Top Credit Repair Tips from Lend Plus

Whether you’re looking to buy a home or take out loans for school, having a good credit score is crucial to financing the things you want and need. Typically, scores below a 600 range have a harder time accessing great interest rates and experience low approval odds. On the other hand, credit scores in the 700 and above range are the crème de la crème of credit score approval odds. If you find yourself on the lower end of the credit scale and want to work your way to the top, Lend Plus reviews a few simple strategies to help you get there.

First things first, pull your own credit report. In order to repair your credit, you need to know what is on it. A soft report, like one from an online credit service, doesn’t affect your credit as opposed to a hard inquiry. Additionally, you are entitled to one free credit report per year. Familiarize yourself with the information on it and the basics of a credit score number.

Once you’ve pulled your report, review it for any errors or mistakes. A number of people have found that there are costly errors on their reports, thus bringing down their credit score. Reviewing your credit report will help you understand why your number is as low as it is. If you find any errors on your report, you have the right to dispute them and ask them to be removed.

Now that you’ve assessed your credit score, you’ve probably noticed that there are a number of issues on there, such as missed or late payments, maxed credit lines, etc. These types of issues are the reasons why your credit score is as low as it is. Going forward:

  • Pay bills on time: A recent history of timely payments will eventually overshadow any late payment history you have on your report.
  • Pay down credit card debts: Never let the balance of your credit cards reach more than 25-30% of your limit. Keep low credit card balances at all times.
  • Vary your range of credit: Your credit should showcase a variety of style, from revolving credit such as credit cards to installment lines of credit such as loan payments.
  • Don’t apply for new credit all at the same time: Whenever you apply for a new line of credit, whether it be a credit card or for a car loan, the lender accesses your credit report. Hard inquiries can drop your credit score by 5 points. All of this at once looks horrible on the report.

Going forward, the best way to maintain good credit is to be proactive instead of reactive. Staying on top of your credit score is a great way to become more responsible financially and even easily detect fraud. For more information regarding mortgages, financial tips, and financial programs, be sure visit Lend Plus.

Two Major Economic Trends to Occur In The Housing Market

The United States Housing Market accounts for roughly 15% of the country’s GDP. This number may seem low, but as the country is coming off a very volatile 2016, it’s fair to say that the housing market hasn’t had its fair chance to meet expectations. In fact, the housing market is far from immune to the highs and lows of the country’s economic troubles. Since the real estate bubble, banks have had a tight hold on lending standards and guidelines. Now, in the wake of all of this, it appears things are beginning to level out.

Here, LendPlus reviews two major economic trends we’re starting to see from the housing market this year.

Gradual Price Increases
Through October 2016, prices consistently rose every month. In the latter half of the year, the largest national gain came in at 5.61% increase. According to Forbes and economic experts, these prices are expected to increase but gain slowly. The Federal Reserve raised the interest rates in December 2016, the first time since 2006. In 2017, we see another increase in the interest rates, possibly 3, causing mortgage rates to rise. Though it’s not expected to increase past 4.3, it is still higher than previous historical norms.

Improved Credit Availability
Even though rates are on the rise, lending standards are likely to be let loose a little. This means mortgage credits are likely to be more available for potential borrowers. For first time home buyers, this is particularly good news. The Federal Housing Administration is likely to lower the fees for those buying their very first home. Additionally, Fannie Mae and Fannie Mac will begin backing larger mortgage companies, allowing easier access to homes for buyers in more expensive markets. This comes for the first time in over 10 years since the major economic recession in 2007/2008.

In regard to the housing market, 2017 is going to see the beginning of a good leveling out, with some increases where needed. Buyers may experience a gradual increase in interest rates, but more medium sized cities are beginning to develop and the increase in available credit makes it possible to buy into these areas.