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Okay, so you were young and did not take care of your bills like you should have. Now, you want to buy a house. Do not despair!

You can improve your credit over time. Credit reports and scores generally cover only the previous two year. Major credit issues such as bankruptcy remain on your report for 10 years. Improving your credit involves displaying good credit behavior:

  •  Pay monthly bills: Pay all loans and other monthly bills promptly and in full every month.
  •  Pay off credit cards: Pay off your credit car bills on time and in full every month. Always pay more than the minimum monthly payment on your credit cards.
  • Never max out credit cards: Maxed-out cards send out a “red flag” to creditors. They will question your spending habits.
  • Don’t get more credit cards than you need: Owning several credit cards can suggest that you have cash flow problems, even if no problem exists. 

If you have good credit, apply for a mortgage and then get turned down ask the lender to provide you with a written explanation. The lender must supply one. The explanation will identify the problems with your credit so that you know what needs improvement.

For any questions relating to your financial history, ask your financial adviser.

For any other questions, please do not hesitate to contact us at: or 602.687.9933.