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 Eastern Panhandle WV Real Estate Blog 
Tuesday, 15 May 2012

Are you looking to buy Berkeley County Real Estate?  Right now is a great time.  Mortgage rates are low and home prices are still low, but on the rise.  In most US markets, buying is cheaper than renting.  Buying Berkeley County Real Estate is becoming very popular right now.  Don't let a bad credit score keep you from making a worthwhile investment.  Here are tips on how to clean your credit score:

Order a free credit report

You have to see your credit report in order to know what needs fixing.  Everyone is allowed one free report from the three major credit reporting agencies (Experian, Equifax, and Trans Union) each year.  Free reports are availabe at AnnualCreditReport.com.  Obtaining your actual credit score, however, costs money.  Depending on your situation, you might want to order both.

Dispute any inaccuracies

Sometimes credit reports contain errors.  If you see anything untrue, such as a credit card late payment or a loan that you never took out, dispute it with the credit reporting agency.  Carefully look at your credit limits on each account and make sure they have been updated recently and are accurate.  Lower credit limits will hurt you.  Also keep in mind that anything over seven years old should not appear on the report.  If something negative but true is present, dispute it if it is also over seven years old.

Fix what you can

If there are debts that have gone to collections, pay them off.  If you cannot afford to pay them in full, call the lenders and inquire about settling.  Often times lenders will accept half of the due amount (or even less) if it means getting some money instead of nothing.  It will still show up on your credit as having been paid late, but removing all items currently in collections will help your score immensely.

Open a line of credit

As backwords as it sounds, opening a credit card can actually increase your credit score.  Credit scores are partially calculated based on one's debt to credit ratio.  Although you might not be able to significantly reduce your debt, you can probably increase your credit limit, thereby increasing the ratio.  (Just make sure you don't rack up more debt on the new card--that defeats the purpose!)

Hopefully these tips help you clean up your credit score and obtain the best mortgage (and home) possible.  Feel free to contact us with any questions as you are shopping around for Berkeley County Real Estate or real estate nearby.  

The Kable Team
RE/MAX 1st Realty
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KABLE Team Realty

Tracy Kable, Broker
873 E Washington St, Suite 200
Charles Town, WV 25414-1520
Phone: (304) 725-1918
Email: TheKableTeam@TheKableTeam.com

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