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Aumente su Puntuación de Crédito Rápidamente

Quickly Boost your Credit Score

 by Anna Haug

Would you like to buy your own home? Likely you would as it is the dream of most families to own their own home. According to the Tomas Rivera Policy Institute, about 700,000 more Hispanic families would be able to buy homes if there were more programs targeted towards Hispanics such as bilingual outreach, financial counseling and access to affordable loan products in addition to the 1.5 million Hispanic households that bought homes in 2010.

A large consideration when purchasing a home with a loan for your home, called a mortgage, is your credit score. The average credit score to get a conventional mortgage at a low interest rate has risen from 720 in 2007 to 760 today. There are also many restrictions and guidelines that must be following like having a total debt-to-income ratio that is less than 45% (in 2009 the limit was 55%).

You can do something about it, and quickly. Here are three fast ways to improve your credit:

Lower your credit-utilization ratio.

Almost one-third of your credit score is based on your credit-utilization ratio. That's the total of your credit-card balances divided by the total of your credit-card limits. Pay down balances and use 20% or less of your available credit, and ask your creditors to increase your credit limit. Increasing your credit limit will help you keep your use to 20% or less of your available credit. Just beware of the temptation to spend more just because you can. And keep accounts open-closing unused accounts could hurt your score by instantly raising your utilization ratio.

Correct any mistakes in your credit report

If you've been denied a loan, ask your lender for copies of your reports. You also can get one free credit report from each of the three reporting bureaus-Equifax, Experian and Transunion-annually, from annualcreditreport.com.  On the same website, you can purchase a credit score from any of the three agencies, and report any mistakes. Correcting mistakes can improve your score quickly, especially if you do it online. The credit bureaus must process disputes within 30 days, and they usually settle them even faster than that.

Pay your bills on time

This hasn't changed. Missed payments remain in your credit history, counting as a negative for seven years. But the new Freddie/Fannie guidelines are tighter than ever: Missing payments on credit cards, auto loans, and other debts in which the balances do not have to be paid off every month, for example a student loan, will add 5% of your outstanding balance to the debt part of the debt-to-income calculation. In other words, if the outstanding balance on your student loan is $20,000 and you miss a payment, $1,000 gets added to the debt side of your debt-to-income calculation.

Visit your credit union to learn about how they can help you increase your credit score. Some credit unions have credit builder loans to help you increase your credit score over a period of time paying of a small loan.

Published 6-27-2011



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