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Correcting your Credit

Life happens and none of us have perfect credit. But you shouldn't let this stop you from applying for a loan. There are several different ways you can improve your credit score.

One way is through credit counseling or debt management agencies. These are "non-profit" companies that provide several different types of services.

Credit counseling: Is it for you?

As with anything else in life, it's nice to have someone guide us through the rough spots. That's essentially what credit counseling is.

Credit counselors will work with both you and your lenders to find a fair resolution. Lenders, in general, are willing to do this because they see it as a necessity (better to receive some of their owed money back in a timely fashion than none at all).

As you improve your credit, your score will improve as well. Ultimately, this can help widen your choice in homes.

Can I improve my credit score by myself?

You're the best person to answer that question. Some people need outside help, others don't.

Here are a few things you can do:

  • Cut back on unnecessary expenses
  • Apply the savings to paying off debts
  • Pay off and close multiple credit card accounts

Making this extra effort to pay off your debts will generally improve your score within a few months. Keep this goal in mind. Work toward it diligently. The joy of being a first time homeowner waits for you!

Home Buyer Tip

Understand your FICO score

Your FICO score is your credit score, which ranges between 300 and 850. The higher your credit score, the better chance you have of obtaining the best loan offers, including terms and conditions.

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