If you’re embarking on a journey to purchase your very first home, you might want to pay attention to your credit score. Your credit profile has a major impact on your ability to secure financing and can also influence your interest rate. Therefore, it can be well worth the time and effort to try to boost your credit score in the weeks or months leading up to a home purchase.
Most lenders require a 620 minimum credit score to qualify for mortgage financing (some are even much higher). While your credit score is influenced by healthy credit habits over time, there are still things you can do in the short term to increase it. Here is some advice:
Healthy credit habits play an important role in the home-buying process. Your lender will evaluate whether or not you have a history of using credit responsibly. Practicing good habits is the best way to be prepared when it’s time to apply for a mortgage.