Improve your credit rating before you buy
If you want a mortgage, you will get a much sweeter deal if you have a really good credit rating. How can you improve it?
- Don’t make any big purchases now.
- Pay off your past due accounts and try to get rid of any late payment records by contacting your creditors and asking for a good faith adjustment.
- Try to sweet talk them into erasing records of old mistakes with promises, persistence and politeness.
- Don’t suddenly cancel all of your unused credit cards. Keep some active with low balances to show a history of good payments and restrained use.
Checking your credit score
Try to limit the number of lenders allowed to check your credit…if there are too many recent inquiries, they could lower your score. Some credit card companies like Discover offer free credit scores. You can also use websites like Credit Karma to check your score without dinging your credit.
No credit or limited credit history?
If you are young with no credit history, pick someone near and dear who has excellent, long standing, superior credit and ask them to make you an authorized user on their account until you can establish your own credit. An even better idea is to wait a bit and establish a good credit history in your own name. Once you get your first credit card, be sure to pay it in full every month and this will be the beginning of your good credit history
Pre-Approved for a Mortgage: Your credit score can still change
Even if you have your pre-approval from your mortgage lender, do not go on a shopping spree for your new home. Large purchases made during your closing process could effect your mortgage. Save the large purchases until after you officially own your new home.
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