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Do You Have the Credit to Buy Fredericksburg TX Real Estate?

Feb 16, 2010

 

Getting Started:  imageYour credit score is an compilation of factors. First of all, for credit scores to be generated, you must have had credit for at least six months. Building good credit does take time and the following simple process is a good way to get started and stay on the right track.

Checking Account:  One of the ways in which people begin to accumulate the information for a credit score is to open a checking account.  Lenders see bank accounts as signs of stability.  It is important, however, to keep close track of your money and to not overdraft the account.

Credit Card:  Acquiring a credit card is the next step to help build your credit profile.  Banks and other lenders want to see that you regularly pay your bills on time.  This, in addition to the ability to manage the balance of your card by not using the fully available credit limit, increases confidence that you have your finances under control.  It is important to note, however, that creditors expect to see recent activity and that at least one of your accounts must have been used within the past six months.

Small Loans:  Buy a car and make consistent payments.  Make a point of obtaining and repaying a small loan.  These efforts will help grow your creditworthiness. Eventually, when you are ready to consider borrowing for the major purchase of a home or a business loan, lenders will take you seriously.

Maintaining Good Scores:  Review your credit report at least semi-annually to ensure that there are no unexpected changes.  It has been estimated that one in eleven families was a victim of identity theft last year.  If you find yourself having difficulty making payments on a loan, contact the lenders.  Some lenders will work with you to set a different payment schedule or interest rate.

The Reward:  With some preparation and oversight regarding your credit score report, you may find yourself in the position to purchase your dream home.  If you are interested in Texas Hill Country and Fredericksburg Texas real estate, give me a call.  I would be glad to help you find a Fredericksburg Texas dream home and happy to introduce you to a few Hill Country lenders who appreciate the unique value of our special town.  You may reach me at (830) 456-6243 or email (JavaScript must be enabled to view this email address).