Tips on How to Improve Your Credit Score
Hey folks, it's time to get real about your credit score. If you're anything like me, you probably don't pay much attention to it until it's time to apply for a loan or credit card. But did you know that your credit score can make or break your ability to obtain a mortgage loan?
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When you apply for a mortgage loan, lenders take a close look at your credit score and credit history. They want to know if you're a responsible borrower who will pay back the loan on time and in full. A good credit score can help you qualify for a mortgage loan with a lower interest rate and better terms, while a poor credit score can make it more difficult to get approved and result in higher interest rates and less favorable terms.
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In short, your credit score is one of the most important factors that lenders consider when deciding whether to approve you for a mortgage loan. By taking steps to improve your credit score, you can increase your chances of getting approved for a loan with better terms and save yourself thousands of dollars in the process.
1. Check your credit report regularly
This is a no-brainer, but it's worth repeating. Make sure to check your credit report for any errors or fraudulent activity. You can get a free credit report from each of the three major credit bureaus every year, so take advantage of it.
2. Pay your bills on time
This one seems obvious, but it's worth emphasizing. Late payments can have a big impact on your credit score, so set up automatic payments or reminders to make sure you're always on time.
3. Lower your credit utilization ratio
Your credit utilization ratio is the amount of credit you're using compared to your credit limit. Aim to keep your utilization ratio under 30% to improve your score.
1. Check your credit report regularly
This is a no-brainer, but it's worth repeating. Make sure to check your credit report for any errors or fraudulent activity. You can get a free credit report from each of the three major credit bureaus every year, so take advantage of it.
2. Pay your bills
on time
This one seems obvious, but it's worth emphasizing. Late payments can have a big impact on your credit score, so set up automatic payments or reminders to make sure you're always on time.
3. Lower your credit utilization ratio
Your credit utilization ratio is the amount of credit you're using compared to your credit limit. Aim to keep your utilization ratio under 30% to improve your score.
4. Increase your credit limit
If you're struggling to keep your credit utilization ratio low, consider asking for a credit limit increase. Just make sure not to use the extra credit as an excuse to spend more.
5. Diversify your credit
Having a mix of credit types (like a credit card, auto loan, and mortgage) can improve your credit score. But don't open new accounts just to add diversity - only take on credit that you actually need and can handle responsibly.
4. Increase your
credit limit
If you're struggling to keep your credit utilization ratio low, consider asking for a credit limit increase. Just make sure not to use the extra credit as an excuse to spend more.
5. Diversify your credit
Having a mix of credit types (like a credit card, auto loan, and mortgage) can improve your credit score. But don't open new accounts just to add diversity - only take on credit that you actually need and can handle responsibly.
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š§¾ Commercial Financing 101: Choosing Between LLC and REIT Structures š§
š§¾ Commercial Financing 101: Choosing Between LLC and REIT Structures š§
š¼ REITs or LLCs? A Lenderās View of Real Estate Investment Structures š
šø LLC vs. REIT: Whatās the Best Investment Structure for Financing Real Estate?
At Medallion Mortgage, we work with business owners, developers, and real estate investors across the U.S. who are navigating one major decision: should I finance this property through an LLC or buy into a REIT?
The answer can impact your financing options, tax liability, and long-term return.
š¦ LLC Financing Insights
If you're purchasing or refinancing under an LLC, youāre treated as a direct real estate owner. This gives you access to tailored financing:
DSCR loans for investment properties
Bank statement loans for self-employed borrowers
Commercial bridge loans for value-add projects
Easier execution for 1031 exchanges
But lenders will underwrite the LLC structure carefully. Be prepared with an operating agreement, business financials, and a solid asset plan.
šļø REIT Investment & Lending
REITs are typically financed at a corporate or institutional level. If youāre investing in a REIT, you may not be applying for a loanāyou're buying shares. However, for developers looking to form a REIT or raise capital through one, the conversation shifts to syndication, SEC regulations, and large-scale financing tools like:
Non-recourse loans
CMBS financing
Private equity lending
REITs often offer passive access to professionally managed properties, but you trade control for liquidity and scale.
š¼ So Whatās Right for You?
Use an LLC if you:
Want control
Plan to hold and operate a commercial property
Need flexible financing or refinance tools
Consider a REIT if you:
Want passive income and diversification
Are raising investor capital for a larger portfolio
Donāt want to be hands-on with property management
At Medallion Mortgage, we help structure the dealāand the loanāfor maximum return and flexibility.
š© Reach out for a consultation at BillRappOnline.com or Medallion Mortgage.
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Ā© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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Copyright Ā©2021 | Mortgage Viking Team
Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright Ā© 2021 | Medallion Funds
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014
Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
Copyright Ā©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/