“You wanna know what's more important than throwin' away money at a strip club? Credit.” Hov is dropping life gems! “The Story of OJ” is lowkey guiding us on our financial glow up. Here’s what Hov is telling us: To lenders your credit reflects your financial responsibility/ accountability. Although, we aren’t all “throwin’” away money at a strip club”; (A few online boutiques seems to take most of my income) we’ve made a financial mistake or two that has dropped our credit score. Wait! Before going to Facebook asking for Credit Repair Specialist recommendations, let me share a few gems of my own.

B’s Gems:

Until you’ve signed the closing docs refrain from making any large purchases. Whenever you open a new credit account, your credit score is temporarily dinged. Whether if you’re taking out a car loan or getting a new credit card, the lender runs a hard inquiry. Since we want the highest credit score when applying for a mortgage loan, let’s keep purchasing to a minimum.

Let your mortgage lender be your guide! (I know, I know this is a tip in the second blog and the topic of the first blog (Where to Start), but that’s why it’s a gem. Kanye Shrug. The mortgage lender can tell you which accounts to attack for maximum credit optimization for a mortgage loan. Using a Credit Repair Specialist to clean up your credit in totality is great; however, lenders know exactly what is needed to get you into the home of your dreams.

You may have heard, you need a 720 to get a home. FALSE. A credit score as low as a 580 can get you into a home. A perfect credit score is a goal! However, you don’t need a perfect score to qualify for a mortgage or down payment assistance.

P.S. A credit score of 620 will qualify you for down payment assistance!

Jay and I have concluded blog three of the Adulting Chronicles. If you’re wanting more credit or real estate gems in general, contact me directly. See you for the final blog of the First Time Hone Buyer’s Tips series!