While the COVID-19 pandemic is not over yet, Americans are completely ready to enter a post-pandemic era. How to recognize it: Suddenly – BOOM! – Much more people are interested in buying houses and cars.
Seriously, the housing market has turned from red-hot to red-hot in many cities, and auto sales are picking up noticeably in the United States. Zillow predicts the number of home sales will increase nearly 22% in 2021, the biggest increase in nearly 40 years. And CNBC reports that US auto sales could rise as much as 10% this year.
Are they Do you want to buy a house or a car? Here’s something to think about right now: Your creditworthiness. We know this sounds boring, but it’s really very important if you want to get a car loan or mortgage sometime this year.
The higher your score, the better your loan is likely to get. So good credit can save you thousands of dollars over the life of a five-year auto loan and tens of thousands of dollars over the life of a 30-year mortgage. For example, for a $ 21,000 car loan, the total cost differential between someone with very good credit and someone with reasonable credit could be $ 5,000 or more.
If you’re looking to get your creditworthiness back on track – or if you just want to keep improving it – try a free platform called Credit Sesame.
In a matter of minutes, you can view your credit score, along with a breakdown of the factors that contribute to your credit score and personalized tips on how to better manage your credit score.
In this way you are in a good position for this important purchase of life.
How to Boost Your Credit Before Buying a Home or Car
First, find out what your score is. See what’s affecting your bankroll – especially what’s holding you back. Your score is based on your payment history, the size of your credit limit, and a few other factors.
Consult the personalized tips you can get from Credit Sesame. If you can make a few strategic decisions and manage your bankroll a little better, you could be tipped over the edge into the next higher category. That could save you thousands.
Atlanta-based James Cooper used Credit Sesame to boost his credit score by nearly 300 points in six months. *
“They showed me the pros and cons – how to puncture the I and cross the T,” he said.
Getting your free credit score will take less than two minutes. Your wallet and checking account will thank you.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He has a Credit Sesame membership.
* Like Cooper, 62% of Credit Sesame members see an increase in their credit score; 50% see an increase of at least 10 points and 21% an increase of at least 50 points after 180 days.
Credit Sesame does not guarantee any of these results, and some may even experience a decrease in their credit score. Any improvement in score is the result of many factors including paying bills on time, keeping funds low, avoiding unnecessary inquiries, proper financial planning, and developing better credit habits.