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    How to improve your Credit




    What You Can Do to Improve Your Credit




    Credit scores, along with your overall income and debt, are big factors in determining whether youll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:


    1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone elses poor financial management.


    2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.


    3. Dont charge your credit cards to the maximum limit.


    4. Wait 12 months after credit difficulties to apply for a mortgage. Youre penalized less for problems after a year.


    5. Dont order items for your new home on credit such as appliances and furniture until after the loan is approved. The amounts will add to your debt.


    6. Dont open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.


    7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.


    8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

    This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit

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