Is there something I can do that will improve my Credit Score in Katy TX?

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Real Estate Agent with Berkshire Hathaway HomeServices Anderson Properties TX Real Est. 567774

 

 

Is there something I can do that will improve my Credit Score in Katy TX?

 

This is the fourth article in what I am planning will be 10 blog series of Frequently Asked Questions by Clients. I just had this question asked earlier this week and I promised a potential client who now lives outside the US I would write this blog and send him the link.

 

Credit scores typically range from a low 350 up to a high of 800 and the agencies use several criterion to determine anyone person’s credit score. There are NO quick fixes for a poor credit score. All of these items are my own personal idea based on my own research and experience. There are no guarantees that if you follow all of these tips your credit score will improve. However, I recently had a client who on her own followed almost all of my salient suggestions and within 3 months her and her husband’s credit score had improved significantly and they bought a home using me as their agent. Her Mom has worked many years in the credit function for a Credit Union and I am sure my client picked some of these points from her. Frankly, I was astonished and very happy when she called and said they ready to buy a home and they now qualified for a home loan. She had never asked for help from me.

 

1) If your credit score is too low today then sit down with your spouse or significant other or other family members. At this sit down meeting create a working plan and allow 6-9 months for the action points to have an impact on your credit score and your ability to qualify for a mortgage. My point is to create a plan and follow the plan for a set period of time before approaching a mortgage expert to see if you qualify

2) Pay all of your bills on time or early. This is actually fairly easy with today’s ability to pay almost any bill via the internet. Create internet accounts and set up recurring payments with the bigger reputable venders. No Jonny’s hot Dog stand is not what I am talking about but someone like Sears, Best Buy, etc. are big companies who will allow stopping automatic payments if you want to do that someday in the future.

3) Eliminate using checks as much as possible. Pay vendors who do not accept internet payments with a credit card or better with cash. I just had my identity stolen and they somehow got a hold of my checking account number and routing number plus my Texas Driver’s License number.

4) Pay down credit cards and eliminate all credit card debt as soon as possible. If you use a credit card have enough money in your budget to pay it off during the applicable billing cycle. You may need to consider consolidating your credit card under one or at most two cards.

5) Get rid of excess credit cards by formally in writing cancelling the excess cards. I personally would advise keeping the cards which have the highest credit limits as one statistic used by the bureaus is the ration of current credit card debt versus available credit.

6) Carefully examine your credit report (meaning you have to obtain the report) and look for any errors. These reports are loaded with errors and sometimes these errors can significantly lower your credit score.

7) If you find any errors contact all three of the major credit bureaus of the errors in writing via their own forms which they provide on their web site.

8) Do not make any significant purchases such as a car, boat, motorcycle, etc. and do not open any new credit lines with anyone.

9) If you are at the planning stage today call me and I will send you some names of potential mortgage loan officers who will be able to determine when you will actually qualify to obtain a mortgage loan.

Yes there is something you can do to improve your credit score in katy TX.

 

 

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  1. Dale Baker 05/20/2012 06:59 PM
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Ambassador
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Debb Janes
REALTOR®, EcoBroker Camas, Washington
The Carl Group, LLC

I remember my parents lecturing me about having good credit. They were right, it's worth its weight in gold...without it you're dead in the water. Have a great weekend Bob.

 

May 18, 2012 02:57 PM
Anonymous #2
Anonymous
Anonymous

Howdy and afternoon Bob

Bob my friend, this here sure is an outstanding addition to this here series, and a mighty helpful blog post loaded with mighty fine tips. Not only for Home Buyers, but for everyone. Having bad Credit affects folks in so many different way. 

Have a good one
Dale in New Hampshire

May 18, 2012 04:05 PM
Rainmaker
596,684
Yolanda Cordova-Gilbert
David Weekley Homes in Cinco Ranch
David Weekley Homes

Bob,

            Yes credit is very important. I hope you are having a great day!

May 18, 2012 04:14 PM
Rainmaker
1,042,279
Robert (Bob) Gilbert
Your Katy TX Real Estate Expert
Berkshire Hathaway HomeServices Anderson Properties

Debb, Dale and Yolanda,

Thanks for stopping by and leaving comments. These days good credit is crucial to any person.

May 18, 2012 04:17 PM
Rainmaker
1,883,815
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

Timely topic.  Many prospective home buyers need to work on their credit scores.

Have an outstanding weekend.

May 19, 2012 05:36 AM
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John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Is there something I can do that will improve my Credit Score in Katy TX?

Bob, excellent credit advice for all. 

Hope you enjoy a great weekend my Katy Texas friend.

May 19, 2012 07:12 AM
Rainmaker
790,963
Al Raymondi
Ormond By The Sea Florida - Home and Condo Sales a
Ocean View Realty Group in Ormond By The Sea Florida

Good advice Bob, lots of folks need to rebuild their credit scores these days.

May 19, 2012 07:15 AM
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Lee & Pamela St. Peter
Making Connections to Success in Real Estate
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522

Bob, it's information like this that proves you are the expert in Katy TX real estate!  Anyone looking to garner the right info in buying or selling a home needs to be following this series!  Well done!
Pamela

May 19, 2012 01:28 PM
Rainmaker
1,108,089
Jim Frimmer
Realtor & CDPE, Mission Valley specialist
HomeSmart Realty West

And check your credit score regularly, but don't order free credit reports from all three agencies at the same time. Rather, stagger them so that you get a free credit report every four months from a different agency. Then if you find something odd, you can contact all three agencies.

May 21, 2012 04:24 PM
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Suzanne McLaughlin
Sabinske & Associates, Realtor
Sabinske & Associates, Inc. (Albertville, St. Michael)

Making sure that you have good credit will assist you in so many ways.  And, I like the addition that Jim above gave as a ssuggestion, too!

May 23, 2012 11:07 AM
Anonymous #11
Anonymous
Anonymous

Howdy there Bob my friend, both members and non-member folks sure can always visit your blog and find and read all kinds of mighty helpful info which is for folks of all ages, which sure will help them in some way or another. This here sure is some outstanding info for folks and they sure will appreciate you for posting this. Folks if you are needing help with Real Estate, then do take the time to talk with Bob and you’ll sure learn he is the one an only to work along side.

March 03, 2014 02:27 PM
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Robert (Bob) Gilbert

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