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Increase Your Credit Rating to Get a Home Loan in Georgia

By Avrilcopperfield Subscribe to RSS | April 3rd 2012 | Views:
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Whether it’s Atlanta, Savannah, or Richmond Hill, the state of Georgia is one of the most ideal places to live in the United States. Who wouldn’t want to live in the ‘Peach State’ where the weather and the people are always pleasant? If there is one thing that might be standing in the way of living in Georgia, it is their credit rating.

A person’s credit score is considered as the barometer which mortgage lenders use to determine whether you qualify for a loan. One’s credit rating is based on a person’s borrowing and repayment history as well as his available assets which will be his collateral. The higher your credit score the more likely it is for you to secure a mortgage loan. So how exactly do you find out if your credit rating is good enough?

Determining what exactly is considered ‘good credit’ is tricky since different agencies use different methods to compute them. According to Clayton Closson the approximate range of how scores are judged are the following: Excellent credit (720 and above), Good credit (660 to 719), Fair credit (620 to 659), Bad credit (619 and below). If you have incurred bad credit, do not worry since there are ways for you to improve it and to acquire a mortgage loan in Georgia.

Improving your credit rating is simply a matter of taking a closer look at the report to determine if there are any inaccuracies. Ask a credit score specialist to use credit analysis for you to identify inconsistencies or errors. There are some mortgage lenders in Georgia that can offer assistance in improving your credit score.

Once you’ve determined errors, you can rectify the situation by calling your creditors to dispute the inaccurate information on your credit report. Another way to improve your credit rating is to pay your balances or increase your credit limits. This will lessen the percentage of available credit used which will equate to a zero balance and an available credit limit below 30%. Lastly, make sure to get a rapid rescore of your credit rating through a mortgage lender in Georgia or a rescoring company.

In the event that all these options fail, you can still rebuild your credit and get that home in Georgia. Consult a mortgage lender in GA to come up with the best strategy for you. If you are interested to learn more tips on buying a home or improving your credit score, you can visit whatisagoodcreditscorenumber.com and homebuyingtips.net.

Avrilcopperfield - About Author:
For more details, search mortgage lenders in Georgia, mortgage lender in Georgia and mortgage lender in GA in Google for related information.

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