If you’re thinking of buying your own house, it’s likely that you will need to get a home loan to fund it. However, your credit score could hurt your chances as the lenders will review your credit status. To help you, we listed the things that will improve your credit score.
Pay Bills on Time
Overdue payments hurt your credit. So, pay utility bill or loans in time. To not miss the due dates, you can set up your calendar or ask the bank about their automatic payment system.
Don’t Apply for New Card
Aside from making an impression that you’re a risky borrower, multiple accounts generate on your reports causing the score to drop. The data stays on the report for two years. If you have several accounts and you need the money now, there’s nothing you could do but wait until the record is clear.
Check for Errors
Get rid of all the mistakes and check if all the information is accurate. You can start with personal information, social security number and payment history. Though it’s a lengthy process, correcting the information contributes a lot to your score.
The solution to improve your score is to eliminate balances. Pay all debt and just select one or two cards that you can use for everything.
Extend Your Credit Limit
Instead of getting new cards, ask your bank to raise the card’s limits. Just be wise on spending because the company will monitor how much of your available balance you’re using.
Build a Strong Credit Age
The longer your card is, the better. Maintain your old account open since it built good credit age.
Maximise your chance of approval and get the lowest interest rate by following the steps above. Aside from that, you can also call Adelaide Lending Solutions. They will give you more information about the type of loan that’s right for you. Check out http://www.adelaidelendingsolutions.com.au/ now!