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PyraMax Stories & Articles

When it comes to managing your finances, there's a lot to know, and it seems as if things are changing every day! We love educating our customers, and that's why we maintain a thorough selection of stories and articles.

The Do's and Don'ts of Credit

When looking for a mortgage loan, there are many factors to consider. One thing often overlooked by potential homebuyers, however, is how to potentially improve their credit score. Many variables contribute to the number, which is crucial in getting approved for a loan of any sort. Here are a few things to consider when attempting to prepare your credit score for a Mortgage Loan application.

Do – Have some debt.

Believe it or not, having no credit history can be potentially harmful to your credit score. This is because of the uncertainty factor related to paying off a loan in a structured manner. While most people do incur some debt before taking out a mortgage, whether it be in the form of student loans, credit card usage, or another type of loan, if you do not previously have some form of credit history, consider options for building up your credit score. For example, PyraMax Bank offers a Build Your Credit Loan as well as Credit Cards, both of which can be beneficial in advance of applying for a mortgage.

Do – Pay off your debt in a timely manner.

If you do have a credit card or personal loan to build up your credit score, be sure to make structured payments on time. Not only will you avoid interest payments, but you will also likely improve your credit score, which will look better when a hard credit pull is done in advance of your Mortgage Loan.

Don’t – Have an excessive number of Hard Credit Pulls

When you apply for a loan, such as a Mortgage or Personal loan, a Hard Credit Pull is done. This is an in-depth look at your credit history. As opposed to Soft Credit Pulls, which is more of an “at a glance” view of your previous debt, a Hard Credit Pull will be reflected on your credit score.  If you have too many of these on your credit history, your credit score will likely decline.

Don’t – Have too many credit cards OR cancel your credit card accounts.

While yes, having some debt is important before applying for a mortgage, finding a balanced amount of credit accounts can be key. While having several credit cards can negatively affect your credit score, eliminating debt history from your record can also be problematic. If you have several credit cards, you may not need to cancel your account after paying it off, as that credit history is then essentially wiped from your record. If there are no additional requirements or fees associated with having a credit card with a balance of zero, that account can stay on your record and provide a more detailed history of your credit.

Please note that these are just some suggestions to maintaining good credit in advance of applying for a Mortgage Loan. If you have more questions about debt, feel free to speak with a PyraMax Bank Mortgage Loan Officer, who may be able to help you prepare for your Mortgage Loan Application.

Image: Realtor handing keys to home buyer

Five Tips For Purchasing Your First Home

Do you currently rent your home or an apartment? It may be time to start looking at purchasing your first home. Luckily, PyraMax Bank can help.

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