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How to Raise Your Credit Score to Buy a Home
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In this episode of the "Yes, You Can Buy a Home" podcast, we discuss proven strategies to improve your credit score to buy a home. Host Keith Goeringer shares insights from years of experience and numerous courses to help you understand and boost your credit score.
Key Points Covered:
- Introduction and Personal Story:
- Host shares a personal story about buying multiple courses to learn about improving credit scores.
- Understanding the importance of credit scores when buying a home.
2. Understanding Credit Scores:
- Explanation of how credit scores are determined.
- Factors that influence your credit score: payment history, credit utilization, length of credit history, new credit, and credit mix.
3. Misconceptions and Tools:
- Addressing common misconceptions about credit scores.
- Importance of monitoring your credit score.
4. Using MyFICO:
- Recommendation to use MyFICO.com for accurate FICO scores.
- Benefits of MyFICO: comprehensive credit view and monitoring changes.
5. Boost Accounts:
- Setting up boost accounts with:
- Experian Boost: Experian Boost
- eCredable Lift: eCredable Lift
- Self Financial: Self Financial
- How these services can help improve your credit score by reporting on-time payments.
6. Credit Rent Boost:
- Using CreditRentBoost.com to add rent payments to your credit report.
- Benefits of reporting rent payments.
7. Authorized User:
- Becoming an authorized user on someone else’s credit card to boost your score.
- How this strategy works.
8. Managing Revolving Credit Card Debt:
- Keeping credit card balances between 10% and 25% of your limit.
- Importance of responsible credit usage.
9. Avoiding Late Payments:
- Making timely payments to avoid negative impacts on your credit score.
- Setting up reminders or automatic payments.
10. Creditor Reporting:
- Finding out when creditors report to credit bureaus.
- Keeping a record of these dates to monitor changes.
11. Secured Credit Cards:
- Setting up secured credit cards like Chime.
- Managing balances to build your credit score.
12. Handling Collections:
- Strategic approach to dealing with collections.
- Requesting pay-for-deletion letters.
13. Mortgage Credit Report:
- Informing your mortgage professional when your score reaches 600-640.
- Understanding the middle score of the three bureaus for mortgage eligibility.
Resources and Links:
- MyFICO: MyFICO
- Experian Boost: Experian Boost
- eCredable Lift: eCredable Lift
- Self Financial: Self Financial
- CreditRentBoost: CreditRentBoost
- Chime: Chime Secured Credit Card
Call to Action:
If you have any questions or need further assistance, feel free to reach out. Follow us on social media for more tips and updates. Have a great day!
Contact Information:
- Email:Keith@KeithGo.Com
- Social Media:
- https://www.facebook.com/KeithEGoeringer
- https://www.youtube.com/@KeithGoeringer
- https://www.linkedin.com/company/keith-go-lending-team/
- https://goo.gl/maps/HALJqmWpr7as415s9
- https://twitter.com/keithgoeringer
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