Building Credit can be pretty nerve wracking when you are a First Time Homebuyer. 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 you should 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 or settle 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! We offer many great home purchase programs for first time home buyers.
Mortgage Loan Originator
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Cell: 203-695-6858 Fax: 203-413-6240