Credit is one factor a lender considers when reviewing pricing and eligibility. The complete borrower, property, documentation, and loan-program scenario also matter.
Credit ScorePreparationTips
Why Your Credit Score Matters So Much
Ways to Prepare Your Credit Profile
- Review credit card balances: Credit utilization can affect a credit profile. Ask a qualified professional how current balances may be considered.
- Review your credit reports: Check reports from the major bureaus and dispute information you believe is inaccurate.
- Become an authorized user: If a family member has a card with a long history and low utilization, being added as an authorized user can boost your score.
Common Mistakes to Avoid
- Consider new credit carefully: New inquiries and accounts can affect a credit profile.
- Review account changes carefully: Closing an account can affect available credit and utilization.
- Maintain timely payments: Payment history can affect a credit profile.
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Turn Times Media
Turn Times Editorial Team
Turn Times Media is the editorial team at Turn Times, producing mortgage education content to help borrowers make informed decisions. All articles are reviewed for accuracy by our compliance team.
