How To Improve My Credit Scores to Get A Mortgage

Are you in the boat of once having good credit scores and now your credit scores have done down? You are not alone. Having good credit scores means a lot in today’s economy: getting credit, getting a job, renting a house, etc.

With the number of people having problems with credit who have never had a problem before, low credit scores can cause a psychological drain that leaves many people asking the question: How to improve my credit scores? This is especially true if you are looking to buy a home using a mortgage.

First of all, what are credit scores? Credit scores are a numerical representation of how you are paying and going to pay your creditors based on what you have done in the past. If you have already established credit and a credit report, then it is likely you have some credit scores. There are three main credit scores: Experian, Equifax, and Trans Union.

Mortgage lenders look at your three credit scores and use the middle one to start to determine whether you can qualify for a mortgage. If your middle score is too low to qualify for a mortgage then you will need to take some steps to improve your credit and credit scores. There are quite literally 100’s of things you can do to improve your credit based on what your credit report reflects and your past credit history.

One of the best things you can do to improve your scores is to just let time go by. Time distancing you from when you last had problems will do a lot to rebound your credit as long as you corrected the situation and don’t miss any more payments.

Paying down your credit accounts is also a great way to improve credit scores. However, don’t take paying your credit down so much that you close out a credit card account. Having open credit on your credit cards will actually help you improve scores – do don’t close your credit cards once you pay them off.

Read more about how to improve your credit scores by reading 8 Tips Raising Your Credit Scores