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Buying Land

Improve Your Credit: Tips and Strategies for Rural Land Financing

May 22, 2023

Have you been trying to buy a piece of property only to realize that your credit isn’t good enough to make the purchase? Wondering how to improve your credit for a rural land purchase? Here are a few tips!

If you’ve just started looking at real estate, chances are you have a lot of questions about what you need to do. One thing you know for sure is that you need a high credit score to buy land.

First, take a free look at your current credit score to see where you are. Improving credit can be a 30-90 day process or longer. What can you do to improve your credit if you find yourself stuck?

That’s what this article will attempt to answer. Keep reading to learn how to improve credit to buy property.

Get Your Finances Under Control

Some people use credit repair services when they realize they need to improve their credit. That’s not a bad idea, but before you do anything, it’s best to focus on improving your finances in general.

Payment history, how much credit you utilize, credit history length, type of credit, new credit or debt, and the number of lender inquiries all factor into your overall credit score.

You don’t just want a temporary boost to your credit score. You want to change your financial future for the better, and you can start by organizing your finances.

Catch Up on Delinquent Accounts

If you have a history of missed payments, getting a loan for your new property could be difficult. Go through your subscription services, utility bills, and credit card accounts, and make sure you’re current on all of them.

As long as you have good self-control, using credit cards can help improve your credit because it improves your debt-to-credit ratio. But first, you need to make sure you aren’t leaving any existing bills unpaid.

Dispute Any Credit Report Errors

You might find this surprising, but credit report mistakes are not uncommon. Because we base so much of our financial lives on our credit, this is a disturbing realization for many people.

Fortunately, disputing errors on your credit report isn’t hard to do. Creditors will usually allow consumers to dispute errors online, and the review process is fast and simple.

To find and dispute errors on your credit report, you can get started with a credit management service like Experian.

Pay Down Debt to Improve Your Credit

Paying off debt isn’t exciting, but it may be the single most reliable way to improve your credit, especially if you’re interested in long-term results.

There are many methods you can use to begin paying down debt. Most financial experts recommend that you start by paying off the account with the highest interest rate, then work down to your line of credit with the lowest interest. This method lets you pay off debt as efficiently as possible.

If you’d like to talk more about financing a rural land purchase, contact your local National Land Realty Land Professional today!

About the Author
Susan grew up in Greer, SC, and attended Clemson University, where she earned her Bachelor of Science degree in Management. She began as the Director of Marketing for National Land Realty in 2008 and in 2015 was promoted to VP of Operations. She was then promoted again to Chief Operating Officer (COO) in early 2017. As COO, Susan oversees and manages all operations of the company to drive sustainability and growth. Her initiative, reliability, and attention to detail make her a valuable asset to the National Land Realty team. Susan is married and has two daughters. She enjoys volunteering with the NLR volunteer program and donating to local animal shelters. She also enjoys hiking, gardening, and spending time with her friends and family, which includes her dogs.