Organize And Refinance: Rebuild Your Credibility

So, now it is time to buy a house or time to buy another house

. You may have decided renting is not for you because you realized renting is throwing money away or perhaps its the first time youre striking out on your own, and you just want to be a homeowner. Maybe you now have a family or you found a great deal on a house. Whatever the reason is, it is time to go bank shopping for the perfect mortgage, mortgage rate or refinancing rate. But, and it is a big but, your credit stinks. How can you build up your credit to get a mortgage or refinance to a lower rate? Here are a couple tips on how to improve your credit so you can refinance at the lowest rate possible:

Pay off some debt

It may be a good idea to pay down some of your debt and make sure you are not delinquent with any creditors. Call around to each creditor individually and see if you can negotiate a better deal to pay off your debt quicker. Many creditors, especially if youve carried debt with them for a long time, will be happy to waive things like interest charges and administration fees as long as you pay off the balance of the debt. And in many cases, theyll slash the original amount of that debt too!

Get a credit card

This may seem counterintuitive but if you get a credit card and use it for something small and pay it off consistently without being late that will help build a credit history and help to pump up that credit score. This is imperative be sure to make all of your payments, in full, all on time!! Otherwise, youre just causing further damage to your credit, even if youre short only a few dollars one month.

Check your credit report

If you pull your credit report you can see what debts you are carrying. And, while you are looking at it you may notice some irregularities on it. Many people find they have some errors on their credit report that are hurting their credit score. Whether its an old debt thats been long since paid off, or a debt that you never incurred, those errors can usually be fixed. And, the faster you fix them the faster your score goes up.

Having bad credit is one of the main obstacles that people face when it comes time for them to get a mortgage. And many of those people are under the common misconception that because of that, their situation is hopeless and theyll never get a mortgage but that couldnt be more false! After you follow these tips and your credit score is through the roof, you will be ready to get the best rate possible on a mortgage. And, that great credit score will also be able to help with all sorts of things, such as getting a low rate on that new home improvement warehouse credit card to do repairs on your new home.

by: Suzzans

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