.
If you consider applying for a St. Louis mortgage, do not hesitate to contact the Better Rate Mortgage Team to help make your mortgage experience completely painless.
