How to Improve your Credit Score to Get a Home Loan

How to Improve your Credit Score to Get a Mortgage

You don’t need a perfect credit score to get a mortgage, but the higher your score is, the more likely you are to get approved.

So…how do you improve your credit score?

• Bring your Accounts Current

• Pay your Debts Down

• Don’t Close Old Credit Card Accounts

• Don’t Apply for New Credit

Your credit score changes monthly.

With these simple changes, you can improve your credit score and secure the best mortgage rate.

Your credit score is the first thing lenders look at when deciding if you qualify for a loan. It doesn’t need to be perfect, but the higher your credit score is, the higher your chances of approval become. 

Ideally, you should have a credit score of 700 or higher, but if it’s not, aim for at least a 660 credit score. 

Credit History

Your credit history is just as important as your credit score. It shows lenders how you handle your finances. To increase your chances of mortgage approval, make sure your credit report doesn’t show any:

• Payments over 30 days past due

• Collections

• Judgments

• Credit cards with over 30% of the credit line outstanding

• Too many inquiries

Message me with all your questions! holly.ecimovic@edgehomefinance.com