Digital Access

Digital Access
Access kendallcountynow.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Subscribe to your local paper.

Text Alerts

Text Alerts
Get text messages on your mobile device with news, weather and more from Kendall County Now.

Email Newsletters

Email Newsletters
In our Morning Update newsletter, we'll send you a mix of our best stories and the most recent obituaries emailed directly to you Monday through Friday so you can keep up with what's happening in Kendall County.
Local Business

Credit building tips for house hunters

SPONSORED

If this is the year you’ve decided to go house hunting, one of your first priorities should be to check your credit score. It’s critical in getting a mortgage loan and the best interest rate.

If your credit score, also known as a FICO score, is less than stellar, here are some ways to raise it. A FICO score ranges from 300 to 850. The higher your score, the more likely you’ll pay off your loan, as lenders see it. For loan purposes, you want to have a minimum score of 670, which is considered good. A score below 600 is considered to be a poor credit risk, according to The Mortgage Reports. The National Association of Realtors considers a good score to range from 700 to 759 and a fair score from 650 to 699 when applying for a mortgage loan.

You’re entitled to a free credit report each year. If you find errors, have them corrected immediately. That’s one way to raise your score. If you need errors corrected quickly, ask your lender about a rapid rescore service, which you can obtain only through your lender.

Paying off existing debt is the best way to raise your score. Replacing credit card debt with a personal loan can also raise it because you’re trading revolving debt with installment debt. Make your payments on time, and don’t apply for more than three new credit accounts in a month, adds The Mortgage Reports. Keep your credit card usage to less than 30 percent of your available credit.

Do not buy a car or any other big ticket item if you want to buy a house, advises The Nest. Taking on more debt will only lower your score.

Inland Real Estate Group : 201 E Veterans Parkway, Yorkville, IL 60560 : 630.553.3600

http://inlandbrokers.com/