How To Improve Credit Score To Get A Mortgage

To get a mortgage suitable for your financial status

, the credit history must be good enough to have a low interest rate. The better the credit score is, the lower will be the interest rate levied on your mortgage. A poor credit score attracts more mortgage interest which will not only increase your monthly expense but also add to the poor credit status. So it is wise to maintain a healthy credit score.

Hence, the better your credit score, more will be the number of mortgage lenders. This will keep you eligible for future big financial deals such as buying a plot or a new home or your dream car.

Sometimes misleading or errors might be there in your credit reports. Hence, confirm your credit details always. Also check for correct payment history and personal informations. The mortgage lender often corrects the errors.

The credit balance is also of equal importance. One must always keep an eye on the credit balance. Timely payments related to the credit card must be done. If you have any credit card pending payments, then just note them down and clear them as soon as possible to boost your credit balance.

Along with the above advices, one must also keep all the bank accounts open. The unused accounts must be kept open. Keeping these accounts open is important for boosting up the credit score and getting a mortgage approved. Hence, closing such unused accounts will not help you getting a good credit score.

One must use the credit cards and the bank accounts in a same ratio so as to maintain a balance. There must be a particular utilization ratio. The expenses from a credit card must be well within limits. One should also use all the credit cards but with equality instead of using one of them to the maximum. These will definitely boost the credit score and also render worthiness to the credit score.

Hence, to get a proper mortgage, think about your credit score. If your credit score is bad, then start correcting it yourself or with the help of professionals. Never go for mortgage with a low credit score. From this article, you must have realized that there is more than one way to boost the credit score. It is advisable to start improving your credit score 6 months before you plan to go for a mortgage.

by: seojoy

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