Are you ready to buy? Look for the right loan. Opening more accounts just prior to getting your loan, which will result in inquiries on your credit and could lower your score, would not be a good move. But if you don’t have enough credit to qualify, a good suggestion would be to start building credit now so that you’ll be able to qualify at a later date. Knowing this in advance, especially two years in advance, could really make a difference. However, please make sure that you consult with your mortgage professional before applying for too many cards to ensure that you are improving your credit score and not hurting it. Be sure you have all of your bases covered! Email me jeff@somloans.com No obligation.
Wednesday, March 23, 2011
Friday, March 18, 2011
Jeff s 6 minute video, Episode #2
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Come on! Build Your Credit Score
I often advise my clients who have a minimal credit history to open a couple more accounts to help build their credit scores. This does not mean, however, to abuse these cards. I generally suggest a department store charge card that they charge as little as $20 on, pay off in full at the end of the month and then put away for a while. The goal is for these accounts to build a 24 month history.
The idea to build more credit is great in many circumstances, but can be dangerous in others. Want to know what they are? Drop me an email at jeff@somloans.com. It could change your future…
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