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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📊 Houston Real Estate & Mortgage Market Update (July 2025) 🏡
📊 Houston Real Estate & Mortgage Market Update (July 2025) 🏡
🏙️ What’s New in Houston Real Estate? Market Trends You Need to Know 📈
📽️ Houston Market Update – July 2025: What Buyers, Sellers & Borrowers Need to Know 🏡
Houston’s real estate and mortgage markets are always on the move—and this July is no exception. Whether you're buying your first home, refinancing a mortgage, or investing in commercial property, here’s what you need to know in our latest Houston Market Update.
🏘️ Residential Real Estate Snapshot
· Inventory levels have slightly increased, offering more choices for buyers.
· Median home prices are holding steady at $346,000—a slight dip from the spring high.
· Days on market has extended slightly, giving buyers more negotiation room.
👉 Tip: First-time buyers should keep an eye on properties in Cypress, Fulshear, and Katy where new builds are offering incentives.
💰 Mortgage Rate Movement
· 30-year fixed rates are averaging 6.58%, while 15-year rates hover near 5.85%.
· Buyers with good credit and strong income may qualify for rate buydowns or closing cost credits.
· Jumbo loan activity has picked up again in the Energy Corridor and West Houston, especially among doctors and executives relocating to Texas.
🏢 Commercial & Investor Trends
· Investor demand for DSCR loans remains strong, particularly for multifamily and retail strip centers.
· Construction loans are rising in suburban markets, with land development around Fulshear and Brookshire gaining traction.
· Business owners are exploring owner-occupied commercial loans to lock in space before further rate hikes.
⚡ Quick Take: What This Means for You
· Buyers: Now’s a good time to shop before fall demand heats up.
· Sellers: Consider price positioning carefully as more listings hit the market.
· Investors: Focus on value-add deals and cash-flowing small multifamily properties.
🔍 Need a Local Mortgage Expert?
Whether you're buying your first home, refinancing, or scaling your investment portfolio, my team is here to guide you through financing with clarity and confidence. Let’s get you pre-approved and prepared for what’s next.
📅 Schedule your mortgage strategy call today!
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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 © 2021 | Medallion Funds
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Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
Copyright ©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/