Do you know your current credit score? Do you know what is listed on your current credit report? If your answer is no to either of these questions, this is a step you need to take right away before beginning your search for a home. The minimum score as of today for an FHA approval is 620. If you are not there let’s work on getting that score up higher before you contact a lender. We don’t want to give a lender a reason to deny you based on a low score.
Here are a few tips to increase your score.
- Keep credit card balances low, preferably 15% or less of your total credit limit.
- Set up automatic payments to make sure payments are made on time.
- Don’t apply for too many credit cards or lines of credit at the same time. Too many inquiries can lower your score.
- See what’s on your credit report. If there is anything that doesn’t belong dispute it right away.
For your credit report I recommend, the websites below.
With this website you will receive your credit report & score for a free trial period. You will also received tools & guides to show you how to build your credit score.
Here you will receive a free credit report, once yearly, but you have to pay for your credit score.