Zebaida Group understands your credit score is a huge part of buying a home. Their partnerships with local and national mortgage agents has a proven, long-term track record of successful real estate sales in the New Jersey Real Estate Market. When selecting a mortgage agent we can direct you to the local experts. We hope you find this information informative and interesting.
CREDIT SCORING MYTHS
1. The more accounts, often the lower the credit score. This is not to say that someone with multiple accounts cannot have a high score, but generally speaking this is one factor that can affect credit score. However, if you are someone who has too many unnecessary accounts, although it is logical to think that closing a few will raise your credit score, it unfortunately does not work that way. Closing older accounts will make your credit history look younger, and will reduce your total credit available, both of which will hurt your score. This does not mean you should never close an account, especially if your score is relatively high, but simply keep these things in mind.
2. Debt. The more debt a person has accumulated, the lower the credit score, as most are aware. However, there is a common misconception that getting your credit card company to lower your limits will automatically boost your credit. This is not true; it will negatively affect your score to narrow the gap between your debt and available credit. To increase your score, it is best to simply pay down your debt.
3. Check your rating as often as you need to. Many people believe that the more often a credit score is checked, the lower it drops. This is false; it is actually better to check often, because this will guard against errors and identity theft, not to mention credit bureaus understand this.
4. Shop for the best rate possible. Make sure not to drag out the process, but credit bureaus do usually give a two-to-four week window prior to major purchase for you to make rate inquires. It is a good idea to do some personal research prior to making these inquires.
5. It is very, if not most important, to make sure you actually use your credit. It is impossible to build credit if you do not use it; therefore, you must establish a reliable credit history so creditors feel comfortable lending you money.
- NUMBER1EXPERT™ 
