Blog Layout

5 Credit Hacks to Get You Pre-Approved for a Home in Pueblo, Colorado

Livvy Nallipogu • Jan 20, 2020

Check your credit report and dispute any errors that you find with credit bureaus. The FTC (Federal Trade Commission) found 1 in 5 people have errors in their credit profile, so doing this small investigation may help you find some errors that you are unaware of. To get a copy of your credit report, you can go to websites like www.annualcreditreport.com, this site allows you to access your credit report from the 3 major credit bureaus. Finding an error on your credit report could be negatively affecting your credit score which could hinder your chances of being pre-approved for a home in Pueblo, Colorado.

Negotiate with any past due creditors to pay off the debt if they will remove the negative remarks from your report. This could be as simple as calling someone you owe money to and making a payment to them. In return, they may remove negative marks they have placed on your credit. Even if you are unable to negotiate, getting this negative mark off of your credit will positively affect your overall credit score.

Ask your creditors to up your limits. This will make your credit utilization calculation look better. The credit utilization calculation is found by dividing your balance by your credit limit for each card you have, and then for them all together. If you up your limits, it makes you look like a more responsible credit holder, thus making lenders more apt to lend you money.

Never charge your revolving credit accounts over 30% of your credit line. For example, if you have a credit card with a limit of $1,000 you would not want to charge more than $300 without paying it off before you charge any more to the card. This can be a super simple process of buying something for $300 and paying it off right away. For example, instead of paying for groceries with cash – put it on your credit card and pay it off immediately. This is helpful for people who are trying to build new credit, and gives a good payment history on an open account.

Become an authorized user on another account. Get added to a credit line that has been opened for a while with a high credit line and a low current balance. This may be help from a possible family member or a very close friend. This could be more challenging, but if you have a close friend or relative who is willing to help, and close to paying off a credit line they may be able to put you on the loan right before paying it off and then it will show on your credit report as well as a credit line paid back in good standing.

These things may sound simple and ineffective, but they all add up and can positively affect your credit so you can get closer to getting into the home of your dreams.Please feel free to reach out to us at www.teamgenaryder.com.

Newer Post >