Whether you want to refinance or purchase a home, your credit rating might affect your options. Many strategies are available to you in order to improve your credit rating. A single number or credit score affects your credit. Most conforming banks use this number as a major determining factor in whether or not they wish to lend you money.

Your credit score is negatively impacted for the following reasons:

-If you have late payments on your mortgage, charge cards, loans… It is always better to make a partial payment than not to make a payment at all.
-If liens, judgments, bankruptcies are reported. Make sure the liens and judgments are satisfied.
-If you had your credit pulled numerous times lately.

Your credit score can be improved if you:

-Close unused credit cards
Apply for loans that you only desire
-Make your monthly payment on time, if possible send more than the minimum requirement.
-Review your credit report at least once a year and dispute any inaccurate information reported.
-Do not maximize your credit limit on each of your credit cards or line of credit. The maximum uses of credit is considered a red flag, it increases default rate. The best thing is to use less than half of your available credit and pay it as soon as possible.

A home equity loan is ideal for accomplishing these goals since you have the ability of closing your high interest rate cards and notes. Consolidation of debts is a strategy used by many people with bruised credit to get their credit back on track. Debt consolidation play many functions, you get a chance to save on your monthly payment, make your interest tax deductible, regain control over your finances with a new fresh start.

To get a copy of your credit report, you can call Experian at (888) 397-3742 or visit www.experian.com Equifax at (800) 997-2493 or visit www.equifax.com, Trans Union at (800) 888-4213 or visit www.transunion.com. It is recommended to keep this record clean, dispute inaccurate and outdated information. Remember you must safeguard your credit. The realization of a good credit record is possible. It only takes a personal commitment. We, at Charterwest Mortgage, want you to realize this goal.