Buying a property is much more than just waking up one day and saying, "I'm going to buy a house."Buying a home is usually a decision that takes months, and sometimes even years.One factor that can
6 Credit Tips to Help You Get Mortgage-Ready
Dated: July 15 2025
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Buying a property is much more than just waking up one day and saying, "I'm going to buy a house."
Buying a home is usually a decision that takes months, and sometimes even years.
One factor that can negatively affect the decision to buy a property is a low credit score. The credit score is a three-digit number that carries significant weight in the U.S. economy. It reflects how we manage our debts and financial responsibilities. For instance, it’s common for people who pay everything in cash even those with high incomes to have low credit scores. That’s because what matters is not just how much you earn, but how you handle your credit.
Most people don’t think much about their credit score until they need to make a big purchase or apply for a loan. For most of us, buying a home is one of the largest investments we’ll ever make and getting a loan is often the only way to make it happen.
When it comes to financing, a low credit score can lead to:
• Higher interest rates
• Longer approval times
• More income documentation
• A larger down payment
• Loan denial
Don’t let stress take over if you want to buy a home but have poor credit. Start improving your score today.
The first step is knowing your credit score. If you’re not used to checking it, you could be in for an unpleasant surprise.
According to the federal government, you are entitled to three free credit reports per year. You can get them online, but be cautious many sites not affiliated with the government may try to charge you.
Here are 6 key tips to improve your credit:
- Balance
Knowing your score is the first step. The most important recommendation is to pay down the balances on all your credit cards. This helps increase your score. It’s okay to use one of your credit cards, but always keep your monthly balances as low as possible. Experts recommend using no more than 30% of your available credit.
- Pay on time
If you want to raise your credit score, this is one of the most effective ways. Even if it’s easier said than done, it’s important to make every payment on time. After 15 days of delay, it starts to negatively impact your score.
- Don’t close accounts
As mentioned, pay off your credit cards but don’t close them until after applying for your mortgage. Closing a credit card can negatively impact your score. Paying them off and keeping them open can increase your chances of getting approved.
- Open new accounts
Opening a new credit card can improve your score quickly. If you don’t use the card or your other cards your average usage will go down, and your score will likely go up.
- Avoid large purchases
Don’t make large purchases before applying for a mortgage this includes expensive vacations, buying a car, or anything else that’s high value. These expenses can make your credit appear weaker.
- Plan ahead
Improving your credit score doesn’t happen overnight. Credit repair can take months. Be patient and start planning now.
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