How to Raise Your Credit Score to Buy a Home

Yes! You Can Buy a Home with Keith Goeringer

In this episode of the "Yes, You Can Buy a Home" podcast, we discuss proven strategies to improve your credit score to buy a home. Host Keith Goeringer shares insights from years of experience and numerous courses to help you understand and boost your credit score.
Key Points Covered:

1. Introduction and Personal Story:

• Host shares a personal story about buying multiple courses to learn about improving credit scores.
• Understanding the importance of credit scores when buying a home.

2. Understanding Credit Scores:

• Explanation of how credit scores are determined.
• Factors that influence your credit score: payment history, credit utilization, length of credit history, new credit, and credit mix.

3. Misconceptions and Tools:

• Addressing common misconceptions about credit scores.
• Importance of monitoring your credit score.

4. Using MyFICO:

• Recommendation to use MyFICO.com for accurate FICO scores.
• Benefits of MyFICO: comprehensive credit view and monitoring changes.

5. Boost Accounts:

• Setting up boost accounts with:
• Experian Boost: Experian Boost
• eCredable Lift: eCredable Lift
• Self Financial: Self Financial
• How these services can help improve your credit score by reporting on-time payments.

6. Credit Rent Boost:

• Using CreditRentBoost.com to add rent payments to your credit report.
• Benefits of reporting rent payments.

7. Authorized User:

• Becoming an authorized user on someone else’s credit card to boost your score.
• How this strategy works.

8. Managing Revolving Credit Card Debt:

• Keeping credit card balances between 10% and 25% of your limit.
• Importance of responsible credit usage.

9. Avoiding Late Payments:

• Making timely payments to avoid negative impacts on your credit score.
• Setting up reminders or automatic payments.

10. Creditor Reporting:

• Finding out when creditors report to credit bureaus.
• Keeping a record of these dates to monitor changes.

11. Secured Credit Cards:

• Setting up secured credit cards like Chime.
• Managing balances to build your credit score.

12. Handling Collections:

• Strategic approach to dealing with collections.
• Requesting pay-for-deletion letters.

13. Mortgage Credit Report:

• Informing your mortgage professional when your score reaches 600-640.
• Understanding the middle score of the three bureaus for mortgage eligibility.

Resources and Links:

• MyFICO: MyFICO
• Experian Boost: Experian Boost
• eCredable Lift: eCredable Lift
• Self Financial: Self Financial
• CreditRentBoost: CreditRentBoost
• Chime: Chime Secured Credit Card

Call to Action:
If you have any questions or need further assistance, feel free to reach out. Follow us on social media for more tips and updates. Have a great day!
Contact Information:

• Email:[e-mail]
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  • https://www.linkedin.com/company/keith-go-lending-team/
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