Protect your Credit Score

These days it is very important to protect your credit score. Getting a great deal on a new home loan is easier if you have a great credit score. At Lonestar Mortgage of Texas, we feel that it is important to educate our clients so that they can get the best possible rate on any loan.

Here are some very important tips to a great credit score:

  1. Pay your Bills on time

    You should pay all of your bills on time but especially those that are connected to your credit like: Mortgages, Auto Loans, Personal Loans, Credit Cards and other revolving loans.
  2. Guard yourself from Identity Theft

    Be very careful who you give your Social Security Number to and make sure that they keep it safe. Shred your bank statements, credit card statements and any other financial documents before you throw them away. When you receive an email from what looks like your financial institution be very careful. Make sure that the email really is from your financial institution before you click a link because more often than not the email isn't really from your financial institution but rather from someone who is attempting to steal your identity or financial information.
  3. Don't close credit accounts

    Most people think that fewer credit accounts are better than more and that if they close their accounts that the banks should see that as a sign of financial responsibility. However, open credit accounts with or without a balance that are in good standing help your credit score.
  4. Pay off any collections

    Avoid being sent to collections at all costs, but if you can't avoid it; make sure that you pay those collection accounts off as quickly as possible. Having an open collection on your credit report can prevent you from getting a new mortgage.
  5. Watch your credit balances

    Pay down any high balances that you have. Lenders don't like to see loans or credit card balances that are at or near their credit limit. In some cases you can request that your credit card company increase your credit limit and it can improve your credit score slightly.

You'll always be glad to have a high credit score. Take care of your credit and it will take care of you.

Click here to begin the application process, or click here to contact us and discuss your situation.

Lonestar Mortgage of Texas

20501 Katy Freeway, Suite 100G
Katy, Texas 77450
Phone: 281-492-9158
Fax: 281-946-5108
NMLS: 311730
We lend in the following states: Texas
Broker, NMLS #311730

Figure: 7 TAC §80.200(b) "CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."