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One want to make sure that you will be able to get a mortgage if you want to buy a home take advantage of these lower prices.
And this housing downturn you better watch -- number your credit score.
And how do you improve it joining us now is MarketWatch reporter Amy out.
Amy thanks so much for billionaire what I guess is 720 still the magic number that you ought to be watching for.
That's a pretty good amber actually gas you probably should be aiming for a number close to that.
Because lenders are getting very very strict as you know over the past year it's and that number has gone up.
We've been watching for because again you can manage your credit score -- you balance your checkbook -- -- they're certain it -- -- just some basic things you need to did you wanna improve that.
Well one -- late.
-- credit card companies.
They're trying to control their risk so they've been cutting credit limits on some customers now that can damage -- your credit score unfortunately.
-- because credit utilization is a huge.
Factor in determining determining your credit score the percentage of available credit that you're using -- your credit limits shrink.
And fortunately the percentage that use goes up.
And and that convenient credits -- so that's when you wanna be watching for in particular -- today and also keeping accounts active because if they're not active you've had more and more lenders trying to.
To cancel them out right.
-- -- whining I don't happen at any time -- that lender looks and they see that that you're not using the account.
They're gonna go ahead and get that their bucks so what you wanna do is use that a couple times a year even -- -- you know small purchases that you can pay off.
Right away everything keeps it active -- so it doesn't reduce your available credit.
And also you don't you wanna be careful about applying for additional -- whether it's credit -- -- right.
Yeah I mean that's -- that's that's another big one especially if you're looking in the short term don't apply for new credit cards and even the store cards in on the -- but discounts.
If you apply at the register.
May be a bad idea if you're thinking about looking at a home in the next and the next year so.
Just just the climate is that -- factor your score in the short term.
Can you get a mortgage -- -- Amy if you have a score that's.
You know mid 600 -- That's that's a tough -- I mean it it'll be harder and it'll be much harder.
Didn't people I talked with say that they're still making mortgage bonds so that shouldn't it stop people some of the nation's top people from investigating it.
There's still money out they -- to do it -- Currently need.
The bigger down payments the -- credit score in order to -- to actually get it.
Andy great to see -- great advice thank you think Amy -- they did with MarketWatch take care.
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