4 Ways to Repair or Improve Your Credit Score to Get The Best Rates On A Co-op or Condo Loan in NYC


More and more people are talking about the importance of an excellent credit score,  so if  your credit score is low or just downright bad, there are proactive steps to take that will not only improve your credit score , but increase it enough to turn it into a good credit score.

  1. Check for accuracy. Remember that your credit report is based on information from the three credit reporting companies: Equifax, TransUnion and Experian and you can download a free report from each of them by accessing (this is the site with the really annoying TV commercials).   On each of the reports, make sure all credit accounts listed under your name belong to you and make sure that all balances and payment histories are correct. Immediately contact-in writing – the reporting company and the information provider if you see inaccurate or incomplete information.
  2. Lower your debt ratio. When using credit cards or other credit lines, keep your balances low rather than maxing the line out. If your credit card balances are high, pay them down or pay them off to bring the outstanding debt ratio down. Use some of your savings, apply extra payments each month, or get a second job to lower your debt ratio. As you lower your debt ratio, you’ll see your credit score gradually improve.
  3. Make your payments on time. Always make sure that your payments reach your creditors on or before the due date. Making your payments on time is the number one way to increase or improve your credit score. As you continuously do this you’ll gradually see your credit score increase.
  4. Keep accounts open. Many New Yorkers think if they close credit accounts they’re not using their credit scores will automatically improve.  The opposite is true. One of the factors used to calculate your credit score is the longevity of your relationship with your creditors. If you have a credit card or home equity line of credit that you’re not using, the longer you have the relationship established with the creditor, the more of a boost it can give to your credit score. Closing long-term accounts can cause a decrease in your score so only close credit accounts if absolutely necessary.

If you have a low credit score (a score of 760 or higher is considered high by co-op and condo mortgage lenders) or bad credit, use one or all three of these steps to transform your bad credit into good credit. It’ll increase your chance of getting loan approval—helping you to achieve your goal of being a New York City condo or co-op owner.


  1. Robor says:

    Hi there,
    Ugh, I liked! So clear and positively.
    Have a nice day

  2. hollya11 says:


    Great info in this and the Sept. 17 post about researching your credit score. Just what my young adult kids need to know – I sent both to them immediately. Thanks!