The Misconceptions about Raising your Credit Score

Posted Fri, 06/25/2010 - 10:53 by Amcap

Credit Tips:
- Credit Repair,
- Credit Scores
Mortgages:
- Texas mortgage

This is an article about credit repair facts. Facts are vital. Facts inform. Facts, it seems, have been pretty absent of late in the lending industry. So, let’s get to some facts.

Credit scores don’t go nearly as far as they did just a couple years ago. By and large it is tougher to get financing for a new Texas mortgage than it has been in years past as underwriting guidelines have tightened up and many people’s credit has taken a hit. However, the fact is that you can do something about it.

For most lenders, the minimum mid-score for which they can get approved is 620. For these potential customers, the first step to getting a new loan begins with rebuilding their credit. While paying down those credit card balances or getting rid of a recent collection can help your score, there are some things for which you should definitely watch out. Amidst the panic of declining credit scores and financial instability, there have been some misconceptions about credit repair. Here are some of those mistakes.

Mistake #1--Paying off old collections
As crazy as it sounds, getting rid of a collection account that is older than 24 months can sometimes hurt your credit score. The reason you can be penalized for this is that activity on older collection accounts can be viewed as recent, so you are better served to pay down your credit card balances on active cards.

Mistake #2--Closing too many accounts
Many people try to make their credit look more attractive by paying off all their debt and closing all their credit cards. However, you need to have active trade lines on your credit report. Usually, you’ll want to have at least 3. Many times, the best thing to do is pay off the remaining balances on your active credit cards (see Mistake #1 above) and leave the cards open so you still have access to credit.

Mistake #3--Letting current mortgages fall behind
Of all your debts the lender will look at, your mortgage payment history will definitely be under the most scrutiny. If you get into a position where you have to choose between making your mortgage payment or the minimum payment on a credit card, choose the mortgage. After all, your home is the asset that can be foreclosed upon.

I certainly hope that you find these tips helpful. If you have any further questions, you can always call us, or fill out our Credit Repair Form and we’ll get right back to you. It’s okay to have less than stellar credit. However, what's not okay is to just let it sit there. Take action, and I promise you’ll see your score rise so that you can get into the home you’ve always wanted. That’s a fact.

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