A solid credit score can significantly enhance your financial prospects, leading to better terms and lower interest rates on loans and mortgages. Elevate your credit score with these actionable strategies:
1. Go Beyond the Minimum: Instead of sticking to the minimum payment requirements, strive to pay more each month. This practice not only demonstrates responsible financial behavior but also helps reduce your credit utilization rate, thus positively impacting your score.
2. Expand Your Credit Limit: Seek opportunities to increase your credit limit. You can achieve this by requesting a limit raise from your existing credit card issuer or by applying for a new card altogether. A higher credit limit can contribute to a lower credit utilization ratio, which in turn can bolster your credit score.
3. Rectify Credit Report Errors: Regularly review your credit report for inaccuracies, such as duplicate accounts or incorrectly reported payments. Rectifying these errors can prevent unwarranted negative impacts on your credit score and ensure its accuracy.
4. Pursue Removal of Paid-off Negative Entries: Even after settling negative entries, they might persist on your credit report, unfairly affecting your score. Take proactive steps to request the removal of these entries, as their absence can swiftly enhance your creditworthiness.
By implementing these prudent measures, you can embark on a journey towards achieving and maintaining a stellar credit score, unlocking various financial opportunities along the way.
Interest Rates Have Increased
Borrowers May Not Qualify
Due to DTI Calculation
Time To Consider
NO RATIO PROGRAM
No DTI calculation
No Income on Application
No Employment on Application
No Tax Returns
No W2s
No 1099
Only Required to Have
as low as 20% Down Payment
80% LTV = 720+ FICO - 12 Months Reserves
75% LTV = 680-719 FICO - 9 Months Reserves
65% LTV = 660-679 FICO - 9 Months Reserves
Funds for Down Payment
Closing Costs
Prepaid’s
Reserves
Primary Residence
Second Home
Purchase
Refinance
Minimum Loan $200,000