How to fix credit score to get affordable home

CHARLOTTE — Many families can’t find affordable homes in decent neighborhoods in the Charlotte area and with the pandemic, and unemployment, the problem seems to be getting worse.

[Action 9: Woman denied credit because she was listed as dead]

People have less money to spend on homes and they have less money to spend on other things, which hurts their credit and housing options.

You’re entitled to a free credit report each year from each of the three big credit reporting agencies. Action 9′s Jason Stoogenke suggests you spread them out by getting one every four months instead of at the same time.

If you see something wrong, dispute it. You may have to go beyond the credit reporting agencies and contact the source of the mistake.

If you still have bad credit, make sure you pay your bills on time and chip away at your debt, especially credit card debt.

More tips:

• Closing a credit card could lower available credit and hurt the credit score.
• Opening too many credit cards could hurt your score.
• Be careful how much of each card’s credit limit you’re using. It’s better to owe $1,000 on a credit card with a $5,000 limit than maxing a card with a $1,000 limit. It’s the same amount of money, but credit score agencies will see it the first card at 20% of the limit, and the latter being maxed out.
• Keep the cards you have and use them wisely.
• You may be tempted to hire a credit repair company to help. Just remember, legally, it can’t charge you anything upfront. You could possibly accomplish the same results on your own.
• Check to see if your church offers any money management counseling.

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