Tips to Improve Your Home

5 Tips to Raise Your Credit Score

Credit Score a little low? Here is what you could do to help get those numbers a little more "mortgage friendly."
1. Pay down your balances on debt to below 50%, if you can't pay down that much ask your credit provider for an increase in your credit limit. By doing this, your balance to the allowable limit will be a lower percentage. Try to keep your balance below 50% of that limit. With this change to your credit profile , you should see an increase in your score.

2. Ask your creditor to re-age your account to improve your score. This process consists of your creditor agreeing to forgive your late payment history and reclassify your account as up to date. But, your must qualify for re-aging by the FFIEC (Federal Financial Examination Council) and you must set and follow a policy that requires you to prove you are able and willing to repay the debt. Accounts must be at least 9 months old and requires making a consecutive minimum monthly payment for 3 months.

3. Apply for credit, but only so much! Four trade lines reporting for a consecutive twelve months will show your willingness and ability to repay a debt. If you apply for a lot of credit in a short period of time, the credit bureau will send a Trans Alert to creditors informing them that you have applied for numerous accounts. This is a warning that new debts could be open but not yet reporting. 

4. Use the rapid re-score method. By doing this, your lender will look over your credit report and tell you what items need to be paid off or fixed. Then, you will pay those items off and get proof from your creditor. Then, you will give the proof to the lender who will give it to the third-party vendor who passes it to the credit bureau. Then, the bureau will update your credit report, resulting in an updated credit score. Keep in mind that revolving debts cannot be paid off to qualify for a mortgage because you can recharge them and wind up with debt again. If you want to keep those revolving debts open, keep the balances very low as whatever the balance and minimum payment are at application will be used to underwrite the file. It will be re-verified just before closing and the higher balance and payment will be used. Only installment debts can be paid off to qualify for a mortgage as they end once they are paid off. 

5. You can ask the credit bureau to add any account that has a payment history that isn't reflecting on your credit report.




1. Freshen Up
Before placing your home on the market, it is smart to pay extra attention to your home's maintenance. You want to provide potential buyers with a long lasting impression that they can get just by glancing at your home. You can do this by simply making sure the grass is mowed, trim wild bushes, maybe even plant a few plants. Another idea is to give your front door a fresh coat of paint. These ideas  are fairly simple to do and could leave future buyers anxious to see what's inside. 

2.  Plain Jane
While neon walls may be fun, they may turn future buyers away.  Looking for a dream home gets overwhelming and sometimes makes it hard to "see behind" the current condition of a house. By giving old and peeling walls, or bright and distracting walls a fresh coat of paint, potential buyers may have an easier time envisioning themselves and their own personal styles in the house.

3. Powder the powder room!
Have an older bathroom? Vamp it up! If a bathroom is already upgraded, buyers may be relieved to avoid having to renovate after buying. To many future buyers, "move-in-ready" homes have more appeal than those that require fixing up.

4. Light it up!
Have any outdated light fixtures hanging around? Change them out! Not only will this increase the value of your home but it gives it a little more sparkle. Replace any broken windows and possibly swap out any old, heavy drapes for something more light and airy. Mirrors are a quick fix for adding more light by reflecting any light that already exists in the space as well as making the room feel bigger than it is.

​5. Open Concept
In this more modern day and age, buyers seem to be looking for homes with an "open concept." For instance, if there is a wall blocking your view from the kitchen to the den that doesn't have a purpose... knock it down! Being able to sit in the den and still have a conversation with someone in the kitchen is an example of what "open concept" is.