Credit Score
Your credit score is a primary factor in determining your mortgage loan pre-approval. The higher your score is, the easier it is to get qualified. If your credit score is low, there will be some challenges.
300-579 Needs Work
Credit scores in this range are typically ineligible for mortgage qualification.
580-679 better
Credit scores in this range have a better chance of getting a pre-approval. There are some restrictions, though
680-850 nice!
A credit score in this range is eligible for all financing programs.
improving your credit
If your credit needs some work, or if it could be a bit better, there are some steps you can take to quickly improve your credit score.
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These actions can be taken on your own or with the assistance of a credit repair company or credit repair specialist.
Pay down credit card debt
Balances on credit cards should remain at 30% or below the card limits.
Apply for a Secured Credit Card
A Secured Credit Card is a great way to boost or repair your credit.
Dispute items on your credit report
Each credit bureau has a dispute process. Dispute old and erroneous accounts to try and have them removed.
Pay off some debt
If you have the funds to do so, consider paying off some of your debt; especially any accounts that are reflecting negatively on your credit report.