Boca Condo Buyers | 4 Surefire Ways To Increase Your Credit Score
Chances are if you're ready to shop for a luxury condo in Boca Raton, you've got your finances in order. However, Boca Raton presents a host opportunities to build credit, grow your portfolio, and make a small fortune. Beyond living the good life and accessing resort style amenities, Boca Luxury Condo life can be a boon for the investor as well as the resident. To get your finances in order and to take the next step towards mortgage pre qualification, learn a few quick and easily understandable ways to attack your credit score and emerge from your efforts with flying colors! Here are 4 surefire ways to increase your credit score.
Review Your Reports and Dispute Erroneous Judgements
To begin ensure you have a means to "soft inquire" your credit. Using an account such as Credit Karma, or through one of your credit card platforms, you can review your credit without harming your credit score via a hard inquiry. Remember, credit bureaus may know more than we're comfortable with, but they don't always have the full picture. Mistakes occur all the time, and your credit score could be brutalized by an erroneous judgment. Be sure to review your ups and downs, and make sure not to drag anything into your mortgage qualification process.
Keep Revolving Credit Usage Under 30%
Credit cards are the best friend of a disciplined spender, and the worst enemy of someone who is not. On their surface, they allow 30 days of leverage in exchange for interest only if the final bill extends past the due date. With the proper spending patterns and personal management, credit cards are the linchpin to managing a budget in today's high-tech consumer economy. A good rule of thumb to follow is to keep your credit usage below 30%. The 30% threshold is the line that most credit reporting agencies will use as the barometer that divides responsible, low-interest usage from those more dependent on the leverage credit cards provide. Simply put, if you have $1,000 of available credit, work hard to maintain a running balance beneath $300.
Avoid Hard Credit Inquiries During Your Mortgage Application Process
There are two ways in particular to reduce the potential for a hard pull on behalf of your lender. These hard pulls, of course, are damaging to credit and are often necessary to make significant purchases such as housing and vehicles. Working to provide the information needed, such as mortgage pre qualification is fundamental to avoiding any damage during the inquiry phase. In addition, our mortgage lending partners suggest limiting your mortgage shopping to a 30-45 day window, thus avoiding additional hard pulls and sequestering most hard pull activity to a tight window.
Diversify Your Tradelines
The job of credit bureaus is to (to the best of their ability) adjudge the potential of a borrower. Beyond sheer buying power, spending behavior and range of credit lines are the key determinants to good or bad credit. The broader your spending base, and the more variety to your accounts in good standing, the more dynamic and capable the bureaus will deem you to be. From cars, personal and student loans, houses, even guitars and couches, having ongoing payments across an array of accounts proves to creditors that you have what it takes to spend intelligently and deftly manage your finances.
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