Q: This time last year I was looking for houses and my real estate agent told me I had to get my credit up higher before I bought a house, so I thought if I waited a year my credit would get better. But, apparently, my credit is still not good enough to buy this year either. Is there something I should be doing to improve my credit?
A: Credit scoring is a tricky business. There are many elements of your credit history that the credit bureaus factor in to make up your credit score. And there are several different credit scores you are being “graded” on when it comes to getting a mortgage.
More on credit scores
There are a couple things you can do to help your credit score. It takes time and work to get your credit score up. You must be proactive in your quest to raise your credit score. Just waiting it out or trying to do it yourself could actually harm your credit score.
You can repair your credit by going through reputable credit counseling services, and it could cost you some extra money, but it could be worth it. Or you could find a mortgage lender who, in turn for your future business, will guide you through the credit maze and into a “mortgage worthy” credit score.
Either way, if you have a specific credit score you need to get to and if you want to reach your goal quickly, you will need to seek professional guidance. Good Luck!
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.