If you’ve ever bought a home, you know that a mortgage is likely to add a large amount of debt to your credit profile.However, as you pay your mortgage each month, your credit should start to trend upwards. That’s because you’ll be showing a positive history of on-time payments, and on one of the most difficult credit products to get. Payment history is the most influential factor for credit scores. Here are a few more steps to consider taking to improve your credit score:
Following these rules will really improve your credit score. However, there is one major thing you should always avoid: If you apply for too many mortgages to see which one comes back with the best interest rate, you could be effectively lowering your credit scores due to the points lost with each application. However, there is a way to avoid this: If you keep all of your mortgage applications to within a few weeks of each other and always for the same amount and avoid applying for any other credit at the same time. This way you can signal to the credit reporting companies that you’re rate shopping. In other words, they’ll realize you’re not planning on taking out all those mortgages, but rather seeing which one will be the best for you.It can seem enormously difficult to try to improve your credit while also reaching toward financial goals. That’s why using the services of a company like Dovly to monitor and repair your credit can be highly beneficial. You get higher credit scores and in turn – lower interest rates when buying your car, home or using your credit card. Want to give it a try? Then join us now!