Raise Your Credit Score Quickly for Better Mortgage Rates

The higher your credit score is the more likely you will be approved for your mortgage and obtain better interest rates on it. So, this leads many people to ask the question: how can I improve my credit score quickly before I apply for approval or pre-approval on my mortgage? It’s a really good question to ask. Of course, there is no instant way to suddenly increase your credit score but there are a few things you can do right away that will make a difference. If you follow the tips listed below from Trulia, then your credit score will likely be affected in about 30 to 60 days.

  1. Request a copy of your credit report and look for errors: if you find any errors then you should dispute it.
  2. Write a negotiation letter to your credit bureau: ask if a late payment report can be removed by any chance.
  3. Lower your credit utilization to decrease your debt-to-credit ratio: lower your spending and increase your credit.
  4. Don’t apply for multiple forms of credit in a short time: each time you request a new form of credit there will be an inquiry and too many of those in a short amount of time may decrease your credit score.
  5. Settle late payments – then automate your payment schedule: if you have trouble remembering when payments are due then set up automatic payments so you don’t acquire anymore late payments.

I hope these help with your current financial planning and you can get the best rates possible for your mortgage. Don’t give up and keep working on it since having a good credit score can make so many things in life easier. If you need more tips then you can find even more detailed information at the link below.

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