How to Improve Your Credit Fast
When it comes to getting a mortgage, your credit score matters.
Your credit score is one of the primary factors lenders use to determine how much you can borrow, the terms of your loan, and your interest rate. That’s why helping our clients optimize their credit scores is so important to us.
How Can a Mortgage Broker Help?
A seasoned mortgage broker can help you build and execute a personalized strategy, and provide you with access to special tools and resources to improve your credit quickly, thereby getting you the best possible mortgage terms.
Here are a few of the simple strategies and resources we use to help our clients. We highly recommend consulting with a mortgage professional before taking out-of-the-ordinary action to improve your credit.
1) Check for errors.
An error on your credit report can be costly and time consuming. Unfortunately, they are more common than you might think. A 2021 Consumer Reports Study found that more than a third of participants found errors on their credit reports. Walk through your credit report with your mortgage broker to identify any erroneous strikes, or inaccurate information.
2) Rapid Rescore.
Mortgage brokers can work directly with credit bureaus to expedite updates to credit reports using a method called Rapid Rescore. This tool allows the broker to process corrections and resolutions quickly, and receive an updated credit report reflecting improvements in a matter of days, not months.
3) The What-If Simulator.
A “What-if Simulator” is a tool mortgage brokers use to explore how different actions will impact a borrower’s credit scores. It allows the broker to run through various scenarios with a borrower, itemizing and prioritizing actions that will help achieve a target credit score as fast as possible.
4) Increase your credit limit.
Your credit utilization percentage impacts your score. While you can lower this percentage by paying down the balance, you can also lower it by increasing the limit on your card. You can get in touch with your credit card company and request an increase to your credit limit.
What Does it Cost?
Working with a mortgage broker with expertise in credit repair is a huge benefit when working to get the best deal on your mortgage.
Long Grove Mortgage provides credit consulting and credit repair support to our clients at no cost. It’s one of the many benefits of working with with an independent mortgage broker.
Reach out any time for a free consultation.
Contact Us
847-634-2252
info@longgrovemortgage.com
NMLS #210846
