Making Your Credit Score Mortgage-Ready
1. Get a Free Copy of Your Credit Report
We can show you the easiest way to obtain your report without dinging your credit.
2. Verify Your Personal Information
Make sure your name, address, social security number, etc. are accurate.
3. Verify All Creditor Information
Make sure the report accurately states who you owe to, how much you owe, and your history of late payments, if any.
4. Contact Creditors About Any Errors
Ask creditors to remove items reported in error. Have proof ready, such as bank transaction history verifying that you paid on time.
5. Call Us at 855-346-SAVE (855-346-7283)
Ask us for customized advice to get your credit and ratios ready for your mortgage.
How Your Credit Score Works
Timing matters: The most recent any delinquencies are the bigger an impact they can have on your score
Utilization matters: In order to have a good credit score, you must be using credit. Don’t assume that you have a good credit score if you pay everything on time and in cash. Your score is determined in big part by the timely payments of credit currently utilized.
Ratios Matter: While your score is connected to your utilization, over utilization can hurt you. Try to keep your balance less than 30-50% of your balances
Timeliness matters: Most creditors report when you are 30 days or more past the due date of your debt. Every additional 30 days you are late compounds the impact on your credit score. Do your best to at least make the minimum payment on each debt to keep from being reported late.
Co-signers matter: Resist the urge to co-sign for anyone unless you are very confident the payments will be made on time. Any late payments of co-signed accounts makes you equally responsible for the late and has direct negative impact on your credit.