How can I ensure a high credit score
and is it possible to raise my score?
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Your credit score and past credit history play a very
important role in getting approved for a mortgage. A
stronger credit score ensures a stronger credit history,
which makes it more likely that lenders would approve your
application for a loan. In addition, lenders offer
better rates to those with higher credit scores.
Your credit score and past credit history is maintained in
your credit report that also includes detailed information
of all your past debts, finances and how well you have
repaid your debts. Looking at your credit report, a lender
can make a decision on your loan application. Call
to speak with a mortgage specialist, who
can obtain your credit report, and review it in detail with
you. You may also fill out
this form, and a mortgage specialist will call you to
review your credit with you.
Here are some tips that will help you in maintaining a good
credit rating.
| ● Pay your bills on time. Make sure that you do not miss any deadlines. If you have missed payments earlier, avoid it in future. |
| ● Get your credit report a few months before you apply for a mortgage loan and review your credit score. This will also help you correct any errors in the report |
| ● Shop for a mortgage within a 2 or 3-week period. Do not prolong this period. If your credit is pulled often in a small time period, it will not cause any damage. But if you continually get your credit report pulled month after month, this will lower your score. [Get more information on why this helps by getting the Mortgage and Home Buyers Manual] |
| ● Maintain small balances on credit cards and other loans. The closer you are to the limit on your cards, the lower your credit score will be. Use your credit cards responsibly. |
| ● If there are any blemishes on the report, attempt to get them removed. |
| ● If you have any credit problems consult a credit counselor. |
Before you can complete the home buying process, you need to have certain things taken care of. Find out what will be needed and how to possibly save money in this process of your Home Purchase. Start with learning about becoming Prequalified.