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Improve your Credit Score Before Buying Your Tampa Bay Home

By
Real Estate Agent with The John Soliman Group SL3131803

 

If you are looking to buy a Tampa Bay home in 2012 but need to rebuild your credit after a short sale or foreclosure, now is the time to start rebuilding for a better future.  You will want to increase your credit score to help get loan approval and lower interest rates; the best ways to achieve that is to show that you can handle credit responsibly.  Here are some tips to help get you back on the road to success.

Obtain New Credit
If you no longer have any credit cards due to bad credit, the first step is to get new credit.  You may have heard that swearing off credit cards is the best way to go but that simply isn’t the case.  Instead, establishing new credit and using credit cards responsibly will help you to quickly obtain a positive payment history. However, do not take on more than one or two credit cards or you may find yourself once again having trouble managing your balances and payments.

If your current credit score is low, it may be hard to get approval for credit from a major bank.  Some other options can be:

·         Gas Credit Card

·         Department Credit Card

·         Look to your Local Bank Branch

·         Secured Credit Card

·         Find Credit Cards for Bad Credit Scores

Move Forward with Caution
Be careful when applying for new credit.  Applying for too many credit cards and having multiple credit inquiries will reflect poorly and can have a negative effect on your already low credit score.

Credit cards that seem entirely too easy to obtain, have high interest rates and extremely high fees can signal unreliable creditors that take advantage of people with less than desirable credit.  Prepaid credit cards should also be avoided as these types of creditors do not report to credit bureaus, so using a prepaid credit card will not help to boost your credit score.

Good Credit Habits Go a Long Way
To successfully build new credit you must do away with your bad spending habits and replace them with better, smarter habits.  Get started with putting your new good credit habits into practice and improve your credit scores by staying well below your credit limit and paying your bills on time, preferably in full. With these good habits, you will see your credit score start to improve in no time.

Whether you are looking at your short sale options or have already lost a home, I am a Certified Distressed Property Specialist and can help guide you through the process of a short sale on your home or can advise you as to the best ways to rebuild your credit and your options for buying another home in the future.  Please contact me, John Soliman, for a free, no obligation consultation on reviewing options that will best suit your situation.  Call me at 813-442-3246.

Comments (4)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Credit is important in order to purchase homes.  Always do your best to keep credit as high as possible.

Jan 03, 2012 04:33 PM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

So often I talk to people that want to buy a home but cannot buy a home because of credit.  Good to keep on sharing this info.

Jan 03, 2012 04:34 PM
Jesse Vasquez
Equity Realty- TVG - Smithfield, UT
"APPROVED”

Great post with great info!

Jan 08, 2012 12:45 PM
Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

Thanks for the information I think Credit Scoring will be with us for a long time.  check out a free website about credit scoring by a 20 + year FICO professional at www.thecreditguy.tv

Jan 24, 2012 01:24 AM