Episode 3- Credit Tings

In this episode, a third-grade teacher makes a shocking discovery about her credit score in the middle of trying to buy her first home!

 

Gayle’s Credit Tips on Living Right 😊

1. Pay your bills on time and in full. PAYMENT HISTORY is the biggest factor in the credit score algorithm.
2. Keep CREDIT UTILIZATION low. This means that you should never let you balance get higher than 30% of your credit limit- no matter how big or small that limit may be.
3. Don’t close revolving accounts (credit cards) as you pay down the balances or pay them off. This will impact the length of your credit history. 
4. Be mindful of how often you are applying for new credit.

 

Paige’s advice for anyone getting ready to buy their first home within the year:

1. Pay attention to your credit score. You’ll need at least “Fair” credit to get approved for a home loan.
2. Understand how home prices can vary from area to area for similarly sized homes.
3. If it doesn’t happen within the year it’s okay. When it’s the right time, it will happen!

 

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