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If you’re shopping for a home or getting ready to apply for a mortgage loan, you have plenty on your mind. Don’t forget to add “improve my credit score” to the to-do list.
Raising your credit score can make a big difference in whether your mortgage gets approved and whether you qualify for the best interest rates.
Generally speaking, a good credit score is anything over 670; if your score is 740 or above, even better.
No matter what you do, your credit score won’t rise substantially overnight. That’s why it’s important to start the credit-building process early on so your credit is in good standing when you start shopping for a mortgage.
Here are some pointers to help move your credit in the right direction.
If your score needs improvement, try these tips before applying for a mortgage:
There are also actions you should not take before applying for a mortgage because they could hurt your credit score. For instance:
In fact, it’s best to avoid opening or closing credit accounts before applying for a mortgage. Your credit score is partly based on the age of your accounts. Either opening a new account or closing a long-standing one could lower the average age of your credit history.
Buying a home is a major purchase, and even the slightest lowering of your interest rate could save you thousands over the life of your mortgage. That’s why it’s critical to get your credit score in good shape before applying for a mortgage. Follow the above measures to ensure that your credit is an asset rather than a detractor.
We are committed to helping you reach your potential by providing personalized solutions that can help you reach your goals. To learn more about mortgage solutions, please call 1-888-514-2300, visit us online, or find a Citizens Bank Loan Officer.
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