Credit Score "Myths" You Need To Know

6 Credit Score Myths You Need to Know Before Buying Dallas Real Estate

If you’re buying Dallas real estate, you might start worrying about your credit score. Unfortunately, there are a lot of myths about that score, and many individuals actually end up making things worse by following them.

Read this list of common credit score "myths" and be in the know before talking to a lender:

1. Close out your credit cards. This is a big no-no, especially when you want to buy Dallas real estate. Closing out your older credit cards, especially, can actually make your credit score drop.

2. Lower your credit limits. Lowering your credit limits can hurt your credit score. Part of your credit score is based on how much credit you have available.

3. Get good credit by paying all your cards in full. If you’re buying a home, part, if not most of the cost will be credited. What lenders want to see is that you know how to handle credit, not that you don’t have any debt. Instead, use 10% to 20% of your available credit and pay your bills on time.

4. Comparison shopping for the best credit rates is a no-no. Not true. However, if you’re comparison shopping, do so in a short period of time. That way, all queries hit around the same time and get lumped into one “hard” inquiry.

5. Checking your score can hurt you. You’re entitled to one free credit inquiry from each of the three top credit agencies per year. Just make sure you're the one who asks for your credit scores instead of having a friend at a financial institution do it for you.

6. The more you make, the better your score. This is only true if you use the extra income to pay off your debts. Making more money, by itself, will not increase your credit score.

Of course, you want to make sure you have the best credit score you can if you’re buying Dallas real estate. However, before you listen to the hype and myths, make sure you know the facts!

If you’re looking for a new home, I can help. Call me at 469-222-5981

or email me at melissa.hre@sbcglobal.net for more information.

Melissa Twomey, Broker
Highlands Real Estate

{Meet The Realtors} Melissa Twomey

About Melissa Twomey, Founder/Broker

Melissa Twomey has been active in the Dallas/Ft. Worth Residential market since 2000, and opened Highlands Real Estate as a broker in May of 2006. Previously with the Enclave at TPC in Las Colinas, Melissa specializes in new home sales and residential brokerage.

As a native of Dallas, Melissa has an excellent understanding of the community and utilizes that information to give clients the best service available.

Melissa's membership affiliation's include: Metro-Tex Association of Realtors, Texas Association of Realtors and the National Association of Realtors.

Outside the office, Melissa enjoys traveling throughout the world with her husband, spending time with her son, and snuggling up with a good book and her favorite cats Snowflake and Sundae.

Melissa Twomey, Broker
Highlands Brokerage Service, LLC
8080 North Central Exp., Suite 880
Dallas, TX 75206

Business: 469-222-5981
Email: melissa@hretexas.com