Allied Home Mortgage wants to be your lender. Learn how to improve your credit score.
You may look at companies like Allied Home Mortgage and wonder why you have been turned down for a loan based on your credit score. It may shock you to learn that we actually WANT you to get a loan and we wish your credit score was higher. The purpose of the FICO credit score rating is to decide whether or not your financial situation is strong enough for you to afford a loan. Essentially, it is a measure of your ability to pay.
Importance of FICO
At Allied Home, we want you to improve your credit score, qualify for our great mortgage rates and live in the home you have always wanted. This is why we are offering you some tips to increase your credit score. The worst credit score is 400, the best is 850. The American average is around 700 but some 43 million people in the United States have scores of below 620 which makes them ineligible for a host of loans, including mortgages and credit cards. You are entitled to a free credit report from each crediting bureau, every year.
Credit Bureaus:
????????? Experion
????????? TransUnion
????????? Equifax
Know Your Limits
Pay off your credit card bills as often as you can. The bigger the gap between your credit limit and the amount you are using the better. Try and keep your credit balance at 30% or less of your limit and lower if you can. Although you should use your card every so often to build up a balance before paying it off again, be reasonable when wielding your credit card. In general, the balances on your cards are what is reported to the credit bureaus each month.
Another big issue is the reporting of errors. Yes, credit card companies and the like make mistakes too! If you see late payments or charge-offs that aren't yours, be sure to dispute them with the company. Remember, most negative items on your record should be removed from record after 7 years, make sure this is the case by checking your credit score and reviewing the items on your report.? Then you can contact the bureaus by mail to inform them of the errors.? Continue to send letters until the errors are removed.
Hopefully, these tips will help improve your credit score. Allied Home Mortgage is interested in dealing with all consumers who have good credit ratings and are ready to find affordable housing.
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