Kentucky Mortgage Loans and Raising your credit scores for an approval for home loan.
Here are several ways to repair your credit in a timely manner.
- Get a credit card if you don’t already own one. If you can’t qualify for a credit card, consider a secured credit card, where the bank gives you a credit line equal to the deposit you make.
- Pay down your credit card. Paying off your installment loans such as your mortgage or student loan can help your score however paying off revolving accounts such as credit cards will boost your credit score significantly.
- Use your card lightly. Yes, racking up a large balance can actually hurt your credit score. We highly recommend credit card owners to limit their charges to 30% or less of the actual card limit, 10% is even better!
- Put your old cards to use. The older your credit history, the better! If you stop using your older cards we highly encourage you to charge a recurring bill to one of the accounts, so it appears to be an active account.
- Goodwill. If you are always on time with your payments, some lenders will actually erase that one late payment from your credit history. However you do typically have to make such a request in writing.
All of these suggestions work best with credit scores under 640.
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