How to improve your credit before applying for a mortgage.
The median credit score of successful mortgage applicants in 2019 was 759 which is very good on the FICO scale. Only 10% of mortgage borrowers had credit scores under 647, according to the Federal Reserve. #CREDITSCORE
Pay attention to where your credit stands
Your credit score doesn't have to be perfect to quality for a mortgage, but the lower your score, the more difficult it is to qualify. Borrowers with a low score will in most instances pay a higher interest rate.
Know your credit history
Visit Experian.com to get your free credit report and FICO credit score. Review your credit report for each of the three main credit bureaus: Experian, Equifax and Transunion
4 tips to improve your credit
Use the below tips to make your credit score as high as possible before applying for a home loan.
Pay all your current bills on time.
Pay off as much debt as possible and keep your credit card balances low.
Don't apply for new credit. If your spouse has great credit, ask to be added as an authorized user on the credit card with the longest history.
Don't close any current open credit lines.
Watch the video below for more related information on credit during uncertain times.