Building Credit If You Are A First Time Home Buyer in Connecticut

Building Credit can be pretty nerve wracking for most First Time Homebuyers. Below, I’ve put together some tips on building credit as a First Time Homebuyer!

 

– Review your Credit Report! At no cost you may request a copy of your Credit Report from all 3 National Credit Bureaus (Experian, Equifax, and TransUnion). Once you get this, review it for anything suspicious or for any mistakes.

 

– After reviewing your report, dispute any inaccuracies or anything else that is incorrect. Be sure to do so in writing for your own records! When you dispute your credit report – be prepared to show proof of what you are disputing!

 

– Make sure you are paying all of your present debt on time for the amount required.

 

– Lower any and each of your Credit Card Balances to 30% (or below) of the MAX CREDIT LIMIT. This will help raise your score!

 

– Pay off any debt that has been sent to Collections!

 

– Lastly, be mindful that credit doesn’t always update in real time. It usually takes 30 days for credit to update. So if you are taking out new debt or a new credit card to build your credit rating – you will need to wait until you make a couple of payments on the monthly cycle before your credit score will increase.

 

If you are a first time home buyer or looking to get pre-approved for a mortgage, feel free to contact me today!

 

Ram
Ramazan Sinani
Mortgage Loan Originator
Northeast Financial
NMLS: 1590862 Company NMLS: 117273
Cell: 203-695-6858 Fax: 203-413-6240
[email protected]

 

 

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