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5 Ways to Improve Your Credit Score Before Buying a Home

April 6th, 2023

There are many things to consider when you’re thinking about becoming a homeowner – one of those being your credit score. Your credit score is a culmination of many different factors, including your repayment history, total levels of debts, and number of open accounts, to name a few. So, how do you raise your credit score to increase your chances of getting the home you want? Well, our experts at Evergreen Home Buyers have compiled a list of 5 ways to improve your credit score before buying a home to help you throughout the process.

1. Reviewing Your Credit Score
Reviewing your credit score is the first thing you’ll want to do when considering buying a house to see where you currently sit. You may find that your credit score is already in good standing! And if it’s not, you know your starting point so that you can build from there.

2. Paying Down Your Debts
One of the easiest tactics to help improve your credit score is paying down your debts, including your credit card or other outstanding loans. When you pay down these balances, it not only shows lenders that you can keep up with payments, but it also opens up more available credit to add something like a mortgage.

3. Making All Future Payments on Time
If you’ve fallen behind on some of your payments, it’s not the end of the world, but it can definitely affect your credit. That’s why making all future payments on time is a crucial strategy if you’re looking to secure a mortgage for a new home. You might also consider setting all your payments to come out automatically, so you don’t miss any moving forward.

4. Disputing Any Inaccuracies You Find
As you become more familiar with your credit score and history, you might notice some things in your credit report that don’t quite add up. If this happens to you, disputing any inaccuracies you find is crucial. Although there’s no guarantee that these mistakes can be rectified (if, in fact, they are a mistake), at the very least, you can have an agent look into this and hopefully reverse the inaccuracy, which can help improve your overall score.

5. Utilizing a Budget to Manage Your Finances
Finally, if you’re struggling to improve your credit score and secure a mortgage approval, you may want to think about utilizing a budget to manage your finances. Putting a financial plan in place can not only help you pay down your debts faster, which increases your credit score, but it helps you become financially minded and forces you to live within your means. Even though this strategy doesn’t directly increase your credit score, having a positive relationship with your money through a comprehensive budget can be invaluable in your journey to secure a mortgage and a new home.

Final Thoughts
Although it takes time and effort to build up your credit score, it’s an important thing to consider if you’re looking to purchase a new home. We do want to remind you that these strategies are not to be taken as professional financial advice but rather things to keep in mind from our team who’s been through it all before. But what if you’re on the other side of things and have gotten into a mortgage you can’t afford? Well, thankfully, there is another option.

At Evergreen Home Buyers, we will purchase your home for cash AS IS, making the process entirely hands-off for you with no repairs, inspections, appraisals, or contingencies necessary. Plus, we can close in as little as two weeks! So, for a completely quick and painless way to sell your home for cash faster, visit today.

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