Here are some tips we found on bankrate.com to raise credit scores:
1. Repair any errors on credit report, such as accounts that are not yours, old debts that should have been dropped off, or debts that have already been paid off, & late payments that were actually paid on time.
2. Pay down balances on credit cards.
3. Pay all bills on time (before due). Grace periods should not be used at all.
4. Even out credit card usage instead of maxing out one credit card or transfer the balance of a card that is almost maxed out, to another card.
They say it is better to keep credit card usage at 20-30% on all of them than to have some empty and one at 80%.
**Reference article: Tips for boosting your credit score By Pat Curry Bankrate.com
Do Not buy anything on credit after you have been pre-qualified for a home loan!
The best thing to do is remain in a "holding pattern" once you have applied for your home loan.
That pre-qualification is based on your debt at the time you contact the lender. You will jeopardize your loan if you purchase on credit before the actual closing of the loan.
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