How Do I Raise My Credit Score so I can Buy A
So Cal Home?
Almost anyone can buy a So Cal Home by working for a couple of years and paying their bills on time. Of course there is a little more to it.
To raise your credit score enough to buy a So Cal Home you must first have 3 lines of credit. A few credit cards ( not debit cards ) or A credit card a student loan, and a auto loan. ( Never buy a car on credit if you know you are about to purchase a home. ) Top tip for raising your credit score. Lets say you have a 5,000 credit limit and you owe 3,000. This is a 60% of max credit as 3,000 is 60% of 5,000. When you go over 30% of credit, per card or account, your credit score diminishes. This means you need to pay them down. However it does not mean to pay them off and close the account. Keeping the percentage of what you owe on each card to around 10% or less is a good idea.
The people who have the highest scores, use their credit cards monthly and pay them off each month. Usually a credit score needed to buy a So Cal Home is around 640 - 680 in the minimum range. There are some lenders who may go as low as 580. Each Lender is different and has their own criteria.
Bottom Line, to Raise your credit score, pay your bills on time, keep the amount you owe low, and don't Close the accounts.