Credit Score Got you Down? A few Easy Tips that might help improve your Credit Score.

Poor credit can keep you from buying your first home. Obviously we can't all pay cash for everything all the time - using credit cards and getting loans is necessary for most of us. But, you can protect your hard-earned credit score and keep it....you'll be glad you did!

Buying your own home is a great investment in your future, keep your credit in check and you'll have a much easier time of getting a loan when you are ready.

• Don't use all of your available credit on a credit account - try not to use more than 10% on any particular account and try to keep it to 10% total maximum on all of your accounts.
  
• Don't close your old accounts. The longer you have had accounts, the better it looks. You might consider using it for a small amount from time to time and paying it off again in a timely fashion.
  
• It's good to have different types of credit, including gas cards, retail store cards, credit cards, car or motorcycle loan, home mortgage, student loans and personal loans. All can be reported to the credit bureaus.
  
• Don't be lured by offers that say, "No payments until...." These are often high interest rate loans. Plus, it's easy to forget that a year from now you will have to start paying for them. If you forget and then you don't have the money, you will be in trouble.
  
• Don't apply for a lot of credit/credit cards within any 6 month period. Every time you apply, the credit card or loan company will check your credit and an "inquiry" is posted to your account. A lot of inquiries with a short period of time can cause your score to drop.
• Check your credit periodically for mistakes. If you find any, report them immediately. It may take some time for these corrections to be posted, so keep that in mind if you are looking at getting that new home loan.
• www.annualcreditreport.com - you can check your credit for free once every 12 months.

And, if you are thinking of buying your first home in the greater Austin or Highland Lakes areas, give us a call or send us an email, we can help. We are certified Texas Affordable Housing Specialists, too, and can help you get a great deal on a home, help you find a lender to pre-qualify you and get you into your very first home.

It's a great time to buy.....

We'll even send you a free booklet on Buying versus Renting and one on First Time Home Buying.

Contact Brooke LeMond at 512-284-0799 or email brooke@brookelemond.com for more information.


Sue Ellett, Broker Associate