How Do I Improve My Credit Score
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How Do I Improve My Credit Score?
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The U.S. Department of Veterans Affairs guaranteed home loan program helps veterans and active duty service members acquire homes ataffordable rates.
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In general, the VA loan program is more lenient than conventional loans, but the process does require a minimum credit score.
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Not everyone has a perfect credit rating, and you may need to take steps to improve your credit score before applying for a VA home loan.
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Why Credit Scores Are Important?
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Credit scores reflect past patterns of repayment on various types of indebtedness you have had, and usually concentrate their focus on the past two years.
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Businesses report the patterns of their customers’ payment to agencies such as Equifax, Experian and TransUnion. The scores from these three credit reporting agencies are all slightly different.
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The highest and lowest scores are thrown out, and the middle score becomes the one used for loan application evaluation.
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The calculation of your credit score is made by applying an algorithm that was developed by the Fair Isaac Corporation, which is usually shortened to the term “FICO score.”
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Does the VA Home Loan Program Have A Minimum Credit Score?
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Although the VA guaranteed home loan program does not require a minimum credit score to qualify for a loan, lenders who offer VA home loans generally have a minimum credit score that is required for approval of an application.
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These minimum scores are usually set at 620 or 640, depending on the lender.
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If your middle credit score from the above reporting agencies comes in lower than this number, you should take active steps to improve your credit record.
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Improving Your Credit Score
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You can help raise your credit score to provide a more favorable payment outlook for a loan by implementing these measures:
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Review your credit record for errors. Your credit record may contain old or incorrect information that is affecting your credit score currently.
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Have the information corrected so that it no longer lowers your score.
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You will have to provide supporting information about the payment of any indebtedness that is erroneously reflected on your credit record.
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Pay off a bad loan; If you have a credit blot on your record, find a way to pay it off immediately, and make sure it is reported to the credit rating agency.
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This action will help to improve a bad credit score.
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Stop making late payments; This measure is one of the simplest ways to raise your credit rating.
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Make sure important payments are made on time as soon as possible, and continue to pay them on time to keep your record clean.
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Pay down existing balances; If you have a credit card with a $10,000 limit and you have used $5,000, using this much of the limit will hurt yourcredit record.
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Pay the balance down to 30 percent to improve your record and avoid using the card.
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Take a hard look at how you use credit; Do a thorough evaluation of how often you rely on your credit cards, and re-work your finances to utilize credit less frequently.
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You may need to scale back your desires, hobbies and vacation plans to cut back your use of credit.
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However, this measure will help to improve your credit rating in the near and far future.
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Our VA Loan Specialist helps veterans obtain the loans they are entitled to.
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He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership.
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Be a proud homeowner today.
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For more details call 480-351-5904 or visit the site
www.valoansforvets.com
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VA Loans for Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]