Improve Your Credit Score Before Buying New Condos in Chelsea

by | Aug 25, 2021 | Real Estate Services

If you are thinking about buying one of the new condos in Chelsea, your FICO score helps determine your mortgage rate. Many new homeowners worry that their credit scores aren’t good enough to get them a decent rate but want to do what they can to fix it. Some problems with your credit score take months to fix, such as missed or late payments, but there are a few things that you can do to help in the short term.

Look Over Your Credit Report

Obtain a free credit report from the Annual Credit Report website. Look it over carefully for any errors. If you find any mistakes, you will want to immediately contact all three bureaus to correct them because they are lowering your score. Your mortgage lender can then ask for a rapid rescore of your credit report.

Lower Your Balances

The fastest way to see any improvement in your credit score is to lower your balances on your revolving debt. One way to pay down your balances is by applying your tax return to any outstanding credit card debt you have. Another way is to obtain a personal loan that you can use to pay off high-interest debt before applying for a loan for one of the new condos in Chelsea.

Build Your Credit

For those with little credit history, one of the best ways to start building your credit is to have your family add you to one of their cards as an authorized user. The key is not to use the account but to let the payment history build up your credit score. To know more, please contact Lantern House today.

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