Improve Your Credit Score2018-07-25T20:43:58+00:00

Improve Your Credit Score*

Since credit score is one of the most important factors in getting a mortgage, you’ll want to make sure that your credit score is healthy when you go to purchase a home. Most lenders look for a “good” credit score, which is between 680 and 740. An “excellent” credit score is 740 and above. In the context of a mortgage, a higher credit score translates to lower interest rates and better loan options.
If your credit score falls below 680, there are simple ways to improve it. Paying off credit card balances is one. Paying your bills on time is another. If you’re busy or tend to forget bill payments, scheduling automatic monthly payments will help. Getting rid of outstanding debt will also produce a healthier credit score.
Although it might not directly impact your credit score, suddenly changing your spending habits can cause concern. This includes reducing your monthly bill payments, making large purchases, and spending excessively on personal items. Even spending money on certain services or businesses that are considered indicative of a future risk (such as a divorce lawyer) can also alarm lenders and card issuers.
* This page does not constitute credit advice. Please consult a financial advisor regarding your specific situation. The contents of this page are intended to convey general information only and not to provide credit advice or opinions. The contents of this page should not be construed as, and should not be relied upon for, credit advice in any particular circumstance or fact situation.

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