What is a credit score and how can it affect your homebuying journey? A credit score is a number that represents your credit risk. Credit scores can range from 300-850, and a higher credit score not only improves your ability to qualify for a mortgage, but it can also deliver a better rate. As you are looking for a new home, be sure to keep your credit in check. Check out these four tips that may help improve your credit score. Before you start on your house hunting journey, shop with confidence and get pre-qualified in minutes and pre-approved in one business day so you know what’s in your budget.
Here Are Some Tips To Consider:
Paying all your bills on time is one of the easiest ways to boost your credit score. This includes making your credit card payments, utilities, medical bills, and any other payments you may have on time.
Be sure to keep your credit card balances low. Having a low balance while regularly using your credit cards may improve your credit score.
Clear up any past due payments on your record and double-check your credit report to ensure accuracy.
If you’ve co-signed on any other loans, know that your credit can be affected by any late or missed payments on that account.
Don’t know where you stand? Contact one of our Home Loan Experts at 877.785.5422 to get a free credit checkup. Most credit card companies also give you monthly updates on your credit scores as one of their account-holder benefits.
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