Getting Your Credit in Shape
The credit market is tightening up as home prices fall and lenders worry about the ability of borrowers to repay loans. To make sure you can still qualify for a loan at a good rate, CNN/Money offers some tips for shaping up your credit profile:
- Pay down any balances on credit cards, or better yet, pay them off.
- If you don’t already, make your payments on time.
- Resist new credit offers, like that enticing new store charge card that gets you 20 percent off your first purchase.
- Fix errors on your credit report.
- If you can’t fix your credit score in time, look for alternative loans, like those backed by the Federal Housing Administration.
