10 Credit Tips Designed Specifically to Help Qualify for a Mortgage

The following steps are designed to get your credit in the best condition possible to qualify for a mortgage. Credit scores can range from 350 to 850 -- a score of 700 or better is considered to be good credit. 1. Make sure the info on your credit report is accurate.  Up to 25% of credit reports have errors serious enough to result in being turned down for a loan! 2. Dispute errors with the credit bureau that reports it. (Transunion, Experion, or Equifax) 3. Make all of your debt payments on time, early is even better. 4. Adding your name to a relative's credit account may improve your score. 5. Limit the number of times anyone "pulls" your credit report. 6. Pay off any collections, liens, or judgements against you. 7. Keep your credit account balances under 30% or at least under 50%.   8. Keep accounts you've had for a long time, even if they have zero balance.  The longer you have an account, the more it will help. 9. Use a variety of credit types.  Having only credit cards or only car loans does not show use of diverse types of credit.  It's good to show a variety of types over time, for example: a car loan, a credit card, store accounts, and a line of credit with your bank. 10. Don't make changes to your credit before discussing them with your Mortgage Professional.