Spokane Real Estate Advisor

Increasing your credit score can take time, but it is well worth the effort if you want to buy a home a poor credit score can cost you tens of thousand of dollars in extra interest charges, because lenders will charge a higher rate.

Here are some ways to boost your credit score:

1. Pay your bills on time consistently.
2. Pay your credit cards down below 50% of your credit limit. A high debt to credit limit ration will severely deduct from your score (by as much as 100 points).
3. Don't open new credit lines shortly before applying for a home loan. Every time you apply for new credit, your score is decreased, as a general rule.
4. Definitely don't open new credit lines after you've applied for a home loand and/or received an approval letter.