Repairing your Credit Post Pandemic can be a great way to prepare for home buying. For many Americans, we are seeing high unemployment due to everything that has come upon us. It’s been difficult for some of us to make our monthly mortgage payments and this can have a negative effect on your credit score. So what can we do?
First, you would want to check your credit score and get a copy of your credit report. You will see your payment history and what makes up the largest portion of your score. this is where you want to itemize and have a plan. Unfortunately, late payments can stay on your credit report for up to 7 years. You want to try to make your payments on time. try not to take out new debt while you’re trying to repair your credit. it’s important to keep your credit utilization ratio as low as possible. What this is – is the ratio of how much credit you’re using / how much revolving credit you have. a debt consolidation loan something to consider to help you pay off your existing credit. do not close your accounts. Even if you have paid off your accounts you want to keep your accounts active and make minimal small purchases each month to help with your credit.
If you’re having difficulty paying your mortgage you can always reach out to your lender and ask if they will lower your interest rate. The lender does not have to lower your interest rate but it’s a possibility. If you are able to get your interest rate lowered and have additional funds, put a little extra money into each mortgage monthly payment to help pay it off sooner. If you are interested in repairing your credit post-pandemic with We specialize in Gladwyne PA 19035, Bryn Mawr PA 19010, Wayne Pa 19087 and Haverford PA 19041, Villanova 19085 to just name a few Main Line towns. We can offer advice and expertise every step of the way. We can also help put you in touch with professionals that can help you with your credit. Kimmy Rolph Sells the Main Line and local areas.
