Financial Resolutions 2015

financial-resolutions-blog-imageReady to win your financial resolutions?

If you’re identifying 2015 — or even 2016 — as the year you make a major housing change, you’ll want to confirm that your credit behaviors are at their best. Your credit plays an important role in affording you access to the best terms from your lender. Consider the following practices now, in order to be ready when you discover that must have home.

  1. Check your credit report regularly. Consider your credit report the road map to all your credit behaviors: It’s important to know how your report will look to lenders.
  2. Keep your spending under control. Keeping tabs on your spending now will also help you benchmark how changes to your budgeting will affect how you spend after your home purchase.
  3. Bring down the balances you’re carrying by upping your payment amounts above the minimum. You’ll want to keep that extra money in your pocket while you look for that dream property.
  4. Seek out and accept new credit sparingly, so your credit-utilization rate won’t be seen as too high when applying for credit during your home buying process. Lenders can be wary of applicants they feel might be trying to amass excessive credit and overspend.
  5. Stay on top of your accounts to keep all your payments on time, every month — it’s even more important in the months you’re considering a big purchase like a home. It may be the most basic but most important way to show you’re consistently being responsible with your credit obligations.

Challenging yourself by making these your New Year’s Financial resolutions, allows you to take advantage of the months before your new home search begins, to kick bad credit habits to the curb for good. You’ll want the peace of mind of knowing that when you discover that perfect home, your credit is already in tiptop shape.

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