How to Improve Your Credit Score for a Home Loan

January 11, 2022

Buying a house takes a lot of planning, and you’ll need to have a good credit score. If you are looking to purchase a home soon and want to increase your score as much as possible, here are some ways to bump up your score quickly.

Raising Credit Limits

Raising your credit limits is a simple but effective way of increasing your score. Credit utilization is an essential factor when calculating credit scores. By asking for a higher credit limit, your ratio of balance to limit will instantly lower. If you have been on time with payments and recently received a raise, your chances of receiving a higher credit limit increase.

Becoming an Authorized User

Being added to a close friend or family’s credit card as an authorized user can be highly beneficial for your credit report. You benefit from including their credit card history on your statement as an authorized user. Additionally, you can still benefit from this without ever using the actual card.

Paying Down Your Debt and Collections

The less debt you have, the higher your credit score will be, which will make lenders more likely to give you a solid deal. Additionally, squaring away any errors or disputes regarding your credit will help clean up your report and increase your score.

Adding to Your Credit Mix

Expanding your credit mix will show lenders that you can handle multiple types of debt, which will increase your credit score. It’s not enough just to have credit cards. Having both credit cards and loans can benefit your credit score. However, be careful when adding a new credit card. Additional credit cards will cause a brief dip in your credit score due to the company inquiring about your credit history. Too many hard inquiries in a short time can cause a significant drop in your score.

Adding Rent Payments to a Credit Report

Rent payment history can also be accounted for in your credit score. Rent reporting services can add your on-time rent payments to your credit report. RentTrack is a service that will report rent payments to all three credit agencies. Although not all bureaus will factor in rent payments when calculating your score, having on-time payments can show your reliability.

Additionally, requesting to see your actual credit report will help you better understand your score. Every 12 months, you are entitled to a free copy of your report, obtainable online through the Annual Credit Report. And, understanding your credit report will help in developing healthier financial habits for the future.

When you’re ready to begin the process of buying your first home, we recommend getting pre-approved. If you’re looking to purchase a home in Kitsap County, WA or the surrounding area, consider connecting with one of our colleagues at Windermere Silverdale. Their local experts are highly rated and can help you get started.

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