Tips for Improving Your Credit

Lenders look at many factors when reviewing loan applications. It is well known that having good credit makes getting a loan easier and lowers the interest rates offered. Having credit problems on your record may effect the amount you are able to borrow and will increase the interest rates. Here are some key areas to evaluate and perhaps make improvements.

It is important to pay all loan payments, utility and credit card bills on time. Having bills even 30 days past due can negatively impact your credit record for a year or more. More serious problems such as bankruptcy and foreclosure can stay on your credit record for several years.

It is equally important not to overstretch yourself financially. Carrying a large balance on credit cards and having several loans (mortgage, student and lines of credit) is looked at as a liability to lenders.

Lenders will look at other factors as well when considering your loan such as your income, assets and other financial information. Lawsuits, alimony, child support and even co-signing a loan can factor in to the over all picture.

Give us a call at M & M Mortgages 1-800-710-SAVE for additional information
on improving your credit.