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¤ Real Clients, Real Results: Self-Employed Mortgage Success Stories š”
š¤ Real Clients, Real Results: Self-Employed Mortgage Success Stories š”
š¼ Bank Statement Loans for Self-Employed & ITIN Borrowers: Real Success Story ā
š¤ Real Clients, Real Results: Mortgage Success Stories
At Medallion Funds, we believe that no challenge is too big when it comes to helping our clients achieve homeownership. Recently, we worked with a self-employed borrower whose income came through fluctuating deposits and large business transactions. On paper, this deal looked complicatedābut thatās exactly where we shine.
The Challenge
Our client had inconsistent deposits from month to month, with several large lump-sum transactions that made it difficult for a traditional lender to calculate income. Many banks see this as a red flag, but we knew that the story behind the numbers mattered.
The Solution
Instead of turning the client away, we used a bank statement mortgage program designed for self-employed borrowers. This program allows lenders to review 12ā24 months of business or personal bank statements instead of requiring W-2s or tax returns.
It wasnāt easy. In fact, it took two different lenders to finally get this deal across the finish line. But at Medallion Funds, we donāt quit until the job is done. That persistence is what sets us apart.
Why It Matters
Our client is now in their new home, and their success story is proof that with the right guidance, even complicated financial profiles can qualify for mortgage financing.
Bonus: ITIN Borrowers Can Benefit Too
One of the biggest advantages of the bank statement loan product is that it is also available to ITIN borrowers. Whether youāre self-employed or working with an Individual Taxpayer Identification Number, we have mortgage options to help you achieve your dream of homeownership.
Final Thoughts
If youāve been told ānoā before, donāt give up. The right mortgage broker can make all the difference. At Medallion Funds, we stay committed until your deal is fundedābecause your success is our success.
š Ready to explore your options? Contact us today and letās write your success story next.
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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/