Buying A Home In San Diego?
How to Improve and Maintain A Healthy Credit Report

Even if you're sure you have excellent credit, it's wise to double-check by ordering a credit report at the outset. Eliminating errors or disputed items in advance will avoid troublesome holdups that may otherwise arise unexpectedly while your loan application is being processed.

Your credit report may include disputed items. Mistakes caused by a faulty social security number or similar name are common. Sometimes liens or court- ordered judgments that have actually been paid off have not yet been cleared from the public records. A simple letter to the appropriate credit bureau is often all that is needed to clear your credit report, and credit bureaus are required to help you straighten things out in a reasonable time (usually 30 days).

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Key Suggestions:

Make sure that any outdated derogatory entries are deleted from your credit file. Adverse credit information should be removed from your credit report after seven years (except for bankruptcy information, which may be reported for up to ten years).

Officially cancel inactive credit cards. Some mortgage lenders consider inactive credit cards to be potential future debt. An excess of inactive credit cards with significant credit limits could prevent you from obtaining a mortgage loan. Don't just cut up your extra cards. Officially cancel them, and do it in sufficient time for the news to reach the credit bureaus!

Hold off on making any major credit card or car purchases. Monthly payments on credit card balances will be counted against you, and reduce the size of the available mortgage. Even pre-approved mortgages are subject to last-minute evaluation of your financial standing. A spending spree for appliances, furniture or other goodies intended for your new home may ruin your chances of buying it.

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The Real Estate Consulting Team of Schiering & Schiering.

Buying A Home In San Diego? How to Improve and Maintain A Healthy Credit Report

Buying A Home In San Diego?
How to Improve and Maintain A Healthy Credit Report