{"id":10380,"date":"2018-09-20T11:11:05","date_gmt":"2018-09-20T18:11:05","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10380"},"modified":"2018-09-14T08:46:50","modified_gmt":"2018-09-14T15:46:50","slug":"build-the-credit-for-first-time-homebuyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/build-the-credit-for-first-time-homebuyers\/","title":{"rendered":"Build the Credit for First Time Homebuyers"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s really fun to think about the financial goals, like buying a house or getting your dream car. It\u2019s exciting! The last thing you want is to worry about anything getting in the way of accomplishing those goals, especially if that thing is a credit score you\u2019re worried will hold you back.<\/p>\n<p style=\"text-align: justify;\">First, you are NOT the only person with this concern. There are others just like you when it comes to the reality of their credit score. If your credit score is hovering right about 700, you have a great start. The average score is 695, but the desired range for lenders is anything above 700.<\/p>\n<p style=\"text-align: justify;\">Many future homebuyers wait until their credit score reaches at least 740 to consider taking out a mortgage or car loan, which is when rates are the best for borrowing. Who doesn\u2019t want the best rate possible?<\/p>\n<p style=\"text-align: justify;\">However, it\u2019s not possible to build up or destroy your credit overnight. Thank goodness! There are some legit things that can improve your credit score faster if you put them into action sooner rather than later, especially if your goal is to get into real estate investing. The only question you need to ask yourself is how soon you want that dream house or car!<\/p>\n<p style=\"text-align: justify;\"><strong>1. Ninja Chop Your Balances<\/strong><\/p>\n<p style=\"text-align: justify;\">What will have the biggest and fastest impact on your credit score? If you guessed paying off or decreasing your overall debt, you\u2019re right. The amount of money you\u2019re able to borrow, or credit utilization, contributes to almost 1\/3 of your credit score. Basically, when your available credit is as high as possible, that\u2019s when your credit score will thrive.<\/p>\n<p style=\"text-align: justify;\">There is some irony in paying down your balances each month. You might think that keeping a credit card in your wallet without using it is will keep your credit high. That\u2019s not exactly true. You do need to use it because utilizing your credit is what builds it.<\/p>\n<p style=\"text-align: justify;\">Time your payments to hit your account right before your bank reports to the credit bureaus. It\u2019s super simple to ask your bank when they report this information to the credit bureaus if you\u2019re not sure when that is. Founder and CEO of Debitize Liran Amrany says, \u201cThe easiest way to optimize your utilization is to use a credit card and pay your balance down to 1% of your credit limit right before your bank reports to the credit bureaus.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>2. Get Caught Up On Bills<\/strong><\/p>\n<p style=\"text-align: justify;\">If it\u2019s not obvious, it should be known that paying bills on time is a positive indicator when your credit score is calculated. Pay bills on time = happy credit score. For a quick boost, pay those late bills ASAP! Another good tip is, most creditors don\u2019t report a late payment until after it\u2019s 30 days overdue.<\/p>\n<p style=\"text-align: justify;\"><strong>3. New Accounts<\/strong><\/p>\n<p style=\"text-align: justify;\">Improving your credit score has some more ironic tips to follow. You might think that opening a new credit card would hurt your score, but that\u2019s not always true. Each new card increases your available credit, which means your credit utilization looks stellar if you keep balances low.<\/p>\n<p style=\"text-align: justify;\">Also, having various types of credit to your name can improve your score. For example, if you already have a credit card open, another credit card might not be the best new line of credit. Consider taking out a small loan to mix it up. It\u2019s literally called the \u201ccredit mix\u201d when you have multiple types of credit, and your score loves it.<\/p>\n<p style=\"text-align: justify;\">Be cautious though \u2013 don\u2019t go crazy opening every credit card you\u2019re pre-approved for. You might get dinged if there\u2019s a bunch of recent inquiries from all that extra credit you\u2019re taking out.<\/p>\n<p style=\"text-align: justify;\"><strong>4. Be An Authorized User<\/strong><\/p>\n<p style=\"text-align: justify;\">If you\u2019ve never established credit before, this can be a lifeline. If you have a family member or significant other with awesome credit, ask if they will consider adding you as an authorized user on one of their accounts.<\/p>\n<p style=\"text-align: justify;\">The reason this is fantastic for starting your credit history and improving it is that person\u2019s positive credit history will should up on your credit report. Keep in mind that it\u2019s your responsibility to inquire about their credit history because you will be affiliated with any bad credit they have too.<\/p>\n<p style=\"text-align: justify;\"><strong>5. More Doesn\u2019t Make A Difference<\/strong><\/p>\n<p style=\"text-align: justify;\">The number of service providers that report your payment history doesn\u2019t really make a difference on your credit score, at least not yet. Gallegos explains that credit agencies are slowly making some changing in terms of which bill payments they consider, but he adds that \u201cmost of the time, these types of payments only appear on credit reports when they are delinquent.\u201d<\/p>\n<p style=\"text-align: justify;\">If you really want to spend time calling your service providers to report your payment history, go for it! You\u2019re probably better off focusing on other tips if you haven\u2019t implemented them already. In the end, all these tips will help you get the keys to your new house or car before you know it.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/5-ways-to-build-your-credit-for-first-time-homebuyers\/98750516\/\" target=\"_blank\" rel=\"noopener\">5 Ways to Build the Credit for First Time Homebuyers<\/a> by Christine Yaged | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s really fun to think about the financial goals, like buying a house or getting your dream car. It\u2019s exciting! The last thing you want is to worry about anything &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/build-the-credit-for-first-time-homebuyers\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-10380","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Build the Credit for First Time Homebuyers &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/build-the-credit-for-first-time-homebuyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Build the Credit for First Time Homebuyers &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s really fun to think about the financial goals, like buying a house or getting your dream car. 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