How To Build Your Credit Score

There really isn’t much to getting a home mortgage worthy credit rating, even in these times of limited funds available for lending. However, you need to start now and continue until your goal of home ownership is reached. Making any future credit mistakes before getting a home mortgage will restart the process from scratch.

Building a Home Mortgage Worthy Credit Rating

Contrary to the doom and gloom you read about in newspapers or hear coming out of the mouths of politicians, there is still money available for financing home mortgages. All of the negativity is more the result of how few people qualify now relative to how many qualified before recent economic woes. The plain fact is that you need to have a very good credit rating if you want to be offered a home mortgage loan.

Do Not Mistake “Briskly” for “Instantly”

The fastest way to improve your credit rating to one that is worthy of a home mortgage is to begin today and work at it consistently until your credit rating is high enough. That is the quickest way to do it. You must proceed briskly at the process, but ultimately you’ll have to wait for your credit rating to reflect a positive credit history over a period of time.

The only way a credit rating improves instantly is when an error is discovered and fixed in a credit report. So start the process by requesting your credit reports from the three credit reporting agencies at (link). If you find errors, follow the process presented by the agency reflecting the error to get the error fixed.

Healing the Credit Score Detracting Factors You’ve Earned

You have no legal recourse for the removal of factually correct negative information about you on your credit report. The fact is that this information reflects the mistakes you’ve made. The best thing you can do is to reverse the trend. Stop making mistakes. Pay all of your bills on time. Don’t borrow too much money.

A common mistake people make when they want to clear up their credit scores is to cancel all of their credit cards. Any sudden, drastic action like this can be a red flag in your credit history. Also, the average length of time you’ve had your credit cards is typically an important aspect of credit scoring. Most importantly, you have to use credit for such usage to be recorded in your credit history. So if you’re not adding positive credit usage to your credit history, your mistakes remain in your most recent credit history.

So briskly building a home mortgage credit rating involves fixing errors in your credit reports and immediately choosing to use credit responsibly. You must show over a period of time that you’ve learned from your mistakes before your credit score reflects your new sense of financial responsibility. If you make a mistake along the way, you will have to start rebuilding your history all over again. Thus, briskly obtaining a home mortgage worthy credit ratings means discovering responsible credit use consistency.

Another post from Gina Wilson – Credit & Loans Specialist Blogger.

About the Author

Gina Wilson
I am an ex banking professional with over 6 years in credit administration and an avid blogger that writes useful posts to help those that want to navigate today's crazy world of mortgages, property loans and credit.

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