Having a good credit score is more important than ever. It can mean the difference between qualifying for your Big Bear dream home or missing out on a great opportunity. Savvy buyers have been snatching up well priced Big Bear real estate within days of coming on the market. The key to having a strong negotiating position is to be pre-qualified and ready to move when the right property becomes available.
The first step in the process is to get the hard, cold facts. There are several places to obtain your score such as www.annualcreditreport.com, www.freecreditscore.com and www.equifax.com. Once you have your report check it thoroughly for identity theft, errors, and omissions. If you find something contact all three reporting agencies to have your information updated.
When you’ve confirmed that the all your information is correct and up to date it’s time to start the repair process. Make sure no new inquiries pop up by resisting the urge to purchase anything on credit. Even an upgrade to your cable TV or cell phone service can cause an inquiry to show up. Wait until you’ve closed escrow on your new property before you buy new furniture or a new car. The lower interest rate on your new mortgage will be your reward for all that self-control. Above all else, do not make any big purchases during the escrow and loan qualification process. That can sometimes make the difference between getting the loan and not.
Now it’s time to pay down the balances on your credit cards. High balances greatly reduce your score. Your lender will advise you on how much debt needs to be paid off. The next important thing to remember is never pay late. You may need to set up payment reminders but find a way to pay on time and stick to it.
Timely payments and responsible spending are the way to build credit. There’s no quick fix to credit repair so be wary of credit fixing scams. Just do the hard work and pay down your debt. Before you know it you’ll be well on your way to achieving the American Dream – owning a home in beautiful Big Bear.
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