Many homeowners are shocked when they get a look at their credit reports. Even those who pay their bills on time and maintain low credit-card balances can have a less-than-perfect rating. How is that possible?
Your credit picture reflects a number of different aspects of your borrowing behavior. For example, you may have several open credit-card accounts with high limits. That means you could borrow a lot of money in a short period of time, which might worry a new lender who’s thinking about extending you still more credit. It’s best to keep just one or two credit-card accounts open and to keep their balances low.
You may need to move and buy another home sooner than you think. Make sure your credit is up to the challenge and read our special online report, MOVE UP: 4 Smart Strategies For Purchasing Your Next Home. For more savvy tips, feel free to read our monthly online newsletter too. Click here. E-Newsletter.