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*Do not max out credit cards. Any maxed out credit will bring your score down, which hurts your credit rating. Only utilize 30% of the limit on your credit cards. Closing accounts does not help your credit. If you pay a card off, then cut it up don’t close it out.
Pay 3 open accounts on time. An example of this would be a gas card, visa, and/or auto loan. If you do not have any accounts that you pay monthly, then open up at least 3 small accounts. Some examples would be a gas card, cell phone account, department store card, and/or a 6 month same as cash loan. Once you open these new accounts make sure that you pay them off each month. Never pay any bills past 30 days late, especially the mortgage.
Do not give anyone permission to pull your credit. Do not give anyone your social security number, unless it is okay for them to pull credit. Every time that you have your credit pulled it brings your score down. If you are looking for a car, then do not allow them to pull your credit until you have found the car that you are going to buy. When you transfer balances on credit cards or accept pre- approval offers on credit cards, they pull your credit every time. If you are getting pre-approved for a mortgage loan, then get a quote from 2 banks; a local bank and a mortgage broker. This will eliminate your credit being pulled too many times and bringing your score down.
Keep the same job for at least 2 years. If you do decide to make a job change when you may be purchasing a home, then it will effect the banks decision. If you are staying in the same industry and receiving the same type of pay, then it is acceptable to make the job move. If you are changing jobs to a completely different industry and are going from hourly to commission pay, then the bank will view this as negative. This will effect your loan approval.
Investing in your 401k, savings, or pension is a plus. Even if you do not plan on using your 401k, savings, or pension to buy a home it is still a benefit to the bank that you have money on hand if you need it to make your payments.
Pay medical bills and collections as soon as you are able. Whenever you pay off a collection it is very important that you save proof that you paid it off. Also, when you send the final payment make sure that you enclose a letter asking the collection company to take this off your credit bureau. Most companies do not take it off right away, so it is important to follow up on this after 3-6 months and to get everything in writing.

Call Home Acceptance Corp. at 1-800-523-0180 with any questions.