Effective Strategies to Boost Your Credit Score Before Buying a Home
Boost Your Credit Score for Home Purchase
A high credit score could help you get a better mortgage. Read on to find out how to improve yours. Credit scores are a key factor in whether you're approved for a home loan and what mortgage rate you receive. Discover the most effective ways to increase your credit score in a short amount of time.
Pay off some of your debt
Your credit score is determined by a handful of factors, with 'amounts owed' having the most immediate impact. Lowering your credit utilization by paying off a credit card could quickly improve your credit score, potentially increasing it by 10 to 50 points.
One bonus way to boost your score
Try the Experian Boost tool which connects qualifying bills to your credit profile, potentially showing lenders your good history of on-time payments. This tool can increase your score, as evidenced by the average jump of 13 points. Despite no guaranteed way of boosting your score, utilizing these strategies can help enhance your credit profile before purchasing a home.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.