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Home / Blog / Credit Reports / Tips for Improving Your Credit Report

Tips for Improving Your Credit Report

November 7, 2021 By Mary Catchur

Credit Score ChartSeveral factors come into play when getting a mortgage and your credit report and FICO score is one of them. If homebuyers are having trouble obtaining a mortgage, it typically helps to improve your credit report and raise your FICO score.

Your credit score is based on many factors, including your payment history, amounts owed, and more. And while there is no quick fix, here are tips to improve your credit report to help you get approved for a mortgage.

Pay Off Your Credit Cards and Lines of Credit

One of the easiest ways to improve your credit score and prove that you can afford a mortgage is to eliminate other forms of debt from your monthly budget. If you have an outstanding credit card, student loan, or other debts, aim to pay these debts off as quickly as possible.

The best way to manage your credit is to be aware of your credit limits and make sure that the balances on your revolving accounts are low in relation to the allowed limit. This is referred to as “credit utilization” and is calculated by adding up the balances of all revolving credit accounts and dividing it by the credit limit of all revolving accounts. Lower credit utilization is positive for your credit score, while higher credit utilization is bad.

You’ll also want to avoid taking on any new loans while you’re trying to get your mortgage approved, since these are likely to show up on your credit report and can hurt your chances at approval.

Related: What is your debt-to-income ratio, and why is it important in qualifying for a mortgage?

Get a Credit Card

A credit card can be one of the fastest ways to improve your credit. By signing up for a credit card and paying on time every month, you can build a positive payment history.

Keeping spending on the card low creates a low credit utilization ratio, which also positively impacts your credit score.

Of course, irresponsible use of a credit card can negatively impact your credit score.

Pull Your Credit Report and Correct Errors

Checking your credit history by pulling a copy of your credit report is a simple way to potentially improve your credit score.

You may discover that there are errors or inaccuracies, such as a past loan that was fully paid or a missed car payment that was reported in error, that may be working against your credit score.

Every credit report error that is caught and corrected improves your credit score, helping you obtain a mortgage.

Pay All Bills on Time

Paying all of your bills on time and every time can help improve your credit score. Your payment history is one of the most important factors in determining credit scores and having a history of on-time payments helps to achieve excellent credit scores.

Setting up automatic payments or payment reminders can help keep you from missing a payment.

Related: Missing 1 Mortgage Payment Affects Your Credit Score. Here’s What You Can Do.

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.

We specialize in mortgages for first-time homebuyers, conventional home mortgages, refinance loans, reverse mortgages, and FHA, VA, and USDA mortgage options. In addition, we’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application or contact us.

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Filed Under: Credit Reports Tagged With: Mortgage, mortgage report

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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