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Improve Your Credit with Michael Brannon Version 1

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Published by michaelbrannonrealestateagent, 2021-02-25 16:14:33

Improve Your Credit with Michael Brannon Version 1

Improve Your Credit with Michael Brannon Version 1

IHmowptorove your
credit score

and buy a home in 2021

Homeownership is a goal for many, a piece
of the "American Dream," a shelter during
a storm, a safe "nest egg." Sometimes, the
dream of homeownership stems from the
heart, other times there is a drive towards
financial security or perhaps, wealthy
Unfortunately, for many of us, buying a
home is a difficult prospect because of one
major drawback:
a poor credit history. Bad credit almost always creates complications when trying to
purchase something. Especially, something as substantial as a home.

That fear-inspiring (3) three-digit, credit score tied to one's credit report can make the
difference between being granted a home loan and being left out in the cold. Why? Because a
credit report tells a financial story about us as payers of debt, it's sort of a financial resume -
with a long memory. You shouldn't feel alone, as few people manage to go along forever
without making some sort of financial misstep. By the way, in many cases, people who pay
cash for everything, end up with a lower credit score than those of us who juggle debt.

If you have a poor credit report, it will be harder to obtain a home loan - not impossible,
just harder. This is why it is imperative before you go house shopping and long before you
need to move, that you study your credit report and clean it up as much as you possibly can.
In several months to a year's time, you can improve your credit report and raise your credit
score. Once you've accomplished that, you will have a much better chance of moving into
your Dream Home at a competitive interest rate.

Let's get into it...


Top 5 Tips to Improve Your
Credit Score

Obtain a Copy of Your Credit Report

If you don’t have a current one, get it NOW. Do NOT stick your head in

the sand and pretend it doesn't exist, be aware of any problems and rectify

1. them – serious issues, and sometimes even small ones can take a significant
amount of time and effort to remedy. Blemishes on your credit report(s) can

prevent you from buying a home - Prepare and Achieve Results.

There are numerous ways to get your credit report. By the way, you’re entitled to receive a credit

report, absolutely FREE from each of the (3) three major credit reporting companies – Equifax,

Experian, and TransUnion once every year under the FACT Act; get yours today, simply visit the

Annual Credit Report website.


Life Happens – Get Back on Track
"Information about a lawsuit or a judgment against
you can be reported for seven years or until the
statute of limitations runs out, whichever is longer.
Bankruptcies can stay on your report for up to ten
years." [according to the CFPD]

When you spot errors or discrepancies, it’s up to you to correct them. A step-by-step guide on how to
file a claim is available on each of the credit bureau websites, and your report itself will also have
instructions, you should follow them "diligently." Do NOT forget to keep a meticulous record of your
dispute(s), including copies of any documents you submit to the credit bureaus. After you submit a
complete initial claim, you can expect to receive a response within thirty to sixty days.


STOP! Homework Time

Pull your credit report from the annual credit report site.
Verify all information on report is current and accurate.

If any of the information is inaccurate, file a claim with the credit bureaus.

Slice into your debt like a ninja

3. Paying down your debt should be your focus - it can
have the biggest—and fastest—impact on your credit.

A person's (DTI) Debt to Income Ratio is all your monthly debt payments divided by
your gross monthly income. Mortgage lenders expect borrowers with a higher debt-
to-income ratio to be more likely to run into trouble making monthly payments. The
lower your DTI - the better.

Credit itself is NOT bad. You want to have positive credit utilization, so it's clear
you can properly use the credit available to you. The easiest way to show your ability
to optimize your credit is to use your credit cards while maintaining your balances as
low as possible.

Keep your Dreams Alive - Stay on top of your DTI.


Ensure your bills stay up-to-date
Hopefully, you already know that you must pay your bills on
time in order to receive a good credit score. Perhaps, you’re
4. already late on a NOT despair, Own It - take
care of that lazy dog ASAP!
Paying your bills on time is very important. You are responsible for
maintaining control of your financial life. Knowing when your bills are due
and making a habit of paying them on-time, every time will save you money,
boost your credit score, and allow you to receive lower-interest credit on
future credit applications.
Bottom Line: Your payment history is an important aspect of your credit,
and late payments can stay on your credit reports for up to seven years.

Establish a Good Relationship With a Lender 5.
Having a good relationship with the bank where you intend
to apply for a mortgage will also help you secure a better
interest rate. When a bank sees that you have a history of
paying back debt with them they are more likely to offer you
better loan terms.

Having a positive relationship and being a longtime
customer can really prove valuable. Since you have used their
services and they know you as a "great customer", you will be
able to leverage that relationship into favorable "terms" for
your mortgage. - wouldn't that be nice?


STOP! Homework Time

Create a written plan to quickly pay off your debt.
If any bills are past due, pay them in full, immediately!
Start interviewing with banks and lenders!

Bonus Tips

Buying A Car Can Put A Dent In Your Credit Score – It’s best to avoid any big
changes in your finances that might derail your home purchase. That means no big
purchases on credit, like buying a car or charging an expensive vacation, and don't buy
the furniture until after you have gone through settlement. Any significant buys or
large cash withdrawals can alter your financial picture - increasing your DTI can be
detrimental. Additionally, lenders frown on sudden changes just before they approve a

Plan Early, and Often – If you've never reviewed your credit score and you think you
can get your credit shipshape in just a few days, then think again. Even without any
discrepancies on your report, you’ll want to ensure all your credit cards are paid up
prior to applying for a loan, and that requires planning. Get ahead of the game by
paying down your debt, then place a "lock" on your credit cards until your credit score
has been checked and you have been approved for your mortgage. You will thank me,
once you're happily in your new home.


Who is Michael?

Hello, I create strategies that help people realize their
dreams in residential real estate.

I hope to inspire you with my passion, and lead you on
a journey to emotional and financial prosperity
through buying and selling real estate.

I am dedicated to providing you the services that you

Michael Brannon need to achieve your real estate goals in any

environment. Bringing professionalism, excellence, and
www.AtH+o1m-5e7o1n-3t3h6e-H68il9ls2inVA.comconsistent communication to bear for your benefit.

Motto - A Dream Without A Plan Is Just A Wish!


©2019 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker and the
Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate
Coldwell Banker Elite fully supports the principles of the Fair Housing Act and the Equal
Opportunity Act. Each Office Is Independently Owned And Operated. Coldwell Banker
and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker
Real Estate LLC.
If your property is listed with a real estate broker, please disregard. It is not our intention
to solicit the offerings of other real estate brokers. We are happy to work with them and
cooperate fully.
Disclaimer: The Coldwell Banker Elite Home Safe™ program is a training program for the
firm’s Associates and provides the best practices, communication tools and techniques
known to the industry at the time instruction was provided. Coldwell Banker Elite nor its
Associates can guarantee the health or wellness of any party related to a real estate
transaction, nor does the firm warrant the practices as assurances against the contraction
of any illness.
Disclaimer: The content in this document provides general consumer information. It is
not legal advice, regulatory guidance, nor financial advice. This information may include
links or references to third-party resources or content.


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